45: Should You Take Deposits?

What this episode covers

Should you take deposits? Well that is a tricky question. This all comes down to the amount you take upfront. Reason being if your attendance has a high dropout rate it may mean you are not charging enough so your customer does not feel as committed. By increasing the deposit, or doing away with it all together, you are creating more of a commitment in their minds. It can be good to offer various booking options but that does not guarantee attendance. Look at your attendance rates, make a small change and see if that makes a positive impact to your dropout rates and revenue.

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