When I started my personal training business back in the day I was the king of linear income.
I’d drive to a client’s house, trade money for time, and then drive to another clients house – and repeat. That got old really quick.
Then when I opened my first training studio I realized that income does not have to be linear at all.
As it turns out it’s just as easy to have multiple income streams as it is to have a linear income stream.
But it’s not about INCOME. It’s about PROFITS.
I wanna really stress the word PROFITS and not income because in the real world profits are what counts … because PROFITS are what YOU keep… income is the total of what comes in.
And the best way I know to increase your profits is to open up the gap between income and expense – that’s where your profits are hiding.
Here are Eight ways you can increase your personal training profits and get more from your fitness business.
- Raise your rates. I’ll bet you my new pet goat that you under-valuing your services. You might think that low rates keep you competitive, but the truth is you shouldn’t be competing with the gyms and diet centers in the first place. Instead, find your niche market, over deliver on results and service and become the “Cadillac” of personal training in your area.
- Start group training programs and phase out the one-on-one training or really increase the rates for one-on-one so that 1) it makes the group training program more enticing and 2) if someone really wants to train one-on-one they’ll find the means to pay the premium for it.
- Start using E.F.T. (auto debit) in your business and you’re going to see two things happen. 1) you’re going to automatically start retaining clients for a longer period of time. 2) You’ll have more time to train clients, market, and kick back because you’ll doing a lot less check chasing and collections. PLUS you’re income becomes VERY predictable. I have a post all about EFT here.
- Sell other services and products to your clients. People workout with you because they see you as a credible source of information. You have authority with them. And this puts you in a position to help them with other needs they may have about health, fitness, and fat loss.
- Create entry level continuity programs. Not everyone can afford to pay a few hundred dollars a month for personal training or boot camp. But a LOT of people can pay $20 – $40/month for a mass group coaching program where they get a monthly teleseminar with you, a grocery store tour, and a live nutrition seminar. And if you really want to get wild with it you can create a membership site for them as well for under a couple hundred dollars.
- Create joint ventures with other businesses who can add value to your business and become an affiliate where you make money for every clients you refer to them.
- Manage your time more efficiently – work on the things that will take your business forward. We all have the same number of hours in the day. But some people get a LOT more done in a day than others. Here’s a post I did on time management that can really help you.
- Sell and market better. I know this sounds like a no brainer but its one of the core ways to INSTANTLY increase profits. If your marketing sucks. Get better at it otherwise you’re just wasting money. And if you can’t sell or are only selling small packages, learn to close more deals and sell bigger packages.
I hope these eight ways to increase your fitness profits got your mind working toward getting away from linear income and moving towards multiple income stream, exponential growth, and generating higher profits for your personal training or boot camp business.
I’d like to know what you’re doing or plan on doing to increase your profits. Let me know below.