Piano/voice lessons - summer holding fee?
Im sure this topic has been exhausted on reddit, but I am fairly new here, so I decided to put this question out here.
I teach voice and piano lessons through a school and am always booked throughout the school year. I have even had to turn students away. However, in the summer many students drop out for those two months, which drastically affects my income. I did offer a summer holding fee last summer to guarantee those students a spot in the next school year, but only three of my students’ parents took that option. I made it clear that registration is first come first serve and the holding fee is the only way i can guarantee them a spot. Then of course, when August rolls around, I have parents begging me to make a million exceptions for their kid to be able to get lessons.
So i feel like a holding fee is entirely fair. If they want a spot guaranteed, they'll do it. If not, they’ll have to take the risk something may not be available.
My question is what is a fair price for the holding fee? There’s no way to charge enough to make up for what i would make if the student actually signed up for summer lessons, but it should still be high enough to supplement my lost income for those two months.
I hate that this sounds so centered around money and income, when of course I value my teaching content so much, but at the end of the day, it is still my job, and I am providing a service and deserve to be valued as such.
Thoughts?