In a personal training business, cash flow should never be a problem. As personal trainers we are paid in advance so the only reason we should have a cash flow problem is if we can't control our own finances. There are measures that personal trainers can adopt t and help out with the structure of the financial arrangements.
The first method is review the way that personal training clients are charged for the service. Traditional methods include booking clients in packages giving large discounts for the amount of sessions booked. I can certainly see why this attractive as on the face of it the client is committed for longer and the personal trainer gets a large cheque for the privilege. The main issue with this is that it doesn't help cash flow. Most people do not manage money well so the tendency may be to spend that money before it has been earned. When you are 10 sessions into a 20 session package and have already spent the money, this isn't an enjoyable experience for a personal trainer.
The other issue is that is doesn't really help the client. The client gets a bigger discount but what about if the client hates the training experience after about 5 sessions, you will either have to refund the client or grin and bear it. If the client is doing one session per week and you have booked a package of 20, this isn't a pleasant expedience for both the personal trainer and the client. These days are really coming to an end if you want to be smart with your personal training business.
This method of package booking are dated in my opinion as it is focused on price and this isn't the main reason why people train. Personal training is becoming more and more affordable but will always be an exclusive service. By making your pricing structure monthly by standing order or bank transfer, you can still offer good value but not have to tie the client in for 20 weeks. This way you look more professional instead of running round after cheques or even worse cash as a method of payment. If you running a professional personal training business, then the financial side of the business should be professional as well. This can really make you stand out and give you sound financial footing to deliver world class personal training to all your clients.
Hi I'n John Hill, personal trainer for Inspiring Fitness. At Inspiring Fitness we are proud to support personal trainers to succeed in business. We offer;
? Guaranteed client enquiries for the life of your business
? Unlimited one to one personal support
? Continous investment in your growth & development
Please visit our website and download an information pack for more details.
No comments:
Post a Comment