A personal training studio can be a success with good planning.
Starting your own business can be challenging no matter what service you are providing. You must carefully consider your costs, do intense planning, and in the case of personal training have a base of customers already on your books. You must also be certified and meet with any state or local regulations as a personal trainer. Running your own fitness studio can be a rewarding business if you plan properly and establish a good client base.
Instructions
1. Build your client base and experience before you consider opening a storefront studio. Establishing yourself as a qualified, trusted and results producing trainer is the key to success. Personal training is a service that involves the physical and emotional response of people you work with. This is not a tangible item you can provide with a piece of equipment, it comes directly from you. The experience you gain from training enough people before you open your own studio is a critical aspect to succeeding in your endeavor.
2. Write your business plan. A business plan is not just for someone seeking financial assistance or investors. This plan sets out all the considerations of the business operation, the costs and goals for growth over a specific period of time. It gets the planning into an organized and well laid out document that you will use for some time to come. Writing and following a well written business plan can keep you on track to growth and success. This document can help you consider costs such as insurance and janitorial services you may not have thought of. Down the road when you are at a plateau, or wish to spur growth, you can refer to this plan and remind yourself of the goals set at the time of opening your studio.
3. Compile cost comparisons for the equipment you need. Starting with a good source of used equipment from a studio or gym that has closed can be helpful if you can find it. This type of equipment should be in excellent shape and good working order before you consider purchasing used. New equipment can come in varying levels of cost from top end to functional. Your budget will determine your level of expense, but remember it's always a good idea to start with the basics and build as your needs and profits grow. Try to get solid, functional equipment that covers the things you need without going overboard. Remember, less than adequate equipment will cause confidence in you and your studio to falter, but top of the line equipment in every shape and size is not necessary to begin with.
4. Hire a qualified accountant and set up an electronic payment acceptance system. If you decide to do the accounting on your own, remember this will be working hours in addition to the hours in your studio with clients, time spent networking and advertising for new clients, and other things requiring your time that you may not have considered. Often new business owners say a good solid accountant is some of the best money they have spent. If you are qualified to do your accounting and feel you have the time then set up a good software program to help you track all of your expenses and income in one location. If you feel you are not sure on this subject, don't risk accounting mistakes that can cost you large amounts of money and even your business. Hire a professional.
5. Research locations and your demographic market. Being in a hip, trendy location where younger people are interested in fitness may be a great idea, but cost prohibitive. Consider the cost of such a location, likely top dollar, as opposed to a less expensive location not far away. The feel of the space will be important for a training studio, and you want the space to make clients feel energized and uplifted. The space should be clean, uncluttered, in a safe area and allow for some privacy for your clients, as well. Putting them in a storefront that is a fishbowl may be a great marketing technique, but not all clients want to be on display while you train them. Weigh out things such as safety, parking, exposure and amenities with the cost of several locations before making a choice.
6. Check with your local municipality and ask for any regulations or requirements involving your type of business in relation to the location you have chosen. Inspections may be required, and registering your business with the proper authority is likely a necessity. Be sure you have all the legal requirements covered and the space inspected if necessary before signing any lease in case there are problems that would make your location unusable for your type of business.
7. Negotiate the terms of your lease to get the best deal. Your lease will likely be your single biggest monthly expense, and once signed is a legal, binding contract whether your business succeeds or not. Negotiate a rent-free period if possible for the initial start up. Especially in a location that has spots to fill they may be willing to work with you to have a lease signed. Be sure to have an attorney read the lease before signing, as commercial leases are incredibly detailed documents. Determine things such as utilities, how often the landlord requires a new storefront remodel, and things that will add costs to your lease in the long term.
8. Prepare an advertising campaign and special incentives to add to your client base when you open your studio. When you have everything in place and you begin working with your existing clients in the new space, offer them a special bonus or deal if they bring in new clients. If your existing customers enjoy your new space, word of mouth can be your most valuable advertising tool.
Tags: your business, your studio, business plan, client base, before consider