Subscription-based business models are all over. From your cable bill to your Netflix subscription, a recurring monthly expense for services you use is becoming increasingly more popular. Subscription-based services exist in the fitness industry, and if you’re a fitness trainer, or have a personal training business, read on. Leveraging a subscription-based fitness business model can be wildly profitable.
What is a Subscription-Based Business Model
Let’s first cover the basics. What is a subscription-based business model? Simply put, a subscription-based business model is when a customer pays a recurring payment for the good or service. Typically, the payment is paid either monthly, quarterly, bi-annually, or annually. A cancellation policy is typically in place, meaning the customer may not be able to cancel their subscription for a specific period of time, or without paying one last payment.
Why Use a Subscription-Based Business Model
A subscription-based business model has numerous benefits.
As the business owner, a subscription-based business provides you with consistent and predictable income. Predictable income is so important in business as it allows you to plan and invest and know exactly when you’re getting paid.
As a customer, a subscription-based service is a bit easier to ‘digest’. For example, imagine if your cable bill was $1,200 a year, and you had to pay that in full at the beginning of each year. That may be more challenging than paying $100 a month for 12 months. A subscription-based service allows you to take something that would be more expensive in one lump sum and break it down into smaller recurring payments.
Fitness Trainers and Subscription-based Services
If you’re a fitness trainer and interested in getting involved in a subscription-based fitness service, you’re in luck. There are a variety of services you can provide, all of which could be on a recurring or subscription-based cadence. Here are some common examples of how you can generate income through a subscription-based fitness business model.
If your clients are looking to get fit, they’ll likely need to follow some sort of diet or meal plan. As a fitness trainer, you can offer meal guidance to your clients on a monthly basis.
Fitness plans can be 100% programmed through an online fitness service, and you can charge your customers a monthly fee for their custom programmed fitness plan. Having the right fitness routine is an important piece of that equation. Similar to a diet plan, you can require your clients to subscribe to your fitness plans for a specific period of time.
Pre-Determined Time Frames
Another great option is to have a client purchase a pre-determined time frame service. For example, having a 12-week weight loss challenge may be something you promote. Customers can pay every 4 weeks for the 12-week program, which again, provides you with consistent income for that specific timeframe.
How to Get Started
As a fitness trainer, getting started is the hardest part of kicking off your subscription-based business model. Don’t be intimidated, you can get started with minimal start-up costs!
Here’s what you’ll need to take into consideration:
Have a Contract
You’ll need to invest some money in developing a business contract for your clients. The best part of a subscription-based business model is the guaranteed income it provides you. But the only way that income is guaranteed is if the customer is in an agreed-upon contract. You can work with a lawyer to create a straightforward agreement that both you and your customers clearly understand.
Have a Payment Processing System
Collecting income from your customers is essential to stay in business! You may have customers all throughout the globe! You will need a way to accept credit card payments online where customers can securely pay you for their subscription-based services.
You can market yourself in a variety of ways! Instagram, TikTok, a personal website, or even having various ads are all tried and true ways of marketing a business and acquiring customers.
Have the Right Insurance
Having the right insurance can protect you against a lawsuit. Even though that may be more uncommon in an online fitness program, it still occurs. Treat your business seriously, and have the right insurance in place to protect yourself.
Get Started Today
There will always be people looking to live a healthier lifestyle. Whether you specialize in helping people lose weight, add lean muscle to their body, or build strength and endurance, the fitness industry can be very lucrative.
A subscription-based fitness business model is a great way to become your own boss while still guaranteeing your income. Fitness trainers have the opportunity to offer a variety of services, and can even offer various subscription time periods to fit their client’s needs.