5 Tips to Make Your Personal Training Business More Profitable
Here are five simple strategies that any personal trainer can adapt to their business and almost instantly increase their profits:
1. Raise your prices.
This is the simplest yet
overlooked strategy to increase your income. If you do 30 sessions per week and
raise your prices by only $5 per session, you have increased your annual income
by $7800. Not a bad improvement considering you don't have to do anything else
differently. Most of your customers won't even notice this increase and those
who have a problem with the slightest price increase will almost always be your
"headache customers". Just go ahead and you'll soon replace them (if
any) with a new customer who will be happy to pay your fee.
2. Have a
"back-end".
A customer's lifetime
value is the total amount that a customer spends with you during the period of
time doing business with you. Most trainers limit this number to the amount
each client spends on individual training sessions. Since your clients
undoubtedly see you as their fitness resource, look no further when they need
to purchase supplements, foam rollers, nutritional coaching or anything else
that complements your personal training services. You are helping your
customers achieve better results, ensuring that they make the right choices
when making fitness-related purchases and increasing your profits as well.
3. Practice
"Takeaway Selling".
The approach of most personal trainers to
sales is to tell the potential client how much they (the trainer) can do for
the prospect and then almost begging the prospect to become a customer.
Unfortunately, this approach underestimates the services of the trainers and
gives all the power to the prospect. Just turn the table on probability. Tell
the prospect that you are only accepting a very limited number of customers and
then proceed to tell the prospect what will be expected of them to be
"lucky" enough to be accepted as a customer. Explain that they will
have to be the "walking billboard" for your business and will be
expected to refer people who fit the mold of the client you want to work with.
You will be amazed at how many prospects beg you to literally take them as
customers.
4. Leverage power.
This is probably my
favorite strategy. You can take advantage of hiring other trainers to train
clients for you or "cultivate" some of the clients you've acquired
and charge a "searcher's fee." You can take advantage of your time by
simply providing semi-private training instead of traditional one-on-one
training that forces you to trade your time for a client's money. You can
leverage your knowledge by creating an information product that you can sell to
your customers or online. You can leverage your customers by using the
"back end" I mentioned earlier. Remember, you don't always have to
trade your time for a client's money.
5. Set up an automated
payment system.
It works in health clubs, why not in personal training? Simply set your customers on 4- or 6-month automatic payment plans that are drawn directly from their checking account or credit card. This lets prospects know that you're only interested in taking on customers who are committed to getting results (that "takeaway selling" approach again) and it keeps you from being a bill collector. You would love to know what your receivables base is for the next few months.
These are just five of
the many strategies you can use to make your personal training business more
profitable. Go back through them and think of ways you can implement at least
some of these strategies in your business. Remember, if you keep doing what
you've always been doing, you will get what you always got.
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