The health & fitness industry is one of the most competitive industries on the planet. Thousands of new trainers enter the market every year. Dozens of weight loss/fitness gimmicks, pills and potions are introduced. Every minute of the day there is some infomercial playing on television promising a new devise that will help you shed 20 pounds by Friday.
Unlimited ad budgets are being spent by major corporations to lure in customers. As a personal trainer how are you going to compete in the market place?
WHAT’S GOING TO MAKE YOU STAND OUT IN THE MARKET VERSES EVERYONE ELSE WHO IS PROMISING THE SAME SOLUTION?
I started in the fitness industry with my wife in 2005. We grew our little in-home mobile personal training business into the largest in Australasia. We had dozens of trainers all over the country training our clients.
In 2010 we literally shut that business down over night and went 100% Online now helping more people then we could have ever imagined from all over the world get into the best shape of their lives.
Trainers are always asking us how we grew our in-home fitness business. So I have decided to share with you 11 of our advanced level profit secrets in this special New Year’s 3-Part Article Series to help you make 2016 Your Best Year Ever!
I say these are advanced level secrets because I am assuming that you have been in the industry for more than 2 years.
We’re now in January 2016 and I want to help you make this year your most profitable year ever in your fitness business. If you own your own studio, offer in-home training, work for a gym or are already running some kind of online training service, these strategies will help you no matter what line of fitness you are in.
These principals are fundamentals and will apply to any fitness business.
SECRET #1: Set Your Income Goals For the Year
I read a quote from Late Business philosopher Jim Rohn:
What he was saying is that you shouldn’t start your day, week, month or year without having a clear picture of what you want to achieve (Your Goals) and a plan detailing how you expect to get there.
Every year thousands of people set their New Year’s Resolutions with the hopes & dreams of making the New Year “The Year” for them. Losing weight and quitting smoking are the most common goals.
As Personal trainers we see it all the time. Hundreds of new members at your local club in January with the best intentions of achieving their weight loss goals only to fail by February where at least 50% of them vanish into thin air.
To succeed in the New Year and make it your most profitable year ever, you need to sit down and write out your income goals with a decent action plan on how you are going to there.
How much money do you want to make this year?
You need to set your revenue goals and your profit goals.
At the same time, you also need to be realistic depending on your business model. If you make all your income from just training clients Face-To-Face, your income is obviously going to be limited as you are trading time for dollars.
Want to bust through your income limitations?
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SECRET #2: Reverse-Engineer Your Income Goals
If you don’t know much about me, my background is Engineering. Before I got into the Fitness Industry. I used to design multi-million dollar automated mechanical machines. One thing engineering taught me was the principal of Reverse Engineering. That’s where we would find a similar solution that already existed to a problem and work backwards to see how other Engineers had already solved it.
Why reinvent the wheel when someone else has already made all the mistakes in solving the problem?
Now we can apply the same principals to our income goals in our fitness business.
Back in 2005 My wife Nalisha and I were still training clients Face-to-Face before we moved our business 100% online.
Below are some of the calculations we would have done to figure out how we would reach our income goals for the year and how many clients we would need to bring into our business to make our goals a reality.
Let’s say you want to make $100,000 in income this year. And you charge an average of $60/hour.
You will need to perform at least 1667 training sessions. ($100,000/$60 = 1667). That’s a lot of training sessions. So here’s a BIG TIP: The higher your prices the less you need to work.
Smart trainers bundle packages together and sell Personal training in bulk. For example If you sell some kind of 12 week program where you offer 1 Face-to-Face session/week to a client you will need to acquire 138 Clients to make $100k.
(1667 sessions/ 12 = 138 Clients)
138 clients can still be a daunting number…. so you need to break this down further.
I usually break this down into monthly or weekly targets.
(138 Clients/ 12 months = 11 clients per month or approximately 3 new clients per week)
You need to acquire 11 new clients every month to make $100,000. 11 clients per month doesn’t sound so daunting.
Now that you know you need to get 11 clients you can break this down even further into the number of leads you need or the number of free consults you need to perform to acquire 11 clients per month.
Not every person you see is going to convert into a regular paying customer.
So you need an effective Lead Generation or Marketing system in place to acquire new leads continuously.
From the simple calculations above you can now determine how much you can spend on advertising for new clients and create specific goals for ad campaigns.
I’m going to assume that your closing method to gain a new client is using the strategy of offering a free consult or a low cost consultation.
Let’s say you close 50% of every free consult offered into a paying customer.
That means you will need to perform at least 22 free consultations every month to gain 11 new clients. (11/50%= 22).
In our fitness business these numbers are worked backed even further to determine exactly what we should be paying in our advertising and marketing or how much we can pay per click if we are using any type of online/offline advertising strategy such as Facebook, Google PPC or magazine ads to ensure we make a profit.
What you’ll learn in part 2 :
- How to “Crush it” in 2016 by following this one simple rule.
- Why 95% of fitness professionals struggle in business and how you can be part of the successful 5% by following this 1 simple marketing strategy to get new clients.
- A FREE marketing strategy you can start using today that is currently generating me over 85 new email subscribers per week.
Click here to go to the article.
Now over to you! What is your strategy this year for making more profits? Leave a comment below!
