How to start your own business as a personal trainer
Looking to start a personal training business? Begin with a business plan
Every business owner, regardless of their business's size or industry, necessitates a strategic and growth-oriented business plan. Personal trainers, whether operating independently or within a gym setting, also benefit from a well-structured business plan to steer them towards success. This plan serves as a roadmap through various business stages, offering organization, direction, and the identification of growth opportunities. It's crucial to view your personal training business plan as a dynamic document, capable of evolving alongside your business and adapting to new growth prospects.
A comprehensive personal training business plan prompts you to step back and objectively assess the fundamental aspects of your personal training vision and mission. It aids in informed decision-making as you progress. Even if you're currently employed by a gym, contemplating your future trajectory warrants the development of a business plan.
Essentially, a personal trainer business plan outlines the future trajectory of your personal training venture. It encompasses various facets, including products, services, personnel, location, costs, and revenue. Your plan should succinctly articulate your offerings, the rationale behind your venture, and the strategies you'll employ to achieve your objectives. Depending on your objectives, a business plan can serve multiple purposes, such as attracting investors, customers, or employees, and managing relationships with suppliers.
Typically, a business plan spans between 10 to 20 pages, but its length can vary based on individual goals and requirements. Now that we understand the significance of a business plan, let's delve into the process of creating one.
Write your mission statement
Your mission statement is 2 to 3 sentences that explain what your personal training business aims to do and why. The “why” part of your personal training business statement is vital as it’s what differentiates you from the competition.
Focus on 2 things in this part of your mission statement:
1. Your core values
2. Your philosophy regarding personal training
Your core values outline your beliefs and who you are, while your philosophy should highlight your belief system regarding personal training.
In order to substantiate this section, ask yourself why training is important to you, and why your target clientele will benefit from your offering. By answering these questions, you will be able to convey the value you offer clients.
Research and analyze the competition
Before you are able to figure out where you fit in within the personal training and fitness industry itself, you need to understand what the industry looks like.
This requires research and it is important to late a look at the relevant markets:
1. Local market
2. National market
In order to fully understand what these markets look like at the moment, research the personal trainers and gyms in your local area. Even visit a few and talk to any friends you have within the industry to gain their insight. By understanding the industry on a larger scale you will be able to pinpoint what gaps you can fill or what processes you can optimize across your business. An honest assessment of yourself will help you find the answers.
Technology to grow your personal training business
Digital technology can make your fitness business easier and more efficient in many ways. For example, the MyFitWorld platform originated from the idea of providing trainers with consistent income by allowing clients to always have the option to do their training, whether in the gym or elsewhere, with a professionally crafted plan by the trainer.
In this way, technology prevents delays in payments that occur when clients miss training due to travel, business meetings, and the like.
Additionally, MFW enables the client to always track their progress on their phone, see what awaits them in the next training session, which positively impacts their motivation and perseverance towards their goal.
Define revenue streams
Commence outlining your sources of income and assess their feasibility. Consider how you intend to deliver your services.
Will you provide one-on-one training, group classes, or both? Are you planning smaller group sessions at a local gym, or focusing on online training?
Remember, you’re not obligated to include everything. Some highly successful businesses thrive by offering just one or two services. Don’t feel pressured to expand unnecessarily. Sometimes, simplicity is more achievable. You can always introduce additional classes and services as your business grows. This flexibility is the beauty of a business plan—it evolves with you.
Determine operating costs in detail
List all the expenses required to operate your business successfully. This encompasses items such as rent, equipment, insurance, personal training booking software, accounting and bookkeeping services. Total these expenses to determine your operating costs and calculate the minimum income necessary for your business to sustain itself.
Next, create revenue projections. Develop a chart that includes a high-low range, outlining both worst-case and best-case scenarios. If you’re comfortable with the potential outcomes, proceed. If not, revisit your expense and pricing strategies until you are satisfied.
Create a Marketing and Sales Plan
Begin by assessing your skills, talents and strengths and decide on what you can work on yourself – be this social media videos or content creation. Understand what tools you will need to make your marketing and sales plan run smoothly – and focus on building a network around your plan. Once this is done, create a plan that you are able to take action and define how often you will deploy your resources. A video once a week? A post every day?
Over time you will be able to refine this section as you learn what works and what needs improvement.
In summary
A business plan is never truly finished, it is an ever evolving document that scales as you grow. Everytime your business shifts in a new direction, your finances and technology will change alongside. Everytime there is a change, take a look at amending your business plan to suit your growth.
MyFitWorld can be your ally in growing your fitness business and building a stable brand. It’s software where you can create training programs for clients, keep records, track their progress, and largely automate your business.
Allow technology to work for you and be part of the new era in the fitness industry.
MyFitWorld Team
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