Is your fitness business not performing as well as you’d like? Maybe your fitness facility is experiencing too much turnover, so you’re constantly training new staff instead of taking time to grow your business. Or perhaps your clients are leaving, and you’re losing money because of it. Challenges like these are tough for a business owner. The good news is that you can turn things around. The first step is to determine exactly what your problem is. The second step is to create a plan for change.
Do you worry about the financial impact of getting sick or injured? Does taking a vacation mean a financial loss for you? As a studio owner or fitness entrepreneur, you have only so many hours in the day to market and run your business and focus on your own professional education and development.
Purpose, passion and people! The fitness industry is all about forging relationships that lift others up. Fitness professionals have energy to spare, and they are dedicated to mentoring new generations of pros, networking with peers, and motivating clients and participants every day.
Are you excited about helping people to transform their lives through health coaching? You’ve educated yourself, earned certifications, gained practical experience and are ready to start your business. What’s next?
Do you worry about the financial impact of getting sick or injured? Does taking a vacation mean a financial loss for you? As a studio owner or fitness entrepreneur, you have only so any hours in the day to market and run your business and focus on your own professional education and development.
Imagine earning $2,000–$5,000-plus for programs lasting 30, 60 or 90-plus days. You, too, can command these rates—if you offer premium programs that deliver exceptional results.
To land premium rates, you first have to take a hard look at your current pricing. Many trainers set prices by checking out what the fitness facility down the street or across town is charging and pricing their services lower. That’s a dangerous game: When you compete by undercutting your competition on price, you’ll lose out every time a cheaper alternative comes around.
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.
Owing to the part-time nature of most group fitness instruction jobs, program directors don’t always interact with staff on a daily basis and may not know that an instructor is teaching while injured.
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?
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IDEA Fitness Journal