When you are starting a personal training business, one of the major components that needs to be considered is effective financial management. This is not only important when you are starting your business, but when you want to expand your business later on. In short, for a sustainable and successful personal training business you need to have proper financial management from the start.
Here are some things to consider:
- If you need to apply for finance, make sure that your business is in the best position to seek finance. This includes having a business plan, knowing the key financial figures, and knowing your limitations.
- Research the various options and products that are available from the various different lenders
- Consider all the finance options that are available to you. You might need finance for cash flow fluctuations, property, and/or fitness machines and equipment. Various possible finance options include a loan, fully drawn advance, venture capital, private investors, crowd funding and own funding. Make sure you’re familiar with all your options.
- Set up a separate business bank account
- Your business will need a bookkeeping system – and bookkeeping was certainly not covered when you qualified as a personal trainer. Hire a great accountant to keep all your books in order.
Remember to use all your financial planning information to update your business plan!