Starting a personal training business is a good way to help people improve their health while also making money doing something you enjoy. According to some sources, a personal training business can be started for under $2,000. If you're working on a tight budget, however, even two grand can seem like a monumental amount. Here are two ideas for keeping your startup costs as low as possible.
Negotiate Room Rental Fees
One of the perks of having a mobile personal training business is you can train customers to exercise in their homes or your home, whichever is more convenient. This can help you save a lot of money right out of the gate since you won't have to rent a location. If you are concerned about safety or just not comfortable being alone with strangers in a private place like a home, renting space at a gym is a good option.
The rental rate you're charged will vary depending on a number of factors including the amount of space used at the facility, geographic location, and whether your clients will be using the gym's services. Gyms may charge by the hour, month, or may require you to pay a percentage of your earnings (e.g. 10 percent of your fees).
One way to save money on studio fees is to negotiate a tiered fee program where you're charged a reduced rate the first month and then the regular rate the second or third month. This may be accomplished by signing a long-term contract guaranteeing you'll be using the studio for a period of time. It generally costs a lot more in advertising and marketing dollars to attract new clients than to keep them. So the gym may feel the long-term contract is worth a lowered fee for the first month or two.
Another option is to barter with the gym. Offer to train a few of the gym's VIP clients for free or teach a few exercise classes in exchange for a discount off the room rate. The gym gets to offer a highly sought after service to clients for free and you save money.
Get in on a Business Referral Network
Advertising will probably be your biggest expense for your new business. One way to get free advertising is to locate and join a business referral network. This type of group is typically made up of several professionals in related industries who refer customers to each other. For instance, a group consisting of a chiropractor, a family physician, and a personal trainer would refer customers interested in their services to each other.
You can usually find out about referral networks via business-centric organizations such as your local chamber of commerce. However, you may need to do the footwork and talk directly to business owners to uncover this type of opportunity in your community.
For more information about keeping startup costs low, consult with an expert in mobile personal training businesses.