How To Build A Million Dollar Personal Training Business
In Singapore, the average personal trainer makes about S$45,000 a year. For some of you this may sound like a decent amount. For others not so much… Regardless of which end of the spectrum you’re on, there’s no denying that we’re all yearning to make much, much more. Imagine being able to make millions! Well, our Million Dollar Personal Training Model helps you do exactly that and we’ll give you the inside scoop on how it works.
The One Million Dollar Personal Training Model
Depicted by a simple pyramid structure, the base of the pyramid represents the common activities that most personal trainers do to make money. Move further up towards the top of the pyramid and you’ve got the less common, more difficult to execute activities that really have the potential to earn you the big bucks, bringing you closer and closer to the million dollar mark!
1-on-1 Personal Training
1-on-1 personal training is a standard source of income for most personal trainers. Whilst there’s no arguing that 1-on-1 personal training sessions are necessary for generating income as a personal trainer, it’s not always the most efficient because you’re only able to service one client within the hour that you’re being paid for. That said, it’s best to be able to maximize these earnings as much as possible.
You can maximize your earnings of 1-on-1 personal training sessions by charging each client more by the hour. Imagine earning $65 per client where you have an average of 2 clients everyday. In a month this earns you about S$3900. On the other hand, if you’re able to earn $100 per hour with the same amount of clients in a month, your earnings total up to a whopping $6000! It’s important to keep in mind that when you’re implementing this strategy of charging higher for each client, it won’t work if you’re not also delivering more value and better service to your clients than any other personal trainer can.
Small Group Training
Small group training is gaining popularity because clients find that it’s a fun way to take advantage of a trainer’s expertise at a lower financial investment. From a profitability point of view, think about small group training as 1-on-1 training with the earnings multiplied. Say you’re able to charge each client $60 for an hour of small group training. If you’re training a group of 5, you’re earning $300 an hour! Small group trainings are relatively easy to conduct as well. You will just need to find a good space with all the facilities and equipment that you need.
Sooner or later, any aspiring high flyer trainer has to work smarter and not harder. Starting online training has many benefits for you as a trainer such as being able to reach and impact a wider range of clients, experience income growth and have more freedom and flexibility in where you work from. If you charge say $150 for a month long online program, acquire 10 online clients that month, you’re able to earn an extra $1,500. Note that as you build your presence in the online world and acquire more clients over time (whilst retaining your current clients), you’ll be rolling in a passive and recurring stream of income in a compounding effect! For example, in the next month you get another 10 new clients for your online program bringing you to a grand total of 20 online clients - that’s $3000, and you can just keep growing!
Whether it be through selling ebook workout or nutrition programs on your website or creating one-of-a-kind personalized programs for each client and making them accessible through a phone app, there are many ways that you can offer your personal training services or products online. It’s up to you to think about how you can maximize best take advantage of your unique selling point and skills. While in this day and age it’s easy to throw together a website and open for business, you should take the time to properly plan for the successful execution of your online business. You’ll need to put yourself in the shoes of both a personal trainer and business owner asking yourself questions, such as: Who is my ideal client? How will I interact with my client? What can I do to make my online training products and services better than what’s already on the market? How much am I going to charge? How can I effectively market myself and my online training platforms so people buy it?
Planning a retreat for your clients require a lot of planning, capital expense, and input of resources. However, with the booming nature of retreats more and more people are ditching their usual beach escapes for fitness getaways. With that said, organising and running holistic fitness retreats, if done well, can add another profitable dimension to your personal training business. Imagine a 7 day retreat with 15 attendees, each of whom you’re earning a $1,300 profit from. That’s $19,500 in profit from just 7 days of work (and travelling - what more could you ask for?)!
Retreat organisation also requires business knowledge for it to be successful. Without the proper business acumen, you’ll be risking capital for a project that you’re just hoping will succeed. Give yourself plenty of lead time to plan, organise, and promote the retreat. Consider whether your target audience would prefer a long retreat in a far out destination, or a short retreat that is closer to home. This is just one of the many different aspects you’ll need to consider in preparation for your event.
Bootcamp workouts are also growing in popularity and because of the team-based nature of it, it gives you the opportunity to gain more exposure. During your bootcamps you should promote a positive social atmosphere to encourage those who sign up for bootcamps to bring friends to join in on the workout. This will be some work of client acquisition for the bootcamp being done for you! In addition, if you satisfy these new clients enough they can be converted into recurring clients for your other services.
Similarly to small group workouts but on a much bigger scale, bootcamp workouts allow you as a trainer to earn more per hour. A bootcamp class with 35 people paying $20 each will earn you $700 an hour! If you conduct a class once a week, that’s an extra $2,800 in your pocket every month!
Those of you who work for commercial gyms may not have the freedom to choose how you run your personal training services or determine how much you charge your clients to create opportunities for recurring revenue streams - this is where Core Collective can help. We aim to empower our trainers to be their own boss and successful business owners. Click here to join the Collective!