Why getting yourself a business coach (especially one who has experience and a successful track record) if you are a personal trainer is so important.
Excluding businesses that were starting up (and therefore have abnormally high capital expenditure within the first year or so of operation), businesses with revenue under $100,000 reported average annual revenue of $48,828. These comprised studios, independent trainers and outdoor services (with a few small gyms). Businesses with revenue greater than $1,000,000 averaged $2,486,213 in annual revenue and were largely franchised clubs, university or school based centres and leisure centres with some large independent gyms.
Consumer preferences over the decade have continued to change and this has had an impact on revenue. The factors that contribute to this include an increase awareness of, and interest in, healthy lifestyles, partly due to Government promotional campaigns, together with varying disposable incomes and the increasing tendency for families to outsource. Time poor people are increasingly contracting out household tasks such as cleaning, cooking, grocery shopping and dog walking, therefore other life tasks such as keeping fit are increasingly outsourced to specialists.
The April 2012 survey data show that recent years have been tougher for the industry than the previous decade. Last year saw an overall weakening in both memberships and revenue and both are expected to remain stable for the year ahead, with relatively little growth. The majority of businesses have observed a 4% increase in business size by revenue over the past 5 years (July 2006-June 2011), noting again this does not capture a significant number of 24/7 chains which have been a driver of growth in the past three years.
Interestingly, if the major fitness chains are excluded from survey results, it is evident that other segments of the fitness industry have shown membership and revenue growth above the industry trend. 24/7 gyms, studios and university/school based centres all reported stronger growth, averaging 6%, which is similar to the previous year. Over the past 5 years, 24/7 facilities have seen 11% average annual growth in revenue and a 13% ANNUAL INCREASE IN MEMBERSHIP; fitness studios reported 12% annual growth in both revenue and membership.
So why is it important that personal trainers get themselves a business coach or at very least educate themselves in business?
There are a couple of obvious answers:
1. To ensure that the structure of your business is set up correctly from the start.
2. That you have a very clear end goal in mind for your business and what you want from it.
3. To have KPI’s in place on a daily, weekly, monthly and yearly basis so you know what actions you need to be involved in regularly.
4. To pass on business knowledge and business experience so you can avoid making unnecessary mistakes that can cost you money and time.
5. To offer accountability and regularly check ins.Create PT Wealth has a large team of Coaches and have educated over 3500 Personal Trainers in their business.The one main thing that we see is, if these people didn’t not have their Coaching session on a scheduled date, there is a great chance the tasks they need to action would not of been done.
6. Support: This can be by using our already developed templates Create PT Wealth has developed over the years. Everything from how to generate more leads, contracts for clients or new team members,sales systems that convert 9/10 prospects, how to increase your charge out rate to you and existing clients formula, plus a lot, lot more.
7. The simple fact is, every year there is more and more competition: Now, competition can be a great thing, but if you don’t educate yourself in marketing and how to stand out from the pack or customer care/service and you simply rely on being a good trainer, then you are walking on a tight rope with your business.
The drop out rate for personal trainers who enter into the world of business within a 2 year period is alarming.
Now, of course not every person who decides to go into business for themselves want or will be a successful business owner (depending on your view of successful) with multiple trainers working for them.
However, with even a small amount of business education,you are most certainly setting yourself up for success, rather than failure.
So why don’t most personal trainers who start working for themselves get stuck into becoming more of a business owner, then just being a personal trainer?
Well, the answers for this will change from person to person.
One of then main things we hear a lot and have personally experienced in our early days in business is this.
The thought of learning about business, marketing, sales, system is not sexy or appealing! It can also bring up people’s limiting beliefs around all of those areas. Example: I’m no good at sales or I don’t like sales. So unless that mindset changes and they continue to run that mantra, then i’m yet to see someone break out of improving in those areas.
But imagine sitting on a beach in the Greek Island with crystal clear water and white sand, while feeling the beautiful warm sun relaxing your body.
Now imagine that while you are experiencing this overseas vacation, your bank account to growing and your business is running without you? Actually, the function of your day to day business runs better without you having to be there?
So when i think about building a successful business, learning about marketing, sales, systems or templates, this is what motivates me. It’s not about the marketing, sales or business side of things that excited me at the start, but the thought of freedom, going on holidays and still making money and the list goes on. Spending time with my family and working the hours i choose to.
Of course most successful business owners love what they do and are passionate about it, so it’s not work, because they have a clear end outcome they are working towards. On the flip side,they also get to enjoy the fruits of the hard work and efforts they put in place. Example: Living the lifestyle of their dreams or desire and the business runs with or without them.
So, what are the first steps in building a successful business:
1. Design your life first and then your business to fit it. (Otherwise you can create a monster that requires regular feeding from you)
2. Understand the end goal or outcome for your business. Financial,Results for clients, lifestyle, size of business etc
3. How will you be different and stand out from the pack.
4. What problem are you going to solve for your customers and how do you A) know this and B) Deliver this service or result
5. What do you need to know in order to make your business successful.
6. What areas of your business need improving or work on right now.
7 Find yourself a good support network in a Coach or mentor.
Now i know the above are some rough outlines, but it is a great place to start.
My suggestion is to get yourself along to one of our two-day events to have all of the above questions answered.