How can opening a personal training studio be made easy? How can you get the equipment you need for your studio?
Fitness has become a huge industry in the last hundred years, going from a way to merely keep healthy to providing athletes with an avenue of training to today, where there are centers and studios all around with the goal of helping people get in shape. Many businesses have been built on the idea of fitness, and professionals have gotten college degrees in health and fitness for the purpose of making a living out of it.
In fact, one of the more common jobs in the fitness field is personal trainer, where someone with knowledge and experience in keeping in shape will coach other(s) on how to do the same, providing them with a specific routine, motivation, and whatever else they might need.
Many personal trainers will either get a job with a gym or fitness center, or will go about opening a personal training studio so they can provide others with their knowledge in fitness.
However, opening a personal training studio is an entirely different level compared to just working at a gym; running a business is about more than just your knowledge in your trade.
Making a Profit out of your Personal Training Studio
As tough as it will be to manage expenses, it’s important to make sure your business is making use of advertising and getting out there in order to make a profit. If people haven’t heard of your personal training studio, then how can they attend, or reference other people to look you up?
There are marketing techniques and strategies to how you can let people know about your business, but one of the most effective is simply picking a location that is noticeable. If you look at businesses in plazas and malls, you’d see that they all get quite a bit of traffic, even if they’re not a common store, just because they are where a large group of people are at any given time.
Of course, these spots are expensive, and there are more ideal locations for personal training studio, but putting yourself in a place where you at least get people looking at your business can be very helpful.
If your personal training studio is right on a relatively well-used road in an area with a consistent amount of traffic, this means that any given number of people will see your new personal training studio and will not only know where you exist, but also where you are located.
Even if they don’t attend your studio that very second, they know about it, so they may attend at a later date or reference it to someone else looking for a personal training studio to attend.
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How can Opening a Personal Training Studio be Challenging?
As with any other business, the toughest part of opening a business is managing every aspect of the company and how they all tie back to finances. From the workers you hire to the equipment you acquire and the building you rent out and more, businesses have quite a few expenses, especially at start, and you need to know how to allocate capital appropriately to pay for these.
Of course, your business does have to spend money to make money, and this is where matters get fairly tricky; in fitness, a good example is with equipment. Generally speaking, with fitness equipment you need hardware like dumbbells, barbells, treadmills, ellipticals, and other machines to get your goals accomplished.
Obviously you want good equipment, because second grade hardware could make your personal training studio unappealing to potential customers, but even low grade equipment is costly in this area. Generally, to purchase all of the hardware you need, you’ll have to dish out tens of thousands of dollars to pay for what you want, and this isn’t always the best move.
The fact of the matter is, you need an alternative with getting your equipment, but how can you accomplish this without making matters worse?
Leasing versus Purchasing Equipment
Getting equipment can be quite challenging, especially for fitness related businesses that need quite a bit of expensive equipment. Purchasing your equipment isn’t always easy either, because not only do you need the funds for it, but you also have to pay to repair the equipment down the line when it falls into disrepair, and that can cause issues for your company down the line.
In addition, bank loans aren’t always the best move as an add-on to purchasing simply because if you loan a lot of money, your interest rate will accumulate debt fairly quickly for you, no matter how low the rate is. You need something that doesn’t involve high payments upfront or crippling interest rates, and you can get that with leasing.
Leases allow you to pay a low, flat monthly rate to get equipment loaned out to you for a specified contract period, making paying for the hardware much more manageable. In addition, businesses can get equipment repairs as determined through the lease without having to pay ridiculous sums to repair or replace the hardware.
If you go through a full lease, the end of the lease will give you the options of purchasing the hardware at a reduced rate, stopping the lease, or continuing the lease with upgraded equipment. To learn more about opening a personal training studio using equipment leases, click here.