Times are tough for many people. Money is a lot harder to make and far to easy to spend. Personal training is a luxury item for many people and one of the first expenses to be cut when belts tighten. Have you thought about how to recession proof your personal training business? Alot of trainers haven’t and are falling on hard times as they lose clients due to the down-turn in the economy. But with every challenge comes an opportunity if you choose to see it that way.
If your personal training business is down and you are looking ways to bring in more money then you have to be prepared to diversify. Relying on just one source of income will leave you venulrable. Think of other sources of income for example can you teach group fitness classes, put on a bootcamp class, sell product or do all of the above. Having multiple sources of income will help you when times are tough because you will receive money from different places.
It’s also important to think about your retirement. Don’t wait until you’re in your forties to think about this. Even if you are twenty you should be planning for your future. I’m not sure that many people who become personal trainers and work for themselves really think about this over the long term. I’ve business coached a number of personal trainers who were building their personal training businesses and were struggling to meet their monthly bills. These trainers were not thinking about their long-term retirement. They were only thinking about making ends meet in the short-term. While this is understandable, it’s important to have both a short-term and long-term plan otherwise you may find yourself training out of necessity.
Take a good look at your personal training business. If you lost two or three clients this week what effect would that have on your income? If it would negatively impact you then take that as a wake up call that your business needs some fortification. Talk to a financial planner and start putting money away for your retirement. Diversify your personal training business so that you aren’t just relying on the money earned from clients.
If you need help diversifying your business and would like business coaching feel free to reach out and contact me. I’ve helped many trainers sustain their careers, earn a good living and save for their future. Contact me at 604.998.3379 or email firstname.lastname@example.org.
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