How to Build a Profitable PT Business

One of the keys to success when it comes to starting a personal training business is following tried and true advice from experts. With a combined 30+ years of experience in business, Iron Advisory has a long history of equipping personal trainers with the know-how to start and build up their own profitable personal training business.

In this post, we’re sharing our top tips on how to build a profitable PT business.

CHOOSE A NICHE

While the idea of focusing on a specific niche may seem like you’d be setting yourself up to miss out on a lot of opportunities, it’s actually going to help you grow your clientele for a number of reasons.

When you focus on a niche you’re able to clearly identify your target audience, which gives your business a more finite focus when it comes to marketing. With a more targeted group, you can better understand the specific, unique pain points of your prospective clients, and market to them accordingly.

You’re also going to severely cut down your competition. Not everyone in your industry is going to specialise in what you do, and as a result, you’ll be able to eliminate a sizable chunk of your competition. If your target audience sees that you are the expert in X niche, they’re far more likely to choose you over a personal trainer who is more generalised.

You also won’t have to worry as much about competing on pricing, which will give you a better opportunity to charge more for your work so you can be more profitable.

GROW PROGRESSIVELY 

If you want your business to be profitable, you need to map out your career progression. You can’t expect to be a success from day one! Where do you want to end up and how are you going to get there?

When you first start out, it’s likely you’ll need to begin at a commercial gym. This is the best way to gain relevant experience and clientele, and you won’t have to fork out a hefty equipment bill that you probably can’t afford. But this should always be a stepping stone; the truth is you just won’t make a whole lot of money working at someone else's gym. 

From there, you may decide to open your own business without the need for a fixed location with overhead fees, by offering services such as online training, house calls, or training in a local area such as a park.

Once you have a solid clientele list, you may look to building passive products that help you to sell while you sleep. The best way to track your progress and figure out if you’re ready for the next big move, especially income-wise, is to keep track of all relevant numbers. Monthly and yearly income stats, client turnover/churn rate, and online analytics all play a part in determining where you are in your career, and how you can get towards where you want to be. 

EFFECTIVELY MARKET YOUR BUSINESS

One of the biggest struggles you’ll face as a personal trainer is getting your name out there and bringing in clients. Being able to effectively market your business can be tricky when there are so many competitors offering similar services. This is where the niching down that we spoke of in tip number 1 will come in handy, but that alone isn’t enough. 

The first step to any successful marketing plan is to understand your target audience. Who are they? What are their demographics/psychographics? Where do they hang out, both offline and online? How do they like to communicate? What problems do they face that your business solves? From there you can begin to create a marketing plan that targets this ideal member.

You also need to be able to broadcast your offering and availability, and do so in a way that converts leads into clients. Social media is a great place to do this, but it shouldn’t be your sole focus. 

Word of mouth referrals are a quick and efficient way to build your business and accelerate your profits ­– and the best part? They are absolutely free. If you have one ideal client who is satisfied with your work, chances are they have 10 friends who would also benefit from those services. What’s more, potential clients will listen and trust people they know more often than a Facebook ad, so you’ll also be more likely to land the sale. 

If you’d like to learn how to set up a successful client referral plan, you can book in with us here. 

OPTIMISE YOUR PAYMENT MODEL

The way you price your services can have a huge impact on how much money you ultimately bring in. The goal is to create a steady revenue stream as opposed to random dribs and drabs of money coming in. 

The best way to do this is with a membership model, that retains clients over a period of time with recurring payments. But how do you get clients that are willing to do this? Set your pricing options so that clients are incentivised to retain your services for an extended period of time. This may include a client discount on memberships over a pay as you go method.

You should also look at setting automated payment up through a debit order or similar, rather than having to remind your client every time they need to pay. 

EXPAND YOUR SERVICES

As the saying goes, don’t put all of your eggs in one basket! Instead, you should focus on building a sustainable income that has multiple income streams. This not only provides you with a stronger personal safety net should anything go wrong, it will also increase your earning potential.

Having an accountant who understands the fitness industry can go a long way in helping you to succeed. Want to work with us? Book a free consultation.