According to a recent study, the gym, health clubs, and fitness industry are currently worth around $32 billion. As a result, whether you were considering becoming a personal trainer or starting your own gym, this kind of career venture can prove to be incredibly profitable.
It’s also a rewarding career, as it means you get to help others reach their full potential and follow a healthy lifestyle.
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However, it’s also a hyper-competitive industry, which means you must be on top of your game to get ahead of your competition. With that in mind, here are some top tips for starting your own fitness-based business.
Treat it like a business
Whether you’re running a gym or a yoga class, running this kind of enterprise is a lot of fun. You get to dedicate a generous portion of your working day to working out and breaking a sweat. However, if you want to succeed eventually, it’s important that you view this as a business venture and not an extension of your hobby.
As such, you should spend some of your day at your desk, carrying out necessary admin work, or looking for ways in which you can grow your business.
Ensure you’re qualified
If you want to work as a yoga instructor, it’s not enough to simply be good at yoga yourself. While you may have an in-depth knowledge of certain techniques and positions already, having a qualification under your belt, such as ASFA’s Yoga Certification, will ensure that you also have the skills required to instruct your students.
This way, you’ll be able to share your passion and impart knowledge in a safe, secure environment – without putting your students at risk of injury.
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No two bodies are the same – and a move you may find easy could be much harder for your students, who may injure themselves if not instructed properly. During your teacher training, you’ll also learn a range of skills related to teaching that will help increase your confidence as soon as you step into the studio.
This will make for more enjoyable classes for your students – the kind that they are likely to return to.
Stay on top of your finances
Financial mismanagement is the number one reason businesses shut down prematurely. As a result, it’s important that you work to stay on top of your finances as much as possible. Keep strict records of all your incoming and outgoing cash. Not only will this help you when it comes to tax season, but it will also help you identify which areas of your business need more investment, and in which areas you can cut back.
If spreadsheets aren’t your thing – you may want to consider hiring an accountant to do all this work on your behalf.
They’ll also be able to share some tips and tricks that you can use to save money, such as by claiming tax deductions. As a result, their services are worth the investment.