Fitness, Business, Fitness Business, & Achieving Life Goals

One of the aspects of Personal Training that many are ill equipped for is the selling of sessions/programs. How good you are at it is reflected in closing/conversion ratios. Huh? You reply. It’s simple really. It essentially is the number of opportunities to sell that you had vs. the number of those that became clients. Or, to look at what % you are able to convert to clients, take the number of new clients divided by the number of opportunities and multiply by 100. i.e. 25 new clients divided by 75 opportunities x100 = 33.33% conversion ratio (you get 1 out of 3 prospects to become your clients). Depending on your work environment (club, PT studio, home training, etc.) that might be good. Who cares? Well… you should. For every person that does not become a client, that’s one more person that you were not able to convince that you could help them reach their goals. Too bad for them and too bad for you.

So what do you do? First, find out what your conversion ratio is. If it’s high, great! (though you should always ask yourself why you didn’t get more) If it’s low, you know that you need to get some specific help in that area. Role play with other Personal Trainers, friends, family, or even better, work with a sales coach.

I created a prospect tracking/conversion ratio/follow up sheet for my Trainers in Excel that I would be more than happy to share with you. Just me (mark @ marknutting . com) and I’ll send you the sheet and simple instructions. As with anything, first know what you’re doing before you attempt to change it.

I had an Epiphany a while back that I decided to share with you… working for someone else is like renting your apartment.

Many people may live in an apartment all of their lives (I did for most of mine), and that is perfectly fine as long as that’s what they want, but we also realize that financially speaking, you aren’t building equity in an apartment. The money I payed for rent and any of the improvements I made on past apartments were lost each time I moved.

Working for someone else is like that. Many people may work for others all of their lives, and that is perfectly fine as long as that’s what they want. It does offer a paycheck, opportunities to learn and grow in the business (depending on who you work for), and probably some social interaction, but you aren’t building equity in your job. Managers, owners, and economies can change at the drop of a hat. Then, suddenly, you’re out of a job.

Owning your own company on the other hand, like buying a house, allows you to build equity in that business that you can later have someone else run and still make money. Or you can sell it and use the proceeds to retire or invest in a new company. If that’s your dream, then you need to start your own business.

Now, before people get up in arms and say, “Easier said then done.” let me say, “I know.” If it was easy, everyone would have their own company. It takes a vision, planning, finding capital, and endless hard work in the start up. Wouldn’t it be worth it though?

Those of you that know me may also say, “But you work for a company.” I know. I do. But not solely. I have side businesses that, if I chose to, or needed to, I could do full time. I’m also working on two major business plans and will launch one within the next year that will create that business equity I’ve been talking about. (I’ll reveal more about them at a later date.)

What about you? Where does your future lie?

Best of luck, Mark