Ask How much should I set for the membership fees?

[SuperAffiliateX]

I'm working on launching my first membership site where I will offer people lots of lesson and get paid. But I'm struggling with setting the right price. I don't want to charge too much and scare people away. Also don't want to set it too low and undervalue my content. Should I base the price on what competitors charge, or is there another way to figure it out?

For those who have experience, how do you determine the best membership fee to charge especially for group teaching?