Listen… personal training is one of the most amazing careers you can choose. But there is a small problem: There’s usually no “guaranteed paycheck” and so you need to make sure you have a “safety cushion” so you don’t go broke…
This is especially important if you’re a new trainer because (unless you take my e-class) it might take a little while to get enough clients to sustain your lifestyle.
But I have a secret for you! I’m going to explain a very simple plan that will protect you from going broke while you get your business going… even if you insist on doing it the hard way.
Now… I have to remind you: It took me over a year to build my business, but if I did it today it would only take me 3-6 months. The only difference is the knowledge I have about getting clients and building a business.
But OK… so you insist on doing things on your own and getting beat up along the way…
So let’s look at how you can manage your funds so you don’t go broke and end up getting some boring job sitting at a desk all day (not that there’s anything wrong with someone who has a desk job).
You Need To Start Allocating Funds
Here’s what I mean: We all make a certain amount of money each month. Now with training, some months are going to be different than other months. But this doesn’t matter.
Each month you want to look at your income. For example, you might make $1,200… or $2,700… or maybe $6,300.
Whatever… the trick is ALWAYS knowing how much you make so you can allocate your funds properly.
And here’s how to do that:
- Take 10% of what you make and DONATE it. Yes… I said donate it. Give it away. Now I know what you’re thinking: “I barely have enough to live on… how can I give any away?”
You’re right. And I understand because I thought the same thing. But I have to tell you something: There is something almost magical that happens when you give money away – especially when it’s a struggle for you…
What happens is you get way more money back!
Yep… I know. It sounds strange, but let me tell you about something crazy that just happened to me: I just donated $10,000! You see, that’s 10% of what I’m making. But let me tell you – it was REALLY REALLY hard to give that money away.
My brain was fighting me the whole way. In fact, I almost didn’t do it… but I know from experience that giving money away brings even more back to you. So guess what…
This month… without any marketing or advertising or anything… I got 4 new clients out of the blue. And they are each paying me $500 a month! That’s an extra $2,000 a month!
And when I was broke, I learned this trick and started donating money. It was about $80 a month in the beginning… but every time I gave… I would get a new client.
Sounds weird huh… well I dare you to try it and see!
- Take the next 10% and spend that on education! You won’t get too far as a trainer without good education. However… if you read my article about what type of education to take… you’ll remember to invest in business, marketing and sales education – not necessarily training education.
When you learn business tricks, marketing strategies and sales techniques… you will build your business WAY FASTER and the money you spend on education will come back to you faster than a boomerang!
- Take the remaining 80% and live off of that. Now, this means you’re going to have to budget your life around the 80%. But remember, your income will be growing like crazy (especially if you take my e-class) so it won’t be too hard for that long.
However, you still need a little discipline. For example, can you cut your cable, cell phone plan, how much you eat out, the type of car you drive or maybe even where you’re living? What about where you shop or how often you buy things you don’t need?
Can you cut these things for a little while to make sure you succeed?
You see, the problem is most trainers (and people) cut the WRONG things. They cut back on their giving and education… but they still buy THINGS that keep them broke. Instead, you want to keep giving and ONLY spend money on education so you’ll start making the money you want and need to be successful.
Ok… now you want to hear something crazy?
Out of everyone who reads this article…
Only 10% of the people will actually DO anything…
The other 90% will simply keep doing things the way they’ve always done them… and they will go broke and/or struggle financially.
Don’t be the 90%!
This simple little plan allowed me to hang in while I was foolishly growing my personal training business slow and carelessly.
But I still made it… because of this system. Just FYI – I was living on $800 a month for over a year. Nobody could believe my expenses were that low… but I was on a strict budget and now I don’t EVER have to worry about money again!
You can do the same!