Don’t Let An Economic Downturn Slow Your Training Business

Personal training is a business just like any other. Everyday there are decisions to be made that will affect the bottom line. You need to control costs and find new ways to increase revenues. When the economy slows down like we are seeing today, these decisions become evermore important. Many personal trainers felt the sting of 2008 and were just returning to their pre-recession client levels. If we’ve learned anything from back then, in order to survive a potential double-dip, every personal trainer needs to strategize on how to keep their business viable and growing. Below are a few ideas.

The single, most important thing to tackle is making sure you do everything to maintain your current client base. Nowadays, many businesses have presale events. So can you by offering a special discount for an extended prepayment of sessions to your clients. If you allow them to prepay for a further extended period, you will continue to have sessions to train and a continued stream of revenue. Listen to your client for possible signs of trouble on the employment front. If you sense that there is a possibility of job loss, you want to offer this early renewal plan. Losing a job is an extremely stressful situation which is even more of a reason to stay with a fitness program. Offer them an early additional discount. You may also want to present an option to move to a less desirable time slot at a reduced rate. This would help you open a peak time slot to a new client at a higher rate and help them stay within a tighter budget range. If you wait too long and they lose their job, you may lose them as a client.

You may also find that it is necessary to lower your rates when presenting to new clients. This is possible by presenting a new client starter package or a deeper discount on the multiple session packs you offer. If there is less money to go around, you have to recognize this and make an adjustment before getting shut out all together. We saw this happen with many products in 2008. From more economical cars to less expensive skin lotions, people went down a level on many products they were purchasing in order to save money, but still fulfill their needs. If people don’t have the same amount of money to spend, you can’t expect them to continue to have your fees fully budgeted for. Take a long term approach and work to build that long term relationship.

Inevitably clients will leave you in good times and bad. Whether it ends up being because of financial, a move, or any number of personal reasons you will lose some clients over time. Continue marketing to new clients to keep your sales funnel full is essential. You may be able to cut some expenses, but it is important that you take action to fill any open spots on your schedule that come up. Sometimes you have to spend money to make money. What you are looking for is a return on your investment. When interviewing for a new job, it is always easier to interview when you have a job. Conveying a more confident persona can be the difference maker in landing the new job. Likewise, it is better to have clients when you are looking for new ones. Your confidence is higher. Don’t wait until panic sets in to begin in earnest to look for new clients. The desperation in your eyes will be very evident to your prospect.

When making it through tough economic times, it is important to not lose sight of the intense passion that drove you to start your personal training NYC career. Do everything possible to maintain a strong relationship with your current clients, be creative with your latest promotions to hold a prospects interest, and never stop looking for that next client who needs your support and guidance. Better yet, position yourself, so your next client comes knocking on your door.

Learn more about personal training NYC. Stop by John Smith’s site where you can find out all about New York City personal training and what it can do for you.