Passive income is a buzzword nowadays, and it represents something that all business owners hope to earn. When you're generating passive income, you are getting money without actively doing much at all. It tends to happen when you set up your business to become self-sufficient and to run without needing your constant attention.
There are plenty of examples of this in action, but the personal training industry is a fine instance of how easy it is to earn passive income by making a few changes to a traditional business model. After all, it's all about working smarter, not harder!
With that in mind, here's what a lot of personal trainers are doing to make money without being overly active:
Online training plans
Typically, a personal trainer will work 1-to-1 with clients, developing a bespoke training plan for them. This is an example of some hands-on work where you are generating active income. However, the birth of online training plans has really changed this. A lot of top personal trainers - like Jeff Cavaliere - started creating pre-made training plans that people could buy online.
The idea is simple; create a plan that targets a specific goal (losing weight, gaining muscle, improving strength, etc.) and anyone can download it and follow the plan as they please. It negates the need for 1-to-1 involvement, with clients able to follow these online plans in the gym or at home. As such, personal trainers can sit back and watch their income increase as more and more people keep buying these plans. It's more convenient for a lot of people; they still get great training plans from a professional, but it is more affordable and accessible for them.
The more you think about it, the smarter this idea becomes. Instead of someone paying for one or two personal training sessions a week, they can buy a plan that tells them exactly what to do for 30-days, two months, three months; however long the plan will be! It's a one-off purchase, representing exceptional value for money - and they can keep using the plan as many times as they want. Then, you bring out new plans, and your current customers love your old one so much they are likely to keep buying whatever plans you bring out. Thus, passive income comes in without you really needing to do much other than designing the plans.
Personal training apps
Another clever concept from the world of personal training is the idea of personal training apps. As this review of Truecoach shows, there are lots of different apps within this business industry. Many trainers use apps to keep track of their business, book clients in for sessions, connect with clients, and so on.
However, there's another way of using apps that can really help you get that passive income. Essentially, you create an app that people can download and follow fitness routines on. It can be pre-loaded with exercises, video demonstrations, and so on. Some of the most advanced apps in this sector let people select their goals, choose the equipment they have available, select how many days they train per week, then create a training plan for them.
Already, you can see how convenient this is for someone that wants to get fit. It's similar to the online training plan idea, only apps offer more personalization. Plus, the monetary aspect of apps is also slightly different. Here, a lot of personal trainers offer a monthly fee for using the app. This can only be a few dollars, but it means that people are subscribed to your app. Thus, you are getting money every month from all of your subscribers. Let's say your app can be used for $10 a month. From an industry perspective, that's an absolute steal. You can market the app as being $10 a month in comparison to the extensive costs of 1-to-1 personal training. It offers excellent value for the customers, but you might think it is too cheap for you. However, imagine 100 people download your app. That's not a lot of people, but you instantly generate $1,000 a month, so $12,000 a year. What if 1000 people download your app? Suddenly, that's $10,000 a month and $120,000 a year!
All of this money will be earned without you needing to do anything at all. Once the app has been developed, you can let people download it and use it as they please. All you have to think about is app updates to keep people subscribed or to lure in new customers.
See, the personal training industry is a prime example of people working smarter to earn passive income. It's all about creating business models that don't require constant attention, helping you make money passively.
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