All of the talk about an upcoming recession are, understandably, making a lot of personal trainers nervous about the future and what it holds.
The best thing anyone can do now is to prepare themselves for the future. Just because the economy looks bleak does not mean your business can't perform well. Below, we take you through some tips to help you flourish in any recession or business-altering crisis in the future.
#1. Launch Online Personal Training or Group Coaching ServicesOne of the best things to do is consider launching online personal training and group coaching services if you don't offer them already. These services are attractive because they're more affordable, make fitness flexible and are generally available from anywhere, even if clients can't leave their homes. Not to mention that it allows you to work from anywhere you like.
One to one online coaching is much more affordable than face to face training and has the benefit of making you available to all. This means you can target customers around the country and even worldwide, meaning you have a much bigger potential client base to tap into, which is a big advantage when more people are watching their money.
Online group coaching is even more affordable because you'll be able to manage more people by spending significantly less time working with them individually. This gives you a great opportunity to help a lot more people than any other coaching method.
You can use both of these options to hep clients around the globe and earn a decent and reliable amount of money even in an economic crisis.
#2. Offer Shorter SessionsPeople may feel they can't justify an hour's worth of training, but what about half an hour? A session lasting half an hour doesn't necessarily need to be half the cost. Around 60-65% of the price tends to work well.
If your clients see that you offer shorter sessions, they may switch to those instead of cancelling your face to face service altogether when wanting to cut expenses. This way, they can save money, so they've made a positive financial change, but it also means you're not losing the client completely.
Equally, you may find more people want to work with you as shorter sessions fit their budget, and timetable better. You can teach these clients how to warm up and cool down on their own, so you focus on the central part of the session.
#3. Network, Network, & Network Some MoreNow is a great time to be active! Reach out to more prospects, participate in networking events, offer online consultations, and get the word out about your personal training business.
Become a powerful force that people cannot ignore! Connections are critical during tough times. If there's an event where they could do with a trainer, be that trainer. Whether that's to lead a warm-up session before a running race, help people cool down at the end of an athletic event or hold a seminar on a topic that interests most of your ideal clients, take that opportunity.
#4. Leverage Effective Marketing MethodsIt is still important to market your business effectively during a recession. After all, you don't want to suffer from poor visibility. Lots of trainers will probably cut their marketing budget with a view to saving money. This will likely cost them far more in missed opportunities than it will save them and should bring big opportunities for those that keep pushing and stay visible.
At the same time, you don't want to blow your marketing budget, as cash flow is important. So it is all about finding a happy medium and leveraging cost-effective marketing methods.
Blog posts on your own websites and related blogs in the industry are excellent ways to show yourself as an expert in your field and tapping into an engaged audience.
Social media is free to use, and it is potent. You can build strong relationships with loyal followers. Regular engagement is vital. You can use social media scheduling tools to ensure this is the case.
Paid advertising could also bring huge opportunities as other trainers cut their costs. Finding clients from paid sources will become less competitive meaning you can do well and get a great return on your investment.
#5. Take Payment Via Direct DebitLastly, we recommend taking payment from your clients via direct debit every month rather than selling bundles of sessions or fixed-time packages. It feels more expensive whenever we're reminded that we need to pay for something in packages, even though this is not the case.
Automated recurring payments provide a convenience your clients will appreciate, not to mention the lack of awkward conversations about money. You'll also have a more reliable way of predicting your cash flow and planning expenses.
Becoming a Recession-Proof Personal TrainerSo there you have it: five ideas to ensure your personal training business flourishes during tough economic periods.
We know it's a worrying time for everyone at the moment. However, rather than focusing on the things you cannot change, it makes sense to focus on the things you can.
By adapting your business strategy and changing your services to suit people's reduced disposable income, you can ensure you ride the wave of any recession and make it out of the other end with a more profitable and stable business that helps more people.
Plus, never forget that there will always be people with higher income who can afford your current services no matter what the wider economy is doing.