How Should I Price my Adventure?
By this point, you have an awesome Adventure lined up, all that’s left is to decide how much you are going to charge your Explorers. There are plenty of factors to consider when making this choice — too cheap and you won’t make enough profit, too expensive and your number of bookings may suffer.
The best way to begin is by asking yourself: what would you pay for your Adventure? You know your Adventure best, and this can give you a rough starting point. After you’ve thought about this, there are lots of other factors to consider that will help you fine-tune the price. Here is a pricing guide to help you get an idea of how much you should charge, based on a few important factors.
What are your costs?
- Figure out what your costs are. These can include annual costs, equipment purchase or rental, gas or fuel, extras like food and drinks, and any other amenities you may provide.
- Use this information to determine how much you need to charge per Explorer to break even, as well as how many bookings you need per Adventure so you don’t incur any losses.
What are other people charging?
- Check out similar Adventures to see what other people are charging. This can help you keep your prices competitive.
Don’t just skim prices and base your decision on that. Check what they include in their Adventures because this can increase or decrease the value.
Remember — The higher the price, the more detailed your description should be
If you have a premium Adventure lined up for a high price, make sure Explorers know just how awesome it’s going to be by providing a very detailed description and itinerary. By letting people know exactly what they’re paying for, they’ll feel more comfortable booking with you. This is especially important for multi-day trips.
How can I increase my Adventure’s value?
If you have settled on a price but it isn’t as much as you initially hoped to charge, you can always tweak your Adventure to increase its value. There are several ways you can do this, but always make sure to recalculate your costs when you’re thinking about making a change — you still have to break even and these adjustments will mean some slight expenses for you.
- Include amenities: One of the best ways to add value to your Adventure is by making it as all-inclusive as possible. This could mean providing meals, transportation, drinks, snacks, taking care of park fees, equipment, and anything else you think adds to the experience or makes less work for Explorers. Again, do the math and make sure these additions still allow you to break even, and think about what is most important to include to set your Adventure apart from the others. Read more about what to include here.
- Extra Fees: Alternatively, you could opt to not automatically include all these extras, and instead offer them on request for an additional charge. This keeps the price of your Adventure low, but still gives Explorers the option of an all-inclusive Adventure.
☐ Calculate your costs
☐ Check out the competition
☐ Decide on amenities
☐ Set your price