Tips for Surviving in a Slow Economy
by Katie Donnelly
With lots of talk about recession in the news, many new personal trainers are worried about their businesses. Will their clients cut back? How do we keep growing the business in tough times?
I did some brainstorming and came up with a few tips. You can add your own tips and comments by following the links below.
1) Up Your Service Level
Give your existing clients something extra. It might be some meal planning assistance, a trip to the supermarket with them, or just email support throughout the week. Whatever you come up with should be extra value for your clients and cost them nothing.
What do you get? Ask them to refer you to a friend. If you make your clients feel special, they will talk about you.
2) Expand your Income Stream
If you have all your eggs in one basket, you are putting your business as risk. If you are not already doing it, try investing in online personal training. Just a few clients can make a big difference to your monthly income.
Or you can try reselling equipment, clothing, pedometers, sports drinks and snack bars. They won't make you rich but they can add 10-20% to your top line.
3) Don't Turn Away Price Sensitive Prospects
How many times has a prospect disappeared as soon as they hear your rates? It happens all the time. If your prospect has that look of sticker shock try getting them to join a group class for a reduced rate. Say something like "if that doesn't fit the budget, you should join us every Tuesday night at our group class."
4) Find a Partner
If you find yourself with some holes in your training calendar, spend the free time building up your referral network. Talk to doctors, chiropractors, cycling stores, sporting good stores and anybody else you can think of.
Okay, there are four ideas off the top of my head. What can you come up with? Add your comments below.
by Katie Donnelly
Should I Quit?
I am trying to make it as a personal trainer but all of the gyms in my area are 100% commission and are staffed with too many trainers all competing for clients. The economy here is Michigan is really bad right now and I don't know how much longer I can continue to put in hours at the gym without getting paid for it. I live alone and have a little bit of money in my savings to pay my mortgage and other bills but it is rapidly being depleted because I'm not making any money. Should I just get out this business and go back to my office job that paid a steady salary?