Mastering the business of coaching is a common struggle for most fitness professionals. Whether it be trying to teach enough classes to make ends meet or having to work a second job to fund the passion, most coaches can relate. So what’s the solution? For many coaches, it’s starting their own fitness business. The control over your own destiny is enticing and the possibilities seem limitless, at first. However, most coaches are better coaches than business owners and end up struggling to make a profit. These five tips pulled from the Coach’s Toolkit outline sound business practices and will set you on the road to building a sustainable and fulfilling fitness business.
As a coach, it is important to understand your meaning. Why are you in the fitness business? Understanding your meaning allows you to align your business model and service offering with your identity and create a fulfilling career. Identify your personal meaning in the Coach’s Toolkit mini-course.
A coach must outline what type of business model they want to emulate: mass or niche, value or premium. A great tool for developing a business model is writing it out on a business model this worksheet is a great reference. Understanding the intended business model will directly affect marketing strategy and the plan for future growth.
You’ll often hear about coaches not being able to attract enough clients, but the real issue might be: coaches aren’t attracting the right clients. Inside the Coach’s Toolkit, you can complete the “customer avatar” worksheet. This will help you identify who you want to coach, whether they be rehab clients or athletes.
The next step after creating a business model is creating procedures to manage this model. Management procedures create brand consistency which increases client retention. Get an example of management procedures and learn how to create your own in with this Coach’s Toolkit.
“A business lives or dies on its ability to manage cash.” – Jim Crowell, OPEX CEO.
Before a business can make money and become sustainable, a coach needs to develop an understanding of cash flow and how to manage their business’ cash. Learn how to effectively spend your first $100 in Coach’s Toolkit a free mini-course.
Each tip mentioned above helps coaches take their passion and turn it into a successful and sustainable business. Just like these tips we’ve created a system called the OPEX System of Coaching made up of the five pillars of professional coaching. Each pillar is a key skill a professional coach needs to master and influences the next. Without each of the pillars, a coach cannot truly be a professional.
A coach must have a structure to lay the foundation for their fitness business.
After successfully bringing in the right clients, a coach must meet with their client regularly to understand who they are and establish goals.
With management procedures in place, a coach will be able to conduct routine physical assessments to track progress and deliver the same experience to each client.
With a strong foundation, the coach will have the structure in place to design a long-term program for each individual client.
Once established as a premium brand, a coach must ensure they meet all their client’s needs, both inside and outside of the gym.