Have you ever wondered how to set financial targets for your personal training business? This Create PT Wealth video shows you precisely how to do just that…
Do you really known how to set financial targets?
This is a question that many personal trainers seem to struggle with. Many personal trainers simply say $100 000 a year because it sounds like the magic number. Create PT Wealth has a proper method that will help you to know how to set financial targets for your business – accurately and reliably.
How to set financial targets to get your personal training business to the next level
You need to adopt a strategic plan to prevent your business from going under! As an owner of a personal training business you want to see your business grow. Allow Create PT Wealth to show you how to set financial targets and grow your business. You need to know your end goal in order to make informed and and successful business decisions. This formula from Create PT Wealth will enable you to calculate your financial targets for the next 20 years!
The formula that all personal trainers need for success
Work on a 20% increase in your income every year. Use these figures to inform your business decisions and work out:
- what this means for the key areas of your business (leads, sales, retention rate, etc)
- how many more leads you need to convert every week, month and year
- if your conversion rate needs to increase
- how many more sessions and client sign ups you need every week, month and year
- potential price increases and better business models
Remember that you need to track all aspects of your business and work towards every year’s financial target.
Want to aim for more than 20% growth every year?
Using this method/formula from Create PT Wealth will enable you to see what is realistic for your personal training business. It will give you a very clear idea of what needs to be done. You could aim for anything from 30 to 100% growth in your business every year. The more statistics you have for the various parts of your business, the better. Business growth will involve energy, time, determination and passion!
You need to educate yourself in sales, marketing and systems for the betterment of your business. This is the second step in learning how to set financial targets. Complete an accredited business course, hire a professional personal training business coach and attend seminars. This might not sound sexy, but what it will give you is sexy:
- enjoy an amazing lifestyle
- flexibility to take holidays when and where you want
- more family time
- purchase your dream home
- drive the car, motorbike, etc that you want
- buy all the toys you want
- ability to give back in terms of your money and time
- provide your family with the lifestyle that they deserve
- decrease your hours but increase your profits