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.
Are you thinking about selling your personal training studio or fitness business? Your business is probably your primary source of income, and selling it will mean you’ll lose that annual income but achieve a one-time capital gain. Are you prepared for that? IDEA member Toby Davis, senior adviser at Sun Acquisitions, Chicago, shares the following tips for anyone preparing to turn over the keys:
What if you walked into your facility tomorrow and everything was paid off?
What if there were
no weight equipment or treadmill payments due;
no payments due for a rubber floor or a state-of-the-art sound system; and
no loan bills due—that is, no bank requesting its piece of your pie plus interest?
What if instead of paying the bills (aka “your debts”) every month, you could put all that money into a savings account and begin to build true wealth? Does this sound like a fairy tale?
You’ve worked long and hard to get your fitness facility off the ground, and while you’re doing okay in your community, you’ve noticed some of your membership base trickling away. Upon further investigation, you realize that while you’ve had your nose to the grindstone, managing your facility and planning for growth, a discount club has opened up not far from you. Not only that, but a handful of specialty boutique studios have carved out some market share. Where do you fit in, and what can you do to keep your place?
Education is the foundation of the IDEA World Convention, but this fitness event offers plenty more than stellar instruction. For Jonathan Bernath, publicist-turned-personal-trainer, it’s where he discovered the “fitness family” that would guide him in his new career.
The fitness industry is a rewarding and inspiring place to be. However, it’s not without its challenges, and getting ahead with passion alone can be difficult. The most successful fit pros know that to build an epic life and career, they must invest in education and learn from those who’ve been there and done it.
Early in my career as a personal trainer, I was confused as to why my client base was growing at a glacial speed. After all, I had spent years preparing, applying principles, learning program design and getting certified so that I could have a career that would change people’s lives for the better.
The journey I took to open my own facility was long and happened in small steps. I was working in a big gym in Washington, D.C., when I decided it was time to step out on my own. My landlord was also a client, and when I told her what my intentions were, she suggested moving out of my studio and into a one-bedroom apartment in the same building. I turned the living room into the workout space and used the bedroom as my living space. I financed the move through what little savings I had, $2,000, plus a $1,500 loan from my parents.
Discover a targeted client-attraction system that provides results.
The Internal Revenue Service can be tough on collecting income taxes, but it’s even tougher where payroll taxes are concerned. Mistakes in withholding and paying withheld taxes can be expensive, even when a third-party payroll service is involved, as the IRS recently revealed (TIGTA 2015).
Is the new year rekindling your desire to open a training facility? What’s stopping you? Do you think you don’t have enough cash to get started?
You aren’t alone. Countless personal trainers share the dream, yet not everyone has the courage to get started. But if you’re reading this, you’ve already taken the first step toward launching your vision.
Discover how to open a facility with relatively low funds—and get a blueprint to help make your dream a reality in 2016.
Have you heard about the new kid in town? Almost overnight, an
innovative, tech-driven business model has arisen in the fitness
industry that’s reinventing how consumers access gyms and experience
exercise. It’s called a multi-studio membership. For one
low, recurring monthly fee (typically $99), fitness consumers who’ve
signed up for a membership gain access to countless studios/gyms and
hundreds or thousands of classes in their cities, and sometimes in other
When Jack and Jenna Oliver opened Above the Bar, a CrossFit® facility in Fort Walton Beach, Florida, 2 years ago, they knew it wouldn’t be an overnight success. However, they didn’t expect the competition to be so fierce. First, they had to deal with a Planet Fitness grand opening (with $10 monthly memberships); then, another CrossFit facility set up shop just a few miles away. Despite the competition, their box was so successful that they moved to a larger location—only to find out that a 24 Hour Fitness® was opening up less than a mile away!
Paper payments are out of favor. Learn about some of the most popular payment programs for trainers and gyms so you can handle transactions seamlessly.
Many group fitness instructors are independent contractors and teach a variety of classes at various facilities. The majority of them would prefer to offer their teaching talents at a single facility in exchange for regular pay and full benefits, but such opportunities are hard to find.
Fitness professionals around the world have jumped on the flash-deal bandwagon to try to generate more business and attract new clients. It looks like an attractive arrangement: Flash deals, such as Groupon or LivingSocial offers, put your business in front of a whole new audience, bring some new faces through the door and help you grow and expand your client base and revenue.
If you think your biggest expense is payroll, which is what I often hear when I ask fitness facility owners and managers, you’re wrong. In my experience, attrition—the number of members lost compared to the number of members overall—is the real financial sinkhole.
The fiscal year is coming to a close, and you have a chance not only for a successful final push but also to connect with your personal trainers in a way that inspires them. Use the following tips to build a cohesive team, empower your trainers and, ultimately, sell sessions.
Shiny, solid floors. An upgraded stereo and microphone system. Brand-new equipment. Many fitness facility managers look around their club and can rapidly envision what needs to be acquired or improved.
Class value is in the eye of the beholder. Depending on where you’ve worked and what you’ve learned over the years, the metrics you use to review, modify or cancel a class can vary significantly.