Improving Cash Flow as a Personal Trainer

You might be a personal trainer because fitness is something you’re passionate about, but ultimately you want it to make you money. There are many little tips and tricks you might be missing that could be damaging your cash flow. To help you we’ve come up with some of the best ways to improve your cash flow as a personal trainer.

 

improving-cash-flow

Try not to book large package bookings

It may seem like a good idea at the time as the client wants to commit and is willing to pay for the next 15 sessions up front, it also works out a bit cheaper for them too! You’ve been paid for 15 sessions in one go, which of course can seem great if you have bills to pay or new equipment you want to buy; this is even better because now you’ve got loads of cash at hand. However what happens when the client decides they no longer want to complete this many sessions? Maybe their circumstances have changed and can’t complete them, or just don’t enjoy it as much as they thought. They might expect a refund but you’ve already spent the money. This can end up being detrimental to your cash flow! To avoid such situations state clearly in your terms and conditions that there are no refunds, or offer smaller blocks of five sessions.  Less commitment helps attract clients who are new to fitness.

Have a cancellation policy

If you’re always busy and have a lot of bookings, then it can be a pain if someone cancels on the day because that booking could have gone to another client and you’re essentially losing out on money. The best way to counteract this is by having a 24-hour booking policy. If clients cancel their appointment more than 24 hours before then there’s no problem and you should be able to find another client to fill their slot, (have a cancellation list ready, so you have a list of clients who might want to fill in a cancelled session). Everyone wins. If they cancel within the 24-hour time frame, then charge them for their session. That way, you’re not losing out. Of course, it’s a good idea to be a bit lenient in some cases, for example if they’re seriously ill or the weather just isn’t right. Don’t charge them for this, because these are situations out of your control.

Get the money on time

Make sure that your clients actually pay for their session. You’re a busy person, you don’t want to have to be chasing up late payments, especially when you have other things to do.  Get them to pay for their session on the day, or get them to pay for their next session at the same time. Keep track of who’s paid and who hasn’t. Sometimes circumstances change or clients could simply just forget to bring their money, so take these into account. However it could be a good idea to start fining people if they pay too late and you have to chase them, or instead just don’t give them their next session until its been paid. Don’t forget that you are a business, so don’t allow people to take advantage. PT Portal has a personal trainer booking software where clients can book sessions and pay online. This allows you to easily manage your payments as you can track who has or hasn’t paid. You can say goodbye to the days of confusion and the pain of chasing up payments with the easy-to-use payment system.

Clients are your money

Without clients, you’re not going to earn any money, so getting new clients and retaining the ones you already have can be key to improving cash flow. It can be a good idea to offer new clients their first session free or with a discount, which encourages potential customers to try out your services. Make sure you really sell yourself and listen to what the client wants, as you want to make them come back again and become a regular client. It can also be a good idea to encourage your current clients to refer their friends and family. You could offer discounts on their next session to the client who refers someone, or you could offer joint training sessions for a small discount. This encourages clients to find people for you so you don’t need to do any of the work. It’s easier to retain clients than find new ones, so really make sure you always give your customers the best service you can, so that they keep coming back time and time again. A happy client is going to speak about your services and encourage new people to join. Of course, finding clients is even easier with the help of PT Portal. With PT Portal you will be able to build a profile, where you can showcase yourself and current clients can give testimonials, allowing potential new clients to see exactly what you have to offer. They can find you in the personal trainer directory and with click of a button! You’ll be able to grow as a business and gather new clients easier than ever before.

Don’t forget that you’re a business

When you’re working for yourself, it can be easy to forget that you’re a business as well. Don’t charge too low. It could be easy to make your sessions ultra cheap because you think this will make you competitive, but becoming too cheap will make your clients wonder if what you’re offering is as good as they expect. Why else would yours services be so cheap? Raise your prices. You don’t need to be the cheapest of all the personal trainers. See what other trainers are offering and price yourself around them. Work on improving your value by offering a good service. If you’re offering great value, then people don’t mind paying a little bit more, and it makes you seem like a superior personal trainer to those that charge less.

Have a good knowledge of sales and marketing

You can get all the qualifications in the world, but if you don’t know about sales and marketing, then you’re never going to be earning as much as you want. You’re still a business, and in every business, there’s knowledge of sales and marketing. You need to always be selling and marketing yourself. It can be a good idea to consider going on a course to at least learn the basics. This way, you’ll know the best ways to market and brand yourself.  Get on social media or hand out flyers, you need to find clients so marketing yourself is going to be important. All of the most successful, famous personal trainers know about sales and marketing. This can be key to becoming a success and improving cash flow.

Recommend Products

Just one of many benefits in having a PT Portal account is you can earn more money. The personal trainer e-shop facility is a fantastic way to earn a bit more money to help improve your cash flow. You can recommend specific products to your clients and earn commission from the sale if they buy from your e-shop. This is done all online so you don’t have to go to the effort of buying the products yourself and is a great way to earn a bit of extra money!

 

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