Running your personal training business means you must wear many hats. Not only do you need to provide excellent training services, but you need to master the art of business as well.
Financial management plays a critical role in this. However, finance is one area many personal trainers struggle with, as many have yet to receive any training or education in this area. Some personal training courses might include business coaching but hardly any financial education.
Now, you don't need to worry if you've just realized you might need to improve in that area. There are many ways to gain the knowledge you need to manage your business' finances. This month we'll focus on fitness business finances in the upcoming articles. Some fantastic books can help you understand how money and finances work, so we'll start with the top 10 books to help you manage your money better.
Book #1 - Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
Buy from Amazon: www.amazon.co.uk/Rich-Dad-Poor-Teach-Middle
There is only one way to kick off our list of the best books for personal trainer finances, and this is with a true classic. Rich Dad, Poor Dad, was published 25 years ago, and even though it has been updated, the information remains very much the same. That's because financial principles have stayed the same.
In this book, Robert tells the story of growing up with two 'dads' - i.e. his real father and his best friend's father, also known as his rich dad. He reveals how they both shaped his thoughts about finances.
Rich Dad, Poor Dad, explains how you don't need a high income to be rich. This is a must-read if you're looking for a book that outlines the difference between working for money and having your money work for you.
Book #2 - Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
Buy from Amazon: www.amazon.co.uk/Profit-First
All personal trainers want their business to be profitable. This is one of the main objectives! And this book will help you to get there. It teaches four basic yet highly effective principles to simplify your business accounts and make managing a profitable personal training business easier.
You will learn how a small yet profitable company can be worth significantly more than a large firm surviving on its top line. The book contains step-by-step advice, practical suggestions, and case studies. It's also easy to read, thanks to Michalowicz's signature humor.
Book #3 - The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey
Buy from Amazon: www.amazon.co.uk/Total-Money-Makeover
With over five million copies sold, you know that The Total Money Makeover is an excellent read if you want to whip your finances into shape.
If you currently have debts, we recommend starting with this book, as it helps you create a surefire plan for paying off those debts. Yes, this includes your property, vehicles, and anything else you still need to pay fully.
You will also learn about some of the most common yet dangerous money myths that can derail your business and financial happiness.
It's not all doom and gloom, as Ramsey also reveals how to secure a significant nest egg for your retirement and any emergencies that may crop up along the way.
Book #4 - The Richest Man In Babylon by George S Clason
Buy from Amazon: www.amazon.co.uk/Richest-Man-Babylon-George-Clason
You may find it odd that we suggest a book dating back to 1926, but this is a #1 best seller. In addition, it is considered one of the best inspirational works on the subject of personal wealth, financial planning, and thrift.
The book itself is based on Babylonian parables. It uses the art of storytelling to teach you about financial freedom. Informative, fascinating, and simple stories are conveyed to get you on the path to prosperity.
In this famous book by George S Clason, personal trainers will learn how to make money, keep money, and continue generating money.
Book #5 - From the Rat Race to Financial Freedom by Manoj Arora
Buy from Amazon: www.amazon.co.uk/Rat-Race-Financial-Freedom
Everyone wants to achieve 'financial freedom,' but this can mean different things to different people. In 'From the Rat Race to Financial Freedom,' Arora teaches us that our social status or net worth does not define financial freedom. Equally, what we earn is irrelevant. Instead, it is about saving and investing wisely.
You will learn how to adopt the correct attitude and the basic concepts of good planning to succeed. Break free from the mindless rat race and learn how to control your finances.
Book #6 - The Richest Engineer by Abhishek Kumar
Buy from Amazon: www.amazon.co.uk/Richest-Engineer-Abhishek-Kumar
Have you ever wondered why some people seem to get rich easily while others struggle financially?
Is it because of their choice of job? Is it pure luck? Is it because of the educational qualifications they possess?
The good news is that it isn't any of those, as Kumar reveals. Instead, he explains how anyone can become a millionaire, no matter where they stand right now.
A leading financial consultant, Kumar shares his experiences and advice so that we can all flourish.
Book #7 - Think and Grow Rich by Napoleon Hill
Buy from Amazon: www.amazon.co.uk/Think-Grow-Rich-Napoleon-Hill
This is truly one of the best books available to get the mindset needed to be wealthy.
Although it is based on more than 500 interviews and 25 years of research, the information is presented in an enjoyable manner that is easy to understand.
The book takes you through 13 different characteristics wealthy individuals have. It challenges you to be honest and introspective. It helps you remove fear and organize your thoughts in a way that enables you to achieve success.
You will learn how to accept criticism and move on. You will discover how to grow motivation, wisdom, character, and personality. It's a life-changing read!
Book #8 - The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss
Buy from Amazon: www.amazon.co.uk/4-Hour-Work-Week-Escape-Anywhere
This book gives you the blueprint if you dream of a luxury lifestyle. Timothy Ferriss shares his own journey, revealing how he went from earning $40,000 per annum and working 80 hours a week to making $40,000 per month and working just four hours a week. Yes, you did read that right!
You will learn to eliminate 50% of your work in just two days, outsource your life to overseas virtual assistants for $5 per hour, and trade a long-haul career for short bursts of work and regular mini-retirements.'
While this lifestyle might not be what every personal trainer envisions for their future, this book is for you if you want to work from the beach while making money.
Book #9 - MONEY - Master the Game by Tony Robbins
Buy from Amazon: www.amazon.co.uk/Money-Master-Game-Financial-Freedom
Tony Robbins is one of the most revered thinkers and writers of our time, and this book does not disappoint. Based on extensive interviews with some of the world's most legendary investors, from Paul Tudor Jones to Warren Buffett, and thorough research, Robbins has put together a seven-step blueprint to help you secure financial freedom.
You will learn how to establish a lifetime income plan, what it takes to invest and save, how to take control of your financial decisions, and much more. All this information can help you run a profitable personal training business and invest your money wisely for yourself and your family.
Book #10 - The Automatic Millionaire, Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich by David Bach
Buy from Amazon: www.amazon.co.uk/Automatic-Millionaire-Powerful-One-Step-Finish
Finally, with over 1.5 million copies sold, we couldn't leave out The Automatic Millionaire.
The book begins with a powerful and emotive story about a typical couple in America, earning an average wage, working hard, and paying off their debts. You get the picture!
You will go on their story as they get rich, and you will learn all of the tips for success along the way. One of the most eye-opening is that you won't be able to secure your future and get rich if you have a budget. You need to pay yourself first!