Sparse on Cash and Credit, Fitness Studio Plan

!±8± Sparse on Cash and Credit, Fitness Studio Plan

You want to start your own fitness business, but you are sparse on cash and have limited access to credit. Then this plan is for you. You CAN start your own fitness business with little or no cash or credit.

First, you have to have some certification. If you are not already certified, find out what programs are available in your area, often there are lower cost intensive programs run over several long weekends.

Next, the key to starting your own Personal Training Business is space; you have to find the right location. Let's say you and your brother want to open a business together. You can split the rent and expenses. You can also appeal to your town zoning as a one-on-one training facility. This usually means you will be allocated a minimum number of free parking spaces for your clients; and you would also be eligible for office space rental which is less expensive than retail space. Also be aggressive in negotiating with the landlord. If the space has been vacant for a while, the landlord may be willing to help paint or do other minor upgrades.

Once you have found a suitable space that you can afford, you need equipment. You can purchase very good used equipment that has been rebuilt or never actually been used from the Internet, from fitness stores' floor models, or even from homeowners. Let's say you start out with a treadmill, an elliptical, and a recumbent bike. Add to those two benches that incline and decline, a free standing rack to hold Olympic bars, weight plates, dumbbells, exercise balls, bands, etc. As your business builds and you start to make some extra money beyond your monthly rental fee and expenses, you can add to this equipment. You will have a better sense of what your clientele base is interested in and what type of equipment you think will help them with their program goals. There is some great universal corporate equipment that is reasonably priced and will save space while still allowing you to provide your clients a great workout. In general it is a good idea not to overcrowd your studio or fitness center with equipment placed too close together.

Now comes the real catch--advertising. Advertising can make or break a new business. You really need to advertise, but it costs big bucks! Therefore, you have to get creative. Find on-line programs or local businesses which will create your own business cards and brochures. On-line programs often have very good free logo material to create a "signature look" for your business. Later, you may wish to use professional art design, but this expense is not necessary initially. Also, be your own promotional agent by writing articles about your business and submit them to local newspapers. Try to focus on what is new or different about your approach or business (such as special introductory pricing packages). Send the editor a catchy note about yourself and your business and ask if they will write an article and perhaps come to your place of business and take photographs. Place your business cards in diners or local businesses; often there is a special location for cards or even brochures. Otherwise, introduce yourself and ask for support; in return offer to take their cards or information and support them.

It is extremely important to manage your cash flow and expenses from the very beginning. Get Quick Books and log in daily, it does not take much time at all and you will save on accounting expense. Do not lease any equipment when you first start; it is another big bill added to your rent. Also set up packages of training sessions for clients to purchase for which they must pay upfront. This will get your cash flowing to make your monthly rental payments. Be sure to have a cancellation policy and do not be afraid to charge for repeat last minute cancellations. You are a professional, your time is money. A canceled client is a slot of time that could have produced money if you were able to schedule a different client in that now wasted time. Develop a sign-in system or card tracking of clients' remaining sessions. A client will often think they have more sessions remaining than they actually do. You do not want to give extra sessions for free.

Decorate your space; make it inviting and very different from your competitors. You do not have to spend a lot of money to create a restful, yet energetic space. Perhaps you have some items from your own home or look at tag sales and local consignment shops. Try for a uniform color or design approach. Keep it simple, but make a unique statement. Maybe you can tie your business logo into your decorating theme.

A number of personal trainers have started this way--on a small scale and not getting in over their heads in the very beginning. Now these people have been in business for 10 to 20 years and have some of the best state-of-the-art facilities. Pace yourself, keep your money close to the vest, be patient, and watch your business grow. You will probably get lots of outside advice and people trying to sell you things. Do not be tempted to bring in new things until your core business is supporting your rent. And advice from others is often from people who have never put their own money at risk or who have never run a business themselves, so be true to yourself. With hard work and disciplined guidelines, your business will flourish.