Are you in personal training and want to start a business?
These keys will help you to draw your plan!
admin timp·Reading time: 6 min.
19 February 2021
There comes a time in many personal trainers’ careers when they consider taking the leap and opening their own business.
If this is your case pay attention because this time, in the TIMP blog we bring you 6 steps to set up your personal training studio.
Are you up for it? Let’s go for it!
1. Study the market
When you are clear that you want to be an entrepreneur and own your own business, the first step is to define what your company is going to be like.
To do this you need to look around you and see what’s going on in your industry, the personal training industry.
Some of the points to study could be:
Who are your potential customers and what are their needs?
Identifying the profile of the people who will demand your services is essential to specify the activity you are going to carry out.
For this reason, you must be very clear about who you will be targeting: will you be training senior citizens or will you be focusing your work on younger clients?
Will your users be high net worth or predominantly middle class?
To help you understand the importance of factors such as these, think for example that you will define your rates based on the answer to the previous question.
Who else offers your services and how do they perform their activity?
Understanding your competition is another key factor to consider when designing your personal training business.
By studying others who have gone before you, you will not only learn a lot about your future business, but you will also be able to assess where you are as an entrepreneur.
And knowing how other personal training centers operate is very useful to select what you also want to implement, as well as the strategies you don’t agree with or that don’t fit your business idea.
What you can offer
As a result of the above, we come to this point: are you in a position to compete with other training studios?
Assess what you can offer to your future customers and what you need to do so.
Your strengths and weaknesses
If you analyze them honestly, you may discover, for example, that you need further training before going big, or the other way around: that you have much more training than the average professional in your situation.
In any case, don’t be afraid to start.
If necessary, do it little by little and expand your services as you become more confident.
What threats and opportunities are available to you
Every business starts with a series of circumstances that threaten its growth and others that represent an opportunity to develop its trajectory.
Analyze them to find solutions to the former and find the best way to take advantage of the latter.
Both this point and the previous one can be reflected in a SWOT analysis, which will help you to see everything more clearly.
Identify what makes you different.
If you know what differentiates you from the rest , you’re way ahead.
That aspect can be the cornerstone of your business and the one that makes you stand out from the rest of your competitors.
For example, do you have a sense of humor that can take the training of less motivated clients to new heights?
This could be an asset if you are involved in training clients who are going through a difficult rehabilitation process.
Don’t let this gift slip away and imbue your personal brand with it (while transmitting professionalism, of course).
3. Draw up a business plan
It seems obvious, but without a plan you’re not going anywhere.
The results of the analysis you have carried out previously must be materialized in a planning that includes aspects such as:
Your value proposition as a personal trainer.
The goal you want to achieve.
How are you going to make it.
The phases of the start-up of your study.
The capital necessary to materialize it.
When you will recover your investment.
With all this information defined, it will be time to get that sum of money to raise your dream.
4. Seek financing
Few truths are more incontrovertible than the one that says that money does not grow on trees.
To get your personal training studio up and running you’ll need capital, and here are some ways to get it:
Applying for a bank loan
It is one of the most popular ways to finance a business.
To get a loan you must meet a series of requirements.
The advantage if you meet them: you will have hard cash to get your center off the ground.
The obvious disadvantage: you will have to pay back that loan whether your business works or not.
Capitalizing an unemployment benefit
Many entrepreneurs opt for this option when they have become unemployed.
If this is your case, you can apply for the full amount of your unemployment benefits in order to finance your personal training business.
Investing your savings
If you already have a large enough sum of money in your savings account, you can invest all or part of it in your new business.
If you opt for this solution, manage the amount wisely: savings are hard to come by.
Search for investment partners
Union is strength, so another possibility is to pool the necessary capital among several partners to be able to start your activity.
Of course, the profits will be distributed in proportion to the investment made by each partner.
5. Surround yourself with the best
You may be considering starting your business together with other professionals.
If so, make sure they are the right people to achieve your business vision.
In this sense, it is important that they share with you the illusion and the desire to carry out your project.
In the same way, and even if they are not part of your staff, make sure that all professionals who in one way or another are related to your business are worthy of your trust.
6. Implement TIMP in your center
Before you even begin to develop your activity as a personal trainer in your own studio, make sure you have our management software and booking app.
The reason is simple: on the one hand, you will gain time and profitability by streamlining all your daily procedures in the center and leaving reservations in the hands of your customers thanks to our app.
On the other hand, since you take care of the smallest detail of your business , you should also take care of your professional image with the tools we offer you.
Your clients will appreciate it and you will notice it in the good progress of your studio.
Now prepare everything thoroughly and? Good luck with your personal training studio!
We will be at your side to help you manage it in a more agile and profitable way.
Don't fall behind!
We want to be the push you need to take your business to the next level. Are you in?
admin timp
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Reading time: 6 min.
