How to Sell my Personal Training Business?
SELLING A PERSONAL TRAINING BUSINESS
Not for sale? It is important to run your business as if 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.
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 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 brings plenty of attention to your business and boosts 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.
For more information about Selling Your Business
MORE INFO HERE
Get a Free Appraisal For Your Business
Develop Your Business With our Free Ebook!
MORE INFO HERE
They opted for BCI:
Founder and M.D. - Jump Start
" I sold my business for the price, terms and hand-over that I wanted, and it was all because of Tony. His decades of experience and excellent people skills gave me confidence, reassurance and guidance throughout the entire process. He had ... "
M.D. - Sherlock Consulting
"For 20 years plus I have seen the results of Tony’s business and the professional way he handles his clients….. He is a man of action and stands behind his words….. It’s nice to see and meet a person who is courteous, honest and willing to go the ... "
Director - Fields of Beauty
" Tony, Thank you, for your commitment, professionalism, and dedication to selling my business . I could not have asked for a better broker to sell it! ... "
Director - PALMERBIZ
" If you are considering selling your business, don’t waste your time shopping around for a broker that doesn’t even understand business. Go straight to BCI Brokers and get the professional service that you deserve ... "
Director, Franchise Systems Grp
"Tony puts the interests of his clients at the forefront. He takes a proactive approach to each project and helps his clients understand the reality of the situation. He knows what is required to get a positive result and has proved to be a longstanding colleague ... "
Pro. Services Franchisor
" I have worked with Tony over a number of years in different capacities, firstly as a Franchisor with Tony brokering the sale of a franchisee in our system and then as an advisor to our system. On all occasions I have found Tony to be well informed and ... "