One of the biggest challenges is setting the price for your experience. Struggling between not wanting to scare people off and wanting to earn some extra income? Well, we’ve gained plenty of insight into what sells and what doesn’t and we will share it all with you! Here are our suggestions to guide you to set the right pricing to set you up for success on Eatwith.
What to consider when choosing a price?
The price of your ingredients and where they come from
What drinks you serve and whether or not they are homemade
Do you need to hire someone to help co-host your experience?
Consider the time it takes you to prepare for your experience
Your target guests. Do you want to attract a slightly older demographic, who are looking to spend more on a dining experience, or does your experience appeal to a younger audience, who might be looking for reasonably low-cost dining experiences?
Start low to get reviews
For new Eatwith hosts, it’s important to understand it can take time to build a name for yourself. Until you start building up your 5* reviews and create buzz and recognition within the Eatwith community, we’d strongly recommend starting with a lower introductory price to invite guests to try your experience for the first time.
New guests are far more likely to experiment with a new experience that is priced at a lower price point (e.g. $30) than an experience priced at a much higher price point (e.g. $60).
It’s your goal to convert guests into repeat customers and fans of your dining experience. If you create an experience at a lower price and really blow their minds, they will happily spend more next time!
We advise you to deduct at least 25% of your goal price to begin with. For example, if your goal price is $50, you should price your experience at $37.
A lower price don't always mean that you earn less. Consider: you sell all your 10 seats at $40 and take home $400. At a 40% total cost, you walk away with $280. However, if you overprice your experience and only sell 5 seats at $60, you walk away with just $180.
What price will be displayed on the website?
Eatwith adds a 30% fee on top of the price you choose as a host. The price displayed on the Eatwith website will be the price you set for your in-person experience + the 30% Eatwith fees. Hosts keep 100% of their earnings as the 30% fee is covered by the guest.
Let's say you want to earn 60€ per guest. You select this as your price and then we add 30% of 60€ (18€), on top of this to make 78€. Guests will pay 78€ to attend your experience.
Eatwith does not take a cut from the host's earnings. Whatever you earn, you keep! Sounds great, right? 🤩
When can I start increasing my price?
Once you have collected several amazing reviews and you’ve built a name for yourself amongst the community, you can slowly start increasing your price, but this will be a gradual process! Change the price slightly, see if you still get the same number of bookings, and go from there.
Once you have more than 20 reviews with a high score above 4,7, you can set your goal price and see how it goes. You could also consider offering different price point experiences.
Remember that with a high price, come high expectations! Make sure you are becoming an Eatwith master host before you charge your goal price. It will pay off!
Still not sure how to price your experience? Contact us: community@eatwith.com