Business Objectives

A vision statement communicates the goals and aspirations of your personal training business, inspiring and motivating both you and your clients. It sets your business apart from others by differentiating your unique approach. A strong vision statement not only describes your business' purpose but also clarifies what you do, why you do it, and who you do it for. By doing so, it establishes a target audience and communicates the message that clients are essential to your business.

Your vision statement serves as a gateway to your business, providing clients with a glimpse of what they can expect when working with you. Therefore, it should be short, succinct, and motivational, setting an agenda to achieve your goals. By crafting a compelling vision statement, you can help build trust with your clients, establishing a foundation for a successful personal training business."

Creating a vision statement

Forging a sound vision begins with the following 4 questions:

1. What is my business?
2. Who are the clients?
3. What do my clients value?
4. What should my business be?

Companies continuously raise these questions and answer them carefully to aim in emphasising the business’ strengths when developing their vision statement.

See Google’s vision statement.

When crafting your business's vision statement, keep these key considerations in mind:

• Make sure your message is clear
• Infuse your statement with passion and make it memorable
• Keep it concise and straightforward
• Ensure that it is realistic and achievable
• Help your audience visualise your vision and goals.

By following these guidelines, you can create a compelling and inspiring vision statement that accurately reflects your business's purpose and goals, while also engaging and motivating your clients.

It can be tricky to begin creating a vision statement, the following sentence can be used as a prompt to begin sculpting a vision statement that reflects you and your business.

Try it out

Examples of vision statements

Not all businesses convey their vision statement in a short and succinct sentence. See the following table of vision statements used by popular business. When looking at these examples of succinct and non- succinct statements, and ask yourself the following questions.

• What are their difference?
• Does this impact the way the message is portrayed?
• What effect might he statement have on clients and the business as a result?

Core values within a business are the guiding principles that dictate your behaviour and action. They are the fundamental beliefs that your business holds and dictates what you stand for as an exercise professional. These guiding principles help you differentiate between right and wrong and do’s and don’ts, ultimately creating the foundation for your long-lasting success. Effective core values for your business will create a sense of satisfaction and purpose for you and your clients as you work towards a common goal to share a bigger purpose.

Often, a business will combine elements of its mission and vision statement in order to provide a public statement outlining the business’ core values, purposes and goals.

You may even find yourself wanting to conduct business alongside a company such as a well-known gym, whose values align with yours. With a shared cored value between your business and the affiliated gym, it will help keep you engaged and motivated, which in turn, will flow into your client’s satisfaction and loyalty.

Let’s look at the core values for well-known companies around the world and note their use of words and how they use their values to create an emotional connection. This emotional connection can also help to differentiate a company from its competitors and provide a unique selling point that goes beyond just the features of the product or service.

Disney

• Make Everyone’s Dreams Come True
• You Better Believe It
• Never a Customer, Always a Guest
• All for One and One for All
• Share the Spotlight
• Dare to Dare
• Practice, Practice, Practice
• Make Your Elephant Fly
• Capture the Magic with Storyboards

With our partners, our coffee and our customers at our core, we live these values:

• Creating a culture of warmth and belonging, where everyone is welcome.
• Delivering our very best in all we do, holding ourselves accountable for results.
• Acting with courage, challenging the status quo, and finding new ways to grow our company and each other.
• Being present, connecting with transparency, dignity and respect.

We are performance driven, through the lens of humanity.

Nike

Nike’s key values centre around its vision, mission, and purpose. Nike’s core values are:

• Community
• Sustainability
• Diversity
• Social responsibly

These values are the core of Nike and continue to move the company forward, even in an unknown global future. These core values shine in the company’s dedication to success in business and society.

Les Mills International

Les Mills is a New Zealand former Olympic athlete and the founder of Les Mills International, a fitness company that creates and licenses group fitness programs to gyms and fitness facilities around the world.

• United: Our customers, our instructors and our teammates are our team. We are totally dedicated to their success.
• Be Brave: We aim to be undisputed world champions in fitness and we relentlessly pursue that goal.
• Change the world: We are devoted to health and well-being. Creating a fitter planet is the reason we are here.

Health High

Tash is the owner of Health High where she offers her clients  varied fitness classes of group training sessions. She is a certified personal trainer, that specialises in training her clients through pregnancy and postpartum. Her ultimate goal is to empower women with evidence-based knowledge to take charge of their health and keep moving.

• Redefine your Limits: A friendly, supportive environment for ladies of all stages, and all fitness levels.

Try it out

Take a look at the following video, where Ben explains his personal core values and how he applies them to his business as a personal trainer. Then read the instructions that follow to discover and create your own core values.

Think about 3 values that are at the core of who you are as a person. These values don't necessarily have to be related to fitness, but rather what defines you as an individual. Choose at least 1 of these values and explain why it is important to you.

Now, share these 3 core values and your explanation with your peers in the forum.

You may discover that you have similar values with others, and that's a great thing! Having shared values means that people can relate to you and your values, and may be drawn to your services simply because they resonate with your beliefs.

You might be surprised at how many people share similar values, no matter how unique they may seem. This will allow you to connect with others and create a sense of community with like-minded people.

So go ahead and share your values, and see where it takes you!

Different avenues can be taken when looking to start a business within the fitness industry, these will likely depend upon which avenue you wish to pursue, for example, self-employed versus independent contractor or an employee. Perhaps you may focus on group instruction. The thought can be exciting, thrilling but also daunting as you ask yourself, “Where do I begin?”

Have a read of the following steps to guide you in getting started.

1. Find your niche
   Choosing a niche that you will focus on and become an expert in. Many trainers enter the industry with plans to take on everything, thinking this will maximise their business. The truth is, this spreads the trainer thin, typically leading to burning out instead of mastering one skill. A key step in establishing yourself is asking yourself, “what do I want to do? Who do I want to help? By focusing on one specialty, you are able to increase your knowledge, experience and skills to build your chosen customer base.
2. Location
   Identifying where your chosen business will be located is an important part of starting a business. Your location will either determine, or be determined by your clientele, your price point, and the entire theme of your business. For example, if your business is to be based in an area of low socio-economic standing, you would not expect to attract many clients with a high price point. Alternatively, if your business is set within the inner city, it is highly likely your clientele will be individuals who work full time and may need to train during lunch or outside work hours, therefore being situated near office complexes would be ideal to help cater to their needs.
3. Target market
   This step could be combined with the previous step, determining your location, as here you would be focusing on identifying your target market- who are you looking to provide your service to? Focusing on your clientele, choosing your target audience will have a large impact on the direction of the business. Once the chosen market has been identified you can begin to think about the design and needs of your marketing materials in order to attract the clients you are looking to work with. While targeting a specific niche market can help differentiate your personal training business and give you a unique selling proposition (USP), it's important to keep in mind that not all of your clients will necessarily fall within that niche. For example, you may specialise in working with athletes, but you may also need to work with clients who have different fitness goals, such as weight loss or rehabilitation. It's important to have a diverse client base in order to sustain your business, and to be prepared to adapt your services to meet the needs of a wider range of clients.
4. Research
   Once you've identified your target audience and location, conducting research on businesses that offer similar services and may be in direct competition is crucial. Don't rush this step; the more time you spend on research, the better equipped you'll be to make informed business decisions. This is a key risk-management step, as good information can help you avoid surprises and pitfalls. You should aim to establish the following details:
   • Who your current and potential competition is
   • How other trainers in your area have attracted clients
   • Whether the price range is reasonable for the location and target audience
   • Whether the type of service you're planning to offer is needed in the area you're researching
   • What your USP is and why clients should choose you over other trainers in the area.
5. Let’s get down to business
   Now it's time to get down to the nitty-gritty of starting up your business. Here are some key considerations to keep in mind when starting up your fitness business:
   • Decide whether you want to work as an independent contractor or be self-employed
   • Choose a business name
   • Set a budget and create a price list
   • Determine what equipment you'll need and how you'll obtain it
   • Open a business bank account
   • Choose the best business structure for your needs
   • Identify any necessary registrations, insurance, licenses, or permits that apply to your specific business structure
6. Marketing
   Once steps 1-5 have been complete, the next exciting stage is marketing. Before you can start getting clients, you need to let people know that you're in business. Consider how you want to market yourself and what methods will be most effective for your target audience. Social media can be a great way to get your message out, but it may not work for every demographic. For example, if your business caters to the elderly, social networks like Instagram and Facebook may not be as effective. Understanding your target market and developing impactful marketing materials is key. Keep track of what's working and where your clients are coming from to determine the most effective marketing methods for your business.
7. Establishing a clientele
   Well done, now it is time to start signing up clients! You should aim to have this process running smooth for both parties. Firstly, procedures need to be put in place. These will need to include client sign-ups, induction forms, screening forms, programme design templates, client databases, and cancellation processes. By having effectively run procedures clients will enjoy the process which will ultimately help them gain trust in the business. Procedures that need to be considered include:
   • Initial and on-going consultations: how do you plan to document these? What will be your privacy policy to guarantee a client’s information is handle appropriately (and legally)?
   • Contracts: What length of contract are you planning on implementing?
   • Cancellation policy: determine what your cancellation policy you wish to instate.
   • Injury forms: how do you plan on handling client injury in regard to their training and cancellation policy, what will your process be if your training is the reason for their injury?
   • Bank documentation: what information do you need to collect from your clients for receiving payment for services? How will you safeguard this?
   • Insurance: what are the insurance requirements for your line of training or your area? Do these insurance applications require any other documentation such as proof of first aid, registration, memberships with other associations?
   Nearly there!
8. Finances
   Tracking your cash flow is important, you will need to have a system in place to keep track of the money coming in and out. This includes payments from clients, refunds, cancellations, expenses etc. These will need to be monitored to ensure the business is successful, it is easy to get excited and overspend, especially when initially setting up your new business. By staying on top your income and expenses will support your understanding of where your business sits in relation to profitability as well as identifying your cash flow through income/expenses. After the completion of these steps, it is time to put all knowledge into action. Have fun and get started!

A key step in ensuring your business becomes successful is setting goals for where you wish to see your business heading in the future. These goals should typically be short (within 12 months), medium (12 to 36 months) and long term (36 months onwards).

Goals should be designed using the SMARTER principle:

The following are examples of SMARTER business goals:

• To retain 75% of boot camp attendees per block within the first 12 months of set up.
• To start my boot camps in at least 1 location with 2 sessions a week, with 14 clients attending within the first 6 months.
• To increase the number of likes on my Facebook page to 200 by the end of July.
• To finish purchasing weight equipment within the next 3 months to ensure all clients are provided with appropriate training equipment.
• To complete and deliver brochures to at least 200 homes in the first week.
• To achieve a minimum of 15 paid hours of personal training within 6 months of starting youe business.

These are considered appropriate smarter business goals as they have specific strategies and time frames that make achieving the goal clear. They also determine whether the goal will be able to be met or not within that timeframe with no ambiguity.

The following are examples of goals which do not follow the SMARTER goal setting process:

• To become a better personal trainer. This goal is not specific enough and does not give a clear objective to work towards.
• To train 100 clients per week. This goal is not achievable and sets unrealistic expectations.
• To have heaps of clients and get really busy. This goal isvaigue and not specific enough. It does not give a clear objective to work towards.
• To increase my income. This goal is not time-bound and lacks a clear deadline, making it difficult to measure progress and success.
• To have a massive social media page. This goal is not specific or measurable, and doesn't give a clear target to aim for. It's also not clear how "massive" the following should be, so it's difficult to know when the goal has been achieved. Additionally, having a large social media following does not necessarily translate into business success for a personal trainer.

A goal that lacks a purpose or deadline is merely a wish, not a goal. Without a clear direction or timeframe, it's easy to lose sight of what you want to achieve and become discouraged.

But when you set specific goals with a meaningful purpose and a deadline, you give yourself something concrete to work towards, and you become more motivated and driven to succeed. Setting purposeful goals with a clear timeline can turn your dreams into reality.

The following video provides a handy and informative guide as to how use SMART goals for setting up effective marketing campaigns for your business.

When setting up and reviewing your business, it's important to assess the current situation to determine the effectiveness of your initial plan. tool used to identify the internal and external factors that can impact the success of a business or project. Strengths and weaknesses are considered to be internal factors, as they are related to the business itself and its operations. Opportunities and threats are considered to be external factors, as they are related to the market, industry, or external environment.

By conducting a SWOT analysis, you can identify areas where you excel and areas where you need to improve in order to maximise success. This risk-analysis tool can help you avoid pitfalls and provide you with the greatest opportunity for business progression.

Have a look at the following image of the SWOT analysis tool. Note that strengths and opportunities are considered helpful to the business. This is because they provide opportunities for growth and improvement. Weaknesses and threats, on the other hand, are considered harmful. This is due to them limiting the growth and success of the business. By identifying and addressing these factors, a business can position itself for success and growth in the long term.

Let’s dive into the 4 component of SWOT.

1. Strengths: this refers to internal capabilities and resources such as knowledgeable staff, skill level of the team, things you and your company do well, and qualities that separate you from your competitors. Strengths can also include tangible items such as equipment, technologies, and intellectual property. Strengths are seen as positives within the SWOT matrix.
2. Weaknesses: refer to skills or knowledge your company or team lack, areas where your competitors may excel at in comparison to you, and any resource limitations you currently have, essentially, internal weaknesses. These are seen as negatives within the SWOT matrix.
3. Opportunities: refer to positive factors or trends in the external environment that your business and or team may be able to exploit to its advantage, such as unserved areas of the market, emerging needs of your niche.
4. Threats: These are external factors that can negatively impact your business, such as emerging competition, changes to regulations, negative press, or shifting customer attitudes. For example, new gyms or fitness studios opening in your area, new changes to government regulations on gym operations, negative media coverage of the fitness industry, or a shift in your clients preferences towards a different type of training. In more recent times, recessions and pandemics have impacted all businesses, including the fitness industry, changing the way we communicate with clients as mandates and social distancing were put in place by government. and train out clients. Ensuring they can still be provided with a service that meets their needs.

How to fitness SWOT

A SWOT analysis should be included as part of your market research. When you have identified your customers and competitors as well as review your business strategy and position, a SWOT analysis becomes essential.

Below are some examples of questions you may ask yourself in regard to each component of the SWOT analysis.

Strengths

Strengths help to reflect what your business does very well. To recognise your business's strengths, consider asking these questions.

Identify your competitive strengths:

• What sets you apart from your competitors?
• What advantages do you have over others in the industry?
• What do you excel at?

Assess your available resources:

• What relevant resources do you have access to?
• What do people recognise as your strengths?

Consider additional strengths:

• Your specialised marketing expertise
• An innovative product or service
• Your business location
• Your quality processes and procedures
• Any other aspects of your business that add value to your product or service.
• Any other aspect of your business that adds value to your product or service.

Weakness

These reflect where the internal and external weaknesses of your business lie. Some questions you could be asking to identify weaknesses in the business may include:

• What could you improve on? Be honest
• What should you avoid?
• What are the critical issues to address?
• How can the business overcome weaknesses?
• Are there weaknesses that you do not know about or can identify?

Other important areas to consider:

• The location of your business
• A lack of marketing or business expertis
• Poor quality of training equipment or services
• Damaged reputation.

Opportunities

Keep a lookout for any trends, changes within the industry or in the marketplace that you could capitalise on. Some questions you could be asking to seize, and opportunity may include:

• Where are there good opportunities facing you?
• Where are the best opportunities?
• How can the opportunities be captured?
• Is technology being utilised in the best way?

Other important areas to consider are:

• Developing markets
• Mergers, joint ventures, or franchises
• Moving into new market segment
• International markets or ideas from abroad
• A market vacated by an ineffective competitor.

Threats

These are external factors that can have a negative impact on the business’ ability to achieve its goals and outcomes. Some questions you could be asking to help determine potential threats to the business may include:

• What obstacles or constraints do you face?
• What is your competition doing?
• Is changing technology an issue?
• Are legislation and regulatory requirements changing?
• Do you have bad debt or cash flow problems?
• Are there new competitors in your area?

Other important areas to consider are:

• Price comparisons with competitors
• New innovative products or services introduced by competitors
• Existing products becoming unfashionable or unpopular
• Rising costs.

The following table is an example of the potential results of a SWOT analysis within a new personal trainer.

A PEST analysis is a strategic business tool used by organisations to help them understand their environment. It thoroughly analyses factors that are outside of the control of the business however will likely impact its success. Click on each of the following factors to learn more.

By completing a PEST analysis, you will be able to evaluate your strategies and to adapt to any external factors that may be presented. It also provides a support to assist with planning, marketing, and development to cater to any influences that your business could be exposed to in the future.

Porter’s Five Forces is another analysis undertaken by various businesses to determine who competition may be for their business and how it may impact on their profitability.

Competitive rivalry

Competitive rivalry refers to the number of competitors and their ability to undercut another business. Are they able to provide equivalent products for a better deal or lower prices? When competitive rivalry is low then a business can charge higher prices to achieve higher sales and profits, however, when there is competition, prices need to remain competitive which can impact on the profits you receive.

The following are some examples on how competitive rivalry can influence the profitability of a business.

• Number of competitors
• Quality differences
• Switching costs
• Customer loyalty
• Cost of leaving market.

The fitness industry has seen a significant shift in recent years, with the emergence of low-cost 24-hour gyms and the increasing popularity of at-home workout options. This has resulted in traditional gyms having to significantly drop their prices to stay relevant in the market. Unfortunately, this has impacted their profit margins as they struggle to maintain the same level of service while competing with the convenience and affordability of newer competitors. As the industry continues to evolve, it will be interesting to see how gyms adapt to these changes and find new ways to stay competitive.

Threat of new entry

This force refers to new entrants entering the industry. The less time and money it may cost a competitor to enter the market will deem them to be competition. This may be seen throughout the fitness industry as new personal trainers begin to enter within your community which could potentially create a concern for you and your current clients.

The following are some examples on how threat of new entrants can influence the profitability of a business.

• Low barriers to entry: If there are few barriers to becoming a personal trainer, such as minimal education or certification requirements, it can be relatively easy for new entrants to start their own businesses and offer personal training services. This can increase the competition in the market and put pressure on you to lower your prices or offer additional services.
• Access to technology: The rise of online personal training services and fitness apps has made it easier for new entrants to enter the personal training market without the need for a physical location. This can make it more difficult for you if you solely rely on in-person sessions to attract and retain clients.
• Brand recognition: If you have a strong brand recognition and a loyal client base you may have an advantage over new entrants who lack these assets. However, new entrants with innovative services or marketing strategies can still disrupt the fitness market and compete for clients.
• Economies of scale: Larger personal training businesses may be able to offer services at a lower cost due to economies of scale, such as bulk purchasing of equipment or marketing expenses. This can make it more difficult for you if you are a new entrants with smaller budgets to compete on price.

Supplier power

This force considers the degree of control suppliers have over the price and quality of inputs. If suppliers are powerful, they can raise prices or reduce the quality of inputs, which can reduce profit margins.

The following are some examples on how power of supplies can influence the profitability of a business.

• Number of suppliers
• Size of supplies
• Uniqueness of service
• Your ability to substitute
• Cost of changing

Here are some examples of how the bargaining power of suppliers can affect you as a personal trainer:

Equipment manufacturers

If a personal trainer needs to purchase specialised equipment such as weight machines, cardio equipment or resistance bands, the bargaining power of the equipment manufacturer can affect the price the trainer pays. If there are only a few manufacturers that make the equipment, they have more bargaining power and can charge a premium price. This can make it harder for personal trainers to operate profitably if they need to invest heavily in equipment.

Distributors

Personal trainers who purchase supplements or other consumables to sell to their clients may be impacted by the bargaining power of the distributor. If there are only a few distributors who carry the desired products, the distributor can charge a premium price or reduce the quality of the products, which can impact the personal trainer's ability to offer high-quality products to their clients.

Gym owners

Personal trainers who work in a gym or rent space from a gym owner may be affected by the bargaining power of the gym owner. If the gym owner has a strong bargaining position, they can negotiate higher rent or commission rates, which can make it harder for personal trainers to operate profitably.

In summary, the bargaining power of suppliers can impact the cost and quality of goods and services that personal trainers rely on to run their businesses, and can impact the profitability of their operations.

Buyer power

Buyer power considers the level of control buyers have over the price and quality of the final product. If buyers are powerful, they can negotiate lower prices or demand higher quality, which can reduce profit margins.

The following are some examples on how buyer power can influence the profitability of a business.

• Number of customers
• Size of each order
• Differences between competitors
• Price sensitivity
• Ability to substitute
• Cost of changing.

Here are some examples of how the bargaining power of buyers can affect you as a personal trainer:

Price sensitivity

If clients are highly price-sensitive, they may be more likely to negotiate on the price of personal training services or switch to a cheaper personal trainer. This can put downward pressure on prices, making it harder for you to charge premium prices.

Service quality

If your clients are highly demanding or have high expectations for service quality, they may be more likely to negotiate on the services that you provide. This can impact the level of service that you are able to provide and can make it harder to manage your client’s expectations.

Market competition

If there are many personal trainers operating in a specific market, clients may have more bargaining power because they have more options to choose from. In this scenario, you may need to work harder to differentiate your services and attract clients. You may need to create their own point of difference to help them stand out amongst the rest.

Referrals and reviews

Clients who have had positive experiences with you may be more likely to refer new clients to you, which can increase your bargaining power. On the other hand, negative reviews or poor client experiences can impact your reputation and bargaining power with future clients.

Threat of substitutes

This force considers the degree to refers to the threat of alternative products or services can meet the same customer needs. If there are many substitutes available, customers can easily switch to alternative products, which can impact profitability.

A good example of how this force can influence the profits of a personal training business are home exercise programs. Many clients may opt to exercise at home using exercise equipment or online fitness programmes, rather than hiring a personal trainer. Other times clients might try to create their own fitness programmes using information found online such as websites, blogs or the use of AI tools. This can reduce demand for personal training services and negatively impact the profitability of personal trainers who rely on a steady stream of clients. This may also result negatively if they are not getting professional advice for the health and fitness needs.

Some considerations that are required to successfully complete an analysis using Porter’s Five Forces include:

• The type of industry you work in
• The current direct and indirect competitors
• Setting up of strategies to support you in managing any potential threats

Take a moment to identify who your competitors may be specific to the fitness industry and how you can use the Five Force analysis to help minimise any risks or challenges to your business.