The Importance Of Passive Income For Personal Trainers
When I made the decision to become a personal trainer, my goal was to get away from the 9 to 5 office gig, and move towards doing something I loved to do, which was exercising.
So my plan going into becoming a trainer was I could help people improve their lifestyle, and get paid doing it.
But what I learned very quickly was that being a personal trainer wasn’t something I could sustain long term.
The number one reason was due to the fact that the only way I get paid is if I’m training. So if someone decided to cancel or I got sick, that was money I was losing out on.
Not only that, but if I wanted to increase my income, I either had to train more people, thus work more hours, or I had to increase my hourly rates.
And with personal training already expensive as it is, not many people can afford to hire a personal trainer.
Therefore I had to find a way to create income for myself regardless if I was training a client or not. This is what brought on the motivation to search for passive income.
What Is Passive Income?
To give you a better idea of what passive income is, think of it as a source of revenue that doesn’t require any active involvement from yourself.
Unlike a job where you are trading in your time for a paycheck. Passive income is something where the least amount of time is required from you to generate revenue.
Some examples include:
- Income you receive from a rental property
- Royalties from a book, music or movies you may have created
- Any business that generates money offline like a brick and mortar business, or offline like a niche website.
These are just some of the ways many successful business people generate their wealth over time.
The great thing about generating passive income is that it allows you to leverage your most important asset which is your time.
If you have a business generating you a decent amount of income, this affords you time to work on building other business to generate even more money.
This also allows you the time to take trips or spend more time with family and friends.
And this was the issue I saw with personal training when looking at it long term. So why is it important for personal trainers to generate passive income?
Why It’s Important For Personal Trainers
Like I said earlier, there are primarily two ways in which personal trainers can increase their income if they just stick to the training part of personal training.
- Train more clients, thus work longer hours
- Increase hourly rates which increases risk of losing potential clients that can’t afford your rates.
Most personal trainers tend to be grouped in the first one. Because when starting off, the goal is to grow your clientele, which will result in more money.
But like many trainers, they eventually feel the wrath of burnout.
This can happen very easily since your income is dependent solely on the amount of clients you train in a given month.
Unless you also receive hourly wages on top of commissions for training clients. Regardless, the pay isn’t that great unless you’re training.
This can make it very difficult for trainers to take time off since their income is so tied into the amount of clients they train.
So the natural thing to do is train more until you eventually get too tired. The other way to increase your income is by raising your hourly rates.
Now this can be a great solution to both your income and burnout problem as long as you have clients that can afford it.
If you can find clients that are willing to pay your high rates, then that’s less clients you have to train while still maintaining a decent income.
However, the problem that still remains is that your income is heavily relied on you training clients. Also, finding clients that can afford high rates is rare.
This is why it’s important for personal trainers to create other sources of income, preferably passive income.
Best Way To Create Passive Income
There are many ways in which you can generate passive income for yourself. I even mention a few earlier in this article.
What you will have to decide is how you go about generating this passive income.
If you decide to go the real estate route, then know that you will need to have a bit of capital in order to acquire the property.
If you go the music or book route, then you have to provide value with this book or music that gets people to purchase it.
But the best way I found that is both affordable and lucrative in the long run is building a website.
Nowadays, you can build a website for a couple of hundred dollars.
And as long as you are creating content that people like to read about, the potential to make money with your website can be massive.
Having a website can generate money for you even while you sleep, as long as you know how to monetize it the right way.
Why Having A Website Matters
With so many people having access to the internet (3.7 billion if you’re wondering), not having a website makes no sense.
If you have any type of business or are looking to start one, owning a website is pretty much a must if you plan on succeeding financially.
With the amount of internet users growing every year, the potential to earn a decent income online has never been better.
Having a website can help you generate the passive income that gives you the financial freedom you’re looking for.
Here are some ways in which you can leverage the internet by having a website:
- Selling your own product (digital or physical)
- Affiliate marketing
- Generating leads
- Set up an ecommerce site
- Flip and sell websites
There are many other ways to make money with a website as long as you’re creative enough.
Although I don’t plan on going over how each of the ways listed above can make you money, I will talk about one of them which is affiliate marketing.
That’s because I currently have an affiliate marketing business that generates 5 figures a month.
And for those that aren’t familiar with what affiliate marketing is, it’s pretty much promoting other companies products, and receiving a commission if someone happens to make a purchase.
Basically if you go on google and search for “ipod reviews,” and click on one of the links. It will then take you to a website reviewing ipods.
And if you happen to click on one of the links within the site, it will bring you to a merchant site like amazon.
If you happen to make a purchase, the site that brought you to the merchant will receive a commission.
Affiliate marketing is huge business that generates billions of dollars each year. And companies are leveraging those that have websites to help them market their product or services.
With so many people using the internet everyday, the opportunity to cash in on this business has never been better.
So how can affiliate marketing help you with your personal training business?
How Affiliate Marketing Can Work For You
As a personal trainer, helping people is what you do. If it’s not by the training you perform on a daily basis, you do it in other ways like giving recommendations.
I’m sure you’ve lost count how many times people have asked you about what kind of foods to eat, or what exercise equipment to try.
And i’m sure you can count the times on one hand you were compensated for that recommendation.
Not like you would expect anything anyways. Well with affiliate marketing, you would be doing the same thing, except you would receive some sort of commission for it.
Now if you’re someone that doesn’t feel right being compensated for helping recommend a product or service to someone, don’t beat yourself up too much.
You’d be surprised at how many people are very appreciative of the information you provide that helps them answer questions they have.
And as long as you have some sort of disclaimer on your website letting people know you will be receiving a commission for any purchases made, you’ll be fine.
With the fitness industry being as lucrative as it is, not having a website could be a missed opportunity to generate a nice passive income.
Where To Get The Training
Now before you go off building your website and getting into affiliate marketing, it’s important to get the training first.
Before I was able to generate 5 figures from my fitness site, I had to get educated and trained on how affiliate marketing works.
So if you’re interested in learning more about affiliate marketing and are serious about building and online business that generates passive income, then click the link below.
If you have any questions about creating passive income, please feel free to share it below.