Have a go at our Personal Trainer Brand Business Planning Quiz below. The results of previous respondents are then explained throughout this blog:
Whether it be to get a beach body, train for a triathlon or recover from an injury most of us have something we want to improve or change about our physical bodies. And no matter what Spotify playlist you keep you your ear, self-motivation can generally only get us so far.
The UK consumers increasingly desire to look and feel good creates a number of commercial opportunities. Business minded fitness enthusiasts who enjoy helping others improve their health can look to develop a professional business service offer and not just be a run of the mill PT, standing in the gym with a stopwatch.
You have landed here because of your expressed interest in learning more about the personal trainer business. Please enjoy the blog below and learn more about this ever more popular sector.
The figure below shows some of the key industry stats including market value, customer frequency and the number of UK based businesses. The buoyancy of the industry and the multiple applications and areas of specialism encourages creative entrepreneurs to begin their own ventures. Each adopting and adapting subtly different business plans to carve out their own unique offering.
Individuals in the UK continue to become aware of health and fitness and more willing to do something about it. That said there is nothing worse and potentially more dangerous than going into a gym and performing moves like back squats incorrectly.
To maximise results, have external accountability and ensure safe training many UK adults have enlisted the help of personal trainers. In fact, 1 in 8 adults has used a personal trainer and some point so it is no wonder the market is worth over £600m and is growing.
There are virtually no barriers to entry in becoming a personal trainer. An accredited qualification can be gain within a few weeks and the cost of only a few hundred pounds and even those are not mandatory. This has led to a vast number of trainers in the UK, though many fewer would actually categorise themselves as a business.
A personal trainer may expect to see 6 clients a day and could work up to 6 days a week. Much of the work may be in the evenings to fit around client schedules though the more successful personal trainer businesses will be able to dictate their own terms more easily. A trainer may also hold group sessions.
Generally, a personal trainer business will offer a range of health and fitness services, though they may specialise in one specific area. Having a specialism helps to develop a brand identity and provides some much-needed differentiation in a crowded market. The 5 general categories are shown in the graphic below can be further subcategorised in a number of ways, for example, training for specific age group, event or sport type. The more refined the offering and more specialist each business can become, the more it can refine its target audience and charge a premium for the services.
The most popular category for personal trainer businesses in general weight loss as this is the most common reason for individuals to partake in exercise. The second most popular area of focus is in strength and conditioning which lends itself to be more sport specific.
Dietary and nutritional advice are areas of accelerated growth in the sector as people seek a holistic health and fitness package. For the more entrepreneurial, additional revenues streams in products and merchandise could also be sought.
Average Customer Spend on Personal Trainers
The average spends on a personal trainer is £54 per session. A specialist and well sought after personal trainer could command prices much higher. Sessions are commonly booked in blocks and customers remain particularly loyal especially if their targets are met!
How Do Personal Trainers Get Financed?
As previously mentioned there is little by way of barriers to entry for anyone looking to start a personal trainer business. That said, the better qualified a business owner is the more sought after they will be.
Given that the barriers to entry are so low the industry is a clear advantage in preparing a proper business plan in order to stand above the rest of the pack.
‘Tim Locke Fitness’ founded in early 2017. Having spent 6 years working in a gym, the business’ owner, Tim Locke, decided to strike out on his own. A passionate amateur golfer he built a specific offering to help others in the sport he loved most. Working on a combination of strength and conditioning and improved flexibility he was able to build a brand specific to the golf market.
Tim invested £500 in a professional business plan which enabled him to focus his offering. A small personal investment of £4,500 from personal savings allowed the business to set up a mobile site which featured at a number of local golf club competitions. Without the business plan in place, the business would not have had the knowledge of target customers, target pricing and promotional budgets.
Personal trainer businesses are shown to be particularly popular for
The layperson may be misled into thinking a fully written business plan would only be a requirement if looking for outside finance. Whilst it is true a solid business plan would be a pre-requisite for any form of form debt or equity finance the value of having a quality business plan cannot be underestimated. Even for those self-funding, a viable and robust business plan is a sure way to keep focused and accountable which will ultimately lead to better business decision making.
Importance of a business plan
The right pricing structure and awareness of customer acquisition costs are important to any new personal trainer business. As is the understanding of what number of customers is required to hit breakeven is key to establishing a quality and viable business.
Any serious company should look to invest in a proper, written business plan in order to maximise its potential. The graphic below shows a high proportion of personal trainer businesses have invested in a professionally written plan and all new ventures should look to do the same.
So what can we say about starting your own clothing brand business?
- The industry is in a period of continued growth
- Low-cost venture
- Popular with
Start UpLoan funding
- Condensed market means strong differentiator required
- Takes time to build up a customer base and cash flow planning is therefore key
How you can succeed
The best way to get ahead of the competition and eliminate the biggest unknowns and risks when starting your own personal trainer business is to invest in a high-quality business plan. The investment is invaluable. We at MyBizPlan provide the highest quality and yet lowest cost business plan in the UK, for a minimal outlay you can obtain a high-quality, visually stunning, financially robust business plan. It will give you a greater chance of seeking that vital finance and in the long run, could save you thousands.
If owning and running a personal trainer business sounds like the kind of business for you, get started with a Personal Trainer Business Plan from MyBizPlan. See which of our solutions is right for you by having a go at our – Do You Really Need a Business Plan Questionnaire?