You don’t have to give up your dream lifestyle to pursue your passion of being a Personal Trainer. Martin Henry wraps up the three-part series, showing you how to make a good living.
Part 3. Do The Math
Part one and two highlighted the impact of choosing the right hourly rate you should charge as a personal trainer. In some cases you might price yourself out of the industry, in some cases you could make your hours so long you burnout.
So what is the magic number?
Just as "location, location, location" is the key to property management, "the market, the market, the market" is the catch-phrase for personal trainers. There is a different hourly rate for trainers depending on the gym. This will vary: if you were training in the premium areas of your capital city, the rates will be different than other areas.
With so much variability, how do you know what rate to charge?
Your rate should reflect the market rate. This will mean that most trainers in an area will charge quite similar rates. While you work your way up to being an internationally famous trainer, you will find that the most success comes from charging rates that are within the range of the market prices.
Finding the market rate
The first step is research. Find the rate that is closest to your offer. It’s not relevant what someone in Brisbane is getting if you’re in Melbourne. It may not be helpful to factor in what someone is charging in a suburb 15 minutes from you. The most important information is what people are charging int he facility closest to yours.
For instance, if you are considering becoming a franchise personal trainer, research the gyms in the area you think you want to work in. There will be published rates for in-house trainers, but make sure you check out the rates of the franchised trainers. It might be a good idea to do 1 or 2 sessions with a trainer to get an idea not what the going rate is, how they train, and how you can differentiate yourself.
Test another market
Once you discover the market prices for personal trainers in your chosen area, test another market. In my case, I compared the rates near my home with the rates achievable for a city trainer. The city-trainer rates were high enough that I decided to commute.
Money isn't the only factor, and I am careful to point out that the reason to care about income is that this will allows us to stay in the industry; to do what you want, as long as you want.
To test another market, look to find the rate that the best operators can charge in the area they work in. This can vary by up to 50%. Get enough information in your research so you have a good idea of what is achievable. Arm yourself with knowledge of the market rates of a given area.
Don’t be afraid!
It is common for people to undersell themselves. Charging less may not draw in more clients. Instead, it might mean more hours that you have to work. You may not be able to provide the focus and energy to the job that you want to because of exhaustion.
Be open to working where the market is paying well for the service you offer. Be open to charging your clients with a rate that is in line with the market. Above all, keep in mind that getting the financial basics right allows you to focus your energy on the client and not worrying about how you will pay your rent.