With the popularity of the Eat This, Not That series of books, I thought I might apply the same premise to the personal training industry for a post.
With Eat This, Not That, the idea is pretty simple – trade something less supportive if your goals for something more supportive.
Same thing applies here.
Do This: Offer 3, 6 and 12 Month Programs
Not That: Sell By The Session
People pay their mortgages by the month. They pay their car payment, credit card payment and the rest of their bills by the month. Sell them training programs that are billed monthly.
This will give you a more stable business income, make your offerings more financially manageable to many people and keep your clients around longer.
Do This: Use EFT Billing
Not That: Play ‘Bill Collector’
If you got into this business to chase people around and ask them for their payment, please email me and let me know. I’ve never met a fitness pro that did and I’d be interested in meeting the first.
Don’t spend your time chasing payments, use EFT and automate that aspect of your business so you can focus on getting your clients results and getting more clients.
Do This: Have Multiple Streams Of Income
Not That: Be A ‘One Trick Pony’
If you’re putting all your eggs in one basket, you’re taking on a lot of risk. The successful fitness pros that we see all have a variety of ways they generate income.
Here are just a few of the ways you could be generating income…
- One on One Training
- Semi-Private Training
- Small Group Training
- Bootcamps
- Youth Fitness
- Sports Performance Training
- Corporate Fitness
- Offering Memberships
- Selling Prograde (you could sell other supplements, but why;))
- Offering Weight Management or Nutritional Coaching
- Offering Short Term Niche Programs – Bridal Fitness, Pre or Post-Natal Fitness, etc.
- Information Products
- Paid Seminars or Workshops
- Consulting
- Licensing
- Selling Products Like Bands, Workout Muse, etc.
- Employees
- Multiple Locations
How’s that for a start? Pick a couple – or a few. Just don’t put all your eggs in one basket.
There are 3 and I’ll be back in a couple of days with a few more. In the mean time, if you have any ‘Do This, Not That’ ideas of your own, share them below.
Dedicated to your success,
Pat Rigsby
Pat Rigsby is a Co-Owner of the International Youth Conditioning Association & the youth fitness franchise Athletic Revolution as well as a fitness industry consultant serving thousands of personal trainers and fitness entrepreneurs. Sign up for his fitness business free newsletter to discover proven marketing, sales and business strategies, along with blog updates, news, and more! While you’re at it, follow him on Twitter.
Hey guys, not sure if this is a dumb question but what is this EFT billing and how does it work??
Thanks, any help would be great because my legs are getting tired from chasing people!!
Mark
Thanks Pat. There were a couple of new income streams on your list that I have not considered.. For example, my pharma sales background helps me to leverage the Pre/Post natal fitness markets rather easily.
Can you breifly elaborate on “licensing”? Trying to get a visual on that.
As always – your enthusiasm in appreciated.
Great post Pat.
EFT stands for electonic funds turnsfer and is when you have a client on auto billing. They sign up for x amount of months with x amount of sessions and you set up and payment ageement that they pay you through cc, or checking account every month through the eft billing system. It is a must have so you can focus on gettin them results.
All this points have been a huge part of our success in doubling the size of our facility in the first year. Even if the the different avenues are not huge profits they still add up and make us enough to pay the electric bill or our car gas for the month. It all adds up to the big picture.
Mike
Pat,
As expected you have found a great way to communicate these important aspects of being a trainer and having a successful fitness business.
It was through the Boot Camp Blueprint that I learned about EFT billing. It’s taken 6 months, but we are now growing steadily every month. In January alone I enrolled 10 new clients on 1 year memberships! We are moving into a bigger location, adding two more classes, and I’ve hired my first trainer to co-teach classes.
My thanks and appreciation to you, Nick, and Jim for your tireless pursuit in raising the standards of trainers and helping us live better lives.
Larry Wasserman
Great tips… My dilemma is this – people don’t want EFT in my area. I’ve tried on several occasions by setting up PayPal on my website, etc. They are coming to me because I Don’t have EFT.
Additionally, I am working with a local Park District and they collect the money at this point. When I get my own place I will add great incentives for EFT using your advice and try once again.
My dedicated clientèle is slowly building and I’m hoping to sign up for PTU, Prograde, etc.
Thanks for all of the great tips!
Mark,
Please contact me at nikki@myvolo.com we can help you with EFT, our software is a tool to run your business and process accounts. Also we wrote a blog about it a couple of weeks ago here http://www.myvolo.com/blog/
Hope that helps you.
Mark, EFT stands for Electronic Funds Transfer. When you’ve set this up an agreed amount is wired automatically to your account from your clients, usually on a monthly basis.
You’d agree a set period of time for this to run with a client; for 3, 6 or 12 months if you follow Pat’s good advice ; – ) with the option to renew at the end.
EFT doesn’t guarantee you’ll get all the money from all your clients, but if you use a third party billing and collection company you’ll increase the likelyhood of collecting all your payments.
Thomas Plummer’s book, The Business of Fitness helped me understand EFT, along with outsourcing the billing and collections part of the business.
It means you can focus more on the training and less on being the debt collector!
@mark: Hi Mark, EFT stands for Electronic Funds Transfer, and its one of the best things you can implement in your training business. You simply ask your clients to provide a credit card number and then bill them monthly on autodraft.
Great advice here Pat! I am up and running with my EFT program (courtesy of Volo) and it’s going really great. Also switching from 1 on 1 to group training last spring made a HUGE difference. I have a lot more time to work on my business. I’m looking forward to more of your tips in this area as I’m finding the hardest part is “letting go” and focusing on only the big things that move my business.
Thanks for all the help and advice!
mark
DO: Join the Boot Camp Blue Print Program
DON’T: Be a moron and try to build your business alone
My husband and I always say we could write a book on what not to do your first year of business, so I can easily add to this post. It may seem obvious to some, but when renting space, don’t be impressed by how much foot traffic and visibility your location has. Save your income and rent a cheaper location (warehouse type, or maybe even sub-lease). You’ll generate more business by referalls, public speaking events, etc. than you will from foot traffic!
Pat,
Brilliant as usual.
Your tips are very helpful and given me more brainstorming ideas!
thanks
Pat,
Thank you!
Adding EFT has gotten ride of a constant headache. I am no longer a bill collector. Changing from 6-week offerings to the month-month, 3 month, and 12 month has increased my ability to sign memberships.
These two are helping me move to additional offerings for my clients.
Heath
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