How to Sell My Personal Training Business?
Sell My Personal Training Business
Not for sale? It is important to run your business as it is! Improve your business and its’ profitability by putting in systems and procedures to take full advantage of all that you have to offer. The value of a personal training studio is based on net profit, future receivables, staff, size, the lease, potential, assets ( both tangible and intangible), location, members and history of profitability.
How To Maximise Your Personal Training Studio’s Value
- Presentation – make sure your centre is clean, well set out and presents well.
- Keep well-organised, up-to-date records.
- Try and introduce a retail line to support your service business. Your clients will support your retail offerings.
- Have a fully operational updated website. Make sure it is mobile responsive so that it can easily be read on a mobile phone or tablet.
- Treat your centre like a business and not a hobby.
- If you employ trainers, keep them happy. The value of a PT studio depends absolutely on the ability of the business to attract and retain good trainers.
- Step away. Ensure that the centre can operate without you – this increases its value. The more you are working on business development rather than as a trainer, the better.
- A complete operations and procedures manual is a must. This makes your business more transferable.
- Submit press releases to build community interest in your business
- Sponsorships of locals bring plenty of attention to your business and boost goodwill within your local community. No other business relies on local support like a personal fitness business.
- Offer clients “add-ons”. Keep up-selling, although not too hard. Otherwise, you will threaten retention.
- Be actively involved in social media. You can build a community around your members and fitness. Clients of PT studios are more zealous and loyal than gym members.
- Be increasing memberships all the time.
- Client retention is a major factor. Anyone can sign up a client – it takes a good centre to keep them.
- Maintain state-of-the-art equipment and facilities.
- Try and find a niche to differentiate your studio from the rest.
- Know your target audience.
- Encourage Corporate partnerships
- Electronic billing puts the money into your account instantly.
- Diversify income streams. Don’t just rely on one type of income stream. These days, modern PT studios offer weight loss, physical therapy and many other disciplines. It’s not just fitness.
Get Ready for the sale.
- Have meticulous profit and loss records.
- Offer free training to the incoming purchaser.
- Offer the prospective purchaser a trial period
- List all assets ( tangible and intangible).
- The more members, the more profits, the more a purchaser is willing to pay.
- Be aware that your centre’s potential is limited by its size and scope for growth. A purchaser or investor is only interested on a return on their investment.
Ready to Sell Your Personal Training Business
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