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The business side of the personal training business

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  1. The business side of the personal training business By Robert W. Patton, FACSM

  2. Personal training is booming!!! • Membership growth at 10%/ yr in clubs • Personal training is top growth program • There are 55,000 personal trainers in clubs • Home based fitness growth at 15%/ yr • Personal training is penetrating this market • 75% of our population is underactive; 69% of them want to start exercising • There is a huge untapped market!!

  3. Working with students/interns preparing for personal training careers

  4. Consulting with a large personal training business

  5. Owning a small personal training business

  6. The business side of the personal training business • Gearing up for your business • Planning for your business • Launching your business • Keeping your business afloat

  7. Gearing up for your business • Searching your soul • Getting the right credentials • Finding a good mentor • Getting good experiences • Walking the walk

  8. Searching your soul

  9. Good things 1. Impact 2. Variety 3. Flexible schedule 4. Freedom 5. Growth 6. Good working environment Bad things 1. Money isn’t great 2. Work schedules 3. Travel time 4. Lug equipment 5. Wear different hats 6. Financial risk Are you cut out for this?

  10. Getting the right credentials

  11. Credentials • Formal education • Degree or non-degree programs • Certification -- beware! • Generic vs specific; national vs local • Memberships • ACSM, ACE, AFAA, NSCA, etc. • Continuing education • Work experience

  12. Finding a good mentor

  13. A good mentor is critical to success • Can be a teacher, employer, colleague • Should develop a master-apprentice relationship • Will accelerate your learning curve • Will shepherd you through your career development

  14. Getting good experiences

  15. Good experiences are important! • Find the right setting early • Find that mentor early • Hold out for a good job • large facility • small facility • Avoid job hopping

  16. Walking the walk

  17. “Walking the walk” • Practicing what we preach • Are you actively training for something? • Is your body composition OK? • Do you eat healthy meals? • Looking the part • Do you dress professionally? • Is your grooming up to par? • Is your posture acceptable?

  18. Planning for your business • Doing your homework • Figuring out who’s going to be the boss • Finding the best location • Figuring out how much it will cost • Hoping for the best; planning for the worst

  19. Doing your homework

  20. Market Analysis • Industry analysis • Trends, issues, technology, political and economic forces impacting the industry • Local market analysis • Demographics and psychographics • Competitor analysis = niche analysis • Clientele, equipment, facilities, fees, programs, services, personnel, etc.

  21. Mission Statement Denton Country Club Fitness Connection is committed to providing outstanding adult fitness and nutrition services in a safe and effective environment while empowering clients to enjoy high level health, wellness, and improved quality of life.

  22. Figuring out who’s going to be the boss

  23. Business structures • Sole proprietorship -- you are the boss. You also have all the exposure. • Partnership -- you share the leadership. You also share the exposure. • Corporation -- you are probably not the boss. You are protected from much of the exposure to problems. • Note: Get help with business planning.

  24. Finding the best location

  25. Large Commercial Facilities • Advantages: • Good equipment, available client pool, possibly reduced liability insurance • Learn business systems (accounting, etc.) • Disadvantages: • shared revenue with club • reliance on member referrals • restricted growth

  26. Residential facilities • Includes homes, condos/developments • Advantages: • low or no overhead, nearby referrals, higher percentage of fees retained • Disadvantages: • frequently inadequate equipment, travel time, program enrichment challenges • Limited market penetration (10%), fewer training hours per week

  27. Small private facility • Advantages: • Freedom of schedule, little travel time, nearby referrals, increased percentage of fees retained, more training time available • Disadvantages: • Increased overhead, increased liability, more management and operational responsibilities

  28. Finding out how much it will cost

  29. Capital needs for personal training • Start up • Operating • Reserve • Note: Break even analysis is important!

  30. Break-even analysis INCOME PROFIT EXPENSES $ LOSS BREAK-EVEN POINT TIME

  31. Personal training business expenses

  32. Hope for the best;plan for the worst

  33. Launching your business • Marketing ideas for startup • Insuring against disaster • Keeping good records • Working with good people • Getting good equipment • Setting and collecting fees

  34. Marketing ideas for startup

  35. Start up Marketing Ideas • Position your business -- name • Business cards • Capability brochures • Offer targeted services • Offer enrichments to core services • Promote your business • Speaking, writing, selling

  36. Insuring against disaster

  37. TYPES OF INSURANCE Property and Casualty Insurance: Building Contents Liability (Independent Contractor, Event) Business Interruption Crime Auto Umbrella Liability Employee Insurance Workers’ Compensation Group Health (Health, Cobra) Life

  38. Keeping good records

  39. Essential Records • Member records • Medical history, waiver, testing, contracts, goals, workout data cards • Financial records • Billing agreement, receipts, statements, tax records • Miscellaneous records • Payroll, equipment, legal, insurance, marketing, safety, maintenance

  40. Working with good people

  41. Working with good people makes life and business easier • Clients • Qualified by income, commitment • Convenient to your business facility • Partners and employees • Credentials and experience • Integrity and dependability • Work ethic and follow through • Service mentality and people skills

  42. Getting good equipment