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Writing a business plan?

Ever thought of helping others achieve their fitness goals?

Great! It’s likely you’ve considered starting your journey as a personal trainer, which offers both excitement and flexibility at the same time!

But when it comes to writing a business plan, you might be wondering how to manage the financial side of things, like calculating startup costs, managing cash flows, estimating break-even, and much more.

That’s where you’ll need to create a solid financial plan!

If you need help writing one, explore this sample personal training financial plan that will help you get started.

Personal Trainer Financial Outlook

Before jumping right into financial planning, let’s take a moment to explore the personal training industry outlook.

The personal trainers market is experiencing steady growth because more people are interested in staying healthy and fit.

Here are some key facts and trends that you may keep in mind:

  • The global personal trainers market size was valued at $39.06 billion in 2023 and is expected to reach $41.43 billion in 2024, with a CAGR of 6.1%.
  • The total revenue of the personal trainers market in the United States is projected to grow to $12.9 billion through 2024, with an annual growth rate of 3.3%.
  • The personal trainers industry employed over 1 million people as of 2023, with employment increasing by an average of 7.3%.
  • In 2024, the US personal trainers sector expects to pay out a total wage of $3.2 billion, showing an average wage of $1 million per employee.

So, there is enough scope for anyone who wants to start a personal fitness training business.

Now, let’s move ahead to learn how to build a strong personal trainer financial plan.

1. Calculate Business Startup Costs

Once you’ve decided to be a personal trainer, it’s very crucial to have a clear idea of your finances, right? So, you’ll need to calculate the startup costs very first!

You may start by identifying all the initial expenses associated with a personal trainer venture, including certifications, equipment, rent, utilities, gym equipment, marketing & advertising materials, and operational costs.

You can also research local market conditions and industry benchmarks to evaluate the typical costs of starting a personal training business. This will help you get accurate estimates.

Try to be clear and comprise every potential cost, no matter how small it is. You can make a specific list of all the expenses, as shown in the below table:

Expense Category Average costs
Certifications and training $500 to $5,000
Equipment (Weights, Mats, Resistance Bands) $1,000 to $10,000
Lease or rent for gym space $500 to $5,000
Marketing costs $1,000 to $5,000
Liability insurance $500 to $2,000

So, having a good understanding of startup costs will help you create a proper budget and determine the necessary capital to launch your business successfully.

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2. Determine Financing Requirements & Strategy

Sometimes, people don’t have enough money to start their own business. So, they might need to ask for help from others to get the initial investment.

For your personal trainer business, you may evaluate the current monetary position and determine how much startup capital you’ll require. Also, assess various financing options and develop a clear strategy to secure funding.

Here are a few funding options you may consider:

  • Bank loans
  • Angel investors
  • Partnerships
  • Crowdfunding
  • Venture capitalists

For each option, you have to evaluate the terms, interest rates, repayment methods, and potential equity dilution. This will let you devise a financing strategy that aligns with your investment goals and risk tolerance.

Then, you can decide which funding option is the most appropriate for your personal training company.

Furthermore, while seeking credit from banks or investors, you’ll need a professional document that projects how your personal trainer’s financial modeling works. It will assist potential lenders in having a better idea of your business.

3. Understand Your Business Model

Developing a scalable business model is a crucial aspect of a financial plan. This is something you have to decide before you start running your business.

It is a strategic framework that defines how you deliver your services, generate revenue, manage expenses, and reach your financial objectives.

Here is a list of different personal trainer business models you may consider:

  • One-on-one training
  • Group sessions
  • Online coaching
  • Hybrid model

While deciding on any of the above models, you have to understand their financial considerations, including rental income potential, capital investment, market demand, scalability, and profit margins.

This will help you make well-informed decisions and achieve your financial goals in the long run.

4. Identify Revenue Streams

Identifying your business revenue streams is an essential part of maximizing profitability. So, try to diversify your income sources beyond training session fees and create a robust portfolio.

It will help potential investors or lenders determine how much revenue your business intends to generate over the next few years.

For instance, you may include the following revenue streams in your personal training financial projections:

  • Package deals
  • Group sessions
  • Memberships
  • Online courses

This will allow you to generate passive income, improve client retention rates, and scale your business effectively.

Well, using Upmetrics could be a great help here. It will not just calculate financial projections but also help you identify relevant revenue streams.

For better understanding, you may consider the following example prepared using Upmetrics:

personal traine financial plan revenue streams

Furthermore, it allows you to make informed decisions about your revenue by using different ways to forecast income streams, such as unit sales, the charge per service, recurring/hourly charges, or fixed amounts.

So, this can be an effective and accurate way of estimating your income potential.

5. Market Analysis and Pre-Assumptions

A successful business requires a comprehensive market analysis to gain valuable insights into the local business landscape.

While writing a personal trainer business plan, you’ve already conducted thorough market research and had a better knowledge of the target market, customer demographics, industry trends, and competitors.

So, it’s time to use that knowledge to prepare a financial forecast and make realistic assumptions about session fees, client retention rates, revenue growth, and operating expenses.

Here are a few key components that you should include in your plan:

Pricing Strategy

When it comes to devising a pricing strategy, there’s no bound law. Yet, you’ll need to analyze a few factors, such as your trainer’s experience, certifications, location, perceived value, and target market, to develop optimal pricing.

You may conduct a competitive market analysis to comprehend the prevailing market prices and set competitive yet profitable charges for training services.

Remember, your prices should reflect the value of the trainer’s expertise and still help you generate sufficient returns on your investment.

Sales Forecast

A sales forecast is a primary element of any business, serving as the cornerstone for its profitability and growth.

It helps you estimate the future sales volume and revenue of the personal training business based on market demand, pricing strategy, client acquisition rate, client retention rate, and average session frequency.

You can also analyze historical sales data and industry trends to predict future demand for your target market. Also, include your marketing efforts and pricing strategy to forecast the sales number you expect within a specific timeframe.

Business Expenses

Generally, business expenses are operating costs or day-to-day expenses that will keep your business running smoothly.

For running a personal training company, you may conduct a detailed analysis of the anticipated expenses, such as rent for gym space, equipment purchases or leases, insurance, marketing & advertising costs, certifications, utilities, and administrative expenses.

In addition to that, you may consider a few factors, like fitness trends, client preferences, and industry standards, while estimating your business expenses.

Here, you should note one thing—you must account for probable cost overruns or unexpected expenses during business operations. So, be conservative in your financial projections.

6. Make Financial Projections

If you want to attract investors, let the numbers do the talking. This is so because potential investors or stakeholders will look at the financial reports once and decide whether or not to invest in your business.

So, ensure that the key financial reports give a clear picture of your personal training company’s financial health and viability.

Here’s a list of several financial statements and analyzes you should incorporate into your projections:

Cash flow statement

A cash flow statement helps you track the cash flow in and out of your business over a specific timeframe, generally monthly, quarterly, or annually.

It provides a detailed explanation of how much cash your personal training business brings in, pays out, and ends with the cash balance. Typically, it’s an illustration of how well your business is generating cash.

You may take into account the cash flows related to client payments, gym rental fees, equipment purchases, loan repayments, borrowing, or equity investments.

Be realistic about your financial assumptions and measure your business’s liquidity, capability to meet financial obligations, and sufficiency of cash flow to fund future investments and expense outlays.

Balance sheet

A balance sheet provides a quick overview of your business’s financial position at a specific time.

It clearly demonstrates what you own, what you owe to vendors or other debtors, and what’s left over for you. After all, it has three main elements:

  • Assets: Cash, equipment, and accounts receivable
  • Liabilities: Debts, loan repayments, and accounts payable
  • Equity: Owners’ equity & other investments, stock proceeds, and retained earnings

Ideally, it is formulated as, assets = liabilities + equity

By looking at your balance sheet, anyone can get the exact idea of how financially stable your business is, how much cash you hold, and where your money is tied up.

Income statement

The income statement is also known as a profit and loss statement(P&L), explaining how your business made a profit or incurred a loss over a specific period, typically monthly, quarterly, or annually.

Depending on the structure and type of your business, consider adding these factors—revenue or sales, operating expenses, and gross margin to your profit and loss statement.

You may calculate the gross margin by subtracting the cost of sales or COGS from revenue. It enables you to determine your business’s efficiency in utilizing resources.

Further, the P&L statement should also include operating income, which is equivalent to EBITDA. And the net income is the ultimate goal of any business, found at the end by deducting the operational expenses from EBITDA.

Overall, the income statement helps you gauge your business’s profitability, financial performance, and feasibility in the long run.

Break-even Analysis

The break-even analysis allows you to determine the point at which your business’s total revenue matches its total expenses, causing no profit or loss.

It helps trainers evaluate the minimum level of sales or revenue needed to cover your personal training busines’s fixed and variable costs.

This analysis provides valuable insights into your financial sustainability and helps you set sales targets, pricing strategies, and cost-control criteria.

7. Test Assumptions and Scenario Analysis

As your entire plan is prepared based on assumptions, you’ll need to regularly review and stress-test your financial projections to check their relevance with market realities and business performance.

In this stage, you may consider various “what-if” situations and think about scenarios where things go well or don’t.

For instance, you’ll need to consider the changes in client demand, competition in your area, and ongoing certification or equipment costs to measure the stability of your personal training financial plan.

By performing test assumptions and sensitivity analysis, you can adjust your strategies accordingly to mitigate risks, optimize returns, and make well-informed business decisions.

8. Monitor and Update Your Plan

Once your plan is ready, continuously evaluate and monitor your personal training business’s financial performance closely against the financial projections and key performance indicators(KPIs).

You can compare the actual financial results with the projected income streams, expenses, and ROI to take note of any variances or deviations from the plan.

If some factors are remarkably different from projections, recognize the causes behind them. This will help you understand which areas need improvement and which works as anticipated.

Also, review and update your strategies accordingly to optimize financial results and achieve long-term success.

Now that you know how to create a solid personal trainer financial plan, it’s time to explore an example for easy understanding.

Personal Trainer Financial Plan Example

Writing a personal trainer financial plan from scratch can be overwhelming, right? But not to worry; we’re here to help you with a realistic financial plan example prepared using Upmetrics.

It includes all the key elements of a personal training business’s financial projection, including the income statement, balance sheet, cash flow statement, and break-even point. This will streamline the entire planning process and help you get started.

Start Preparing Your Personal Trainer Financial Plan

And that’s a wrap. We’ve discussed all the fundamental aspects of financial planning. So, it’s time to put that knowledge into action.

But if you are still feeling confused, don’t worry; we have the ultimate solution for you—Upmetrics’ AI-powered financial forecasting software.

Whether you’ve just started or aimed to refine your existing startup financial plan, Upmetrics offers you hundreds of business resources and supports you in building a successful plan.

You’ll need to just enter your financial assumptions and let it figure out the rest!

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About the Author


Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more


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