Money is often a dirty word among fitness professionals. Most get into the business to help others, but you can’t pay bills with good intentions, says Frank Pucher, owner of Fitness 121 Personal Training in Roseland, New Jersey, and author of Smart Money Moves: A Practical Approach for Earning, Growing & Protecting Your Money. He adds that the financial side of fitness should receive as much detailed attention as the programs you design.
“The topic of money is an uncomfortable one for many fit pros,” says Pucher. “It’s not ‘why we do what we do.’ We got into fitness for the outcome, not the income. Sadly, many have [incomes that reflect] this.”He offers the following tips for making sure your paycheck is as healthy as your clients aspire to be:
- Get comfortable thinking and talking about money, or get comfortable not having enough of it.
- Don’t go into business with anyone—family or otherwise—unless you have clearly defined roles and terms for how to handle the eventual ending of the partnership.
- Make sure you have coverage equal to the assets you are seeking to protect. Just because you have fitness insurance doesn’t mean you have adequate coverage.
- Charge what you are worth based on the value you deliver. Don’t cut your prices; increase the value you provide.
- Remember that growth in business or life requires vision, energy and patience. Develop the vision, and give it the energy and time required.