5 Ways for Coaches to Make More Money

I posted a note on social media last week about how too many quality coaches exit the industry because they simply can't justify the amount of money they are making in relation to the amount of hours they are expected to work.?

I talked about how great coaches are driven out of the industry because they are making the same amount they would at Wal Mart or the Amazon Warehouse while coaching the 5:30 AM class and then wrapping up the day with a 6:30 PM group.?

It’s a losing equation, but a very real challenge that both gym owners and performance coaches face.?

After posting, a young coach reached out and asked for my specific opinion on how he could go about making more money so that he could actually stay in this industry. He said - “I love coaching, but I am having a hard time only making around $3,000 per month working full time.”?

In looking at this issue, it all boils down to one thing - coaches need to make more money.?

Don’t get me wrong, I am all for earning your stripes and cutting your teeth the same way I came up in the industry. However, at least in the area I live, the cost of living is crazy high and I want my coaches to be long term employees within my business. So, we have to find avenues to increase take-home pay for coaches.?

There are a number of ways that coaches can go about this, and it can be a little complex, but here are 5 ways I believe young coaches can build out a career that will sustain them and their families.

1: Become THE EXPERT so you can charge more

This is not as easy as it sounds. You have to build a training acumen that projects value and confidence. Far too many trainers are still coaching sessions for $60 per hour and only seeing around $30 in their paycheck (if they are lucky). If you find ways to build your perceived value - in both the minds of your clients and yourself - then you can greatly increase how much you charge per session or per month. Imagine the difference in going from $60 per hour to $80 or $100. That's a game changer. You must find ways to become a clear subject matter expert and then take that position and transfer it into higher training rates.?

2: Find other ways to service your clients and athletes

In my gym we offer private and small-group training programs, but we dont touch on anything outside of that. This is for a very specific reason. If a client wants nutrition coaching, and if our coach is qualified to have that conversation, then we are able to up-charge for that service. Meaning, if a client who pays $249 per month wants nutrition coaching their monthly bill will expand to $349/month. This can be done with a number of other bolt-on services - nutrition, recruiting, and sport specific training to name a few. A trap I fell into as a young coach was trying too hard to satisfy my clients by giving these types of things away for free. This may have felt like a necessity at the time, but in reality it was not. It devalued my perceived value in the mind of the client and limited the amount of money I was making.?

3: Build Once, Sell Twice

Every group program you design should go into an online app that delivers it to your clients. But, in addition, it should be available for sale through that app as well. For example, my program “Built 2 Last” is designed for clients who come into my facility. In addition, it is available for people who complete this program virtually. For just a few extra minutes per week, we are able to add over $2,000 per month in recurring revenue. Personally, I use Teambuildr and find their service absolutely phenomenal for this undertaking.?

4: Create goal specific mesocycles as a downloadable PDF

Create 2-3 unique training programs that people can purchase for download. This should not be a major focus as the return is not as lucrative. However, if you occasionally have $99 hit your account it can be a real boost to morale. In fact, I have a program that I wrote in 2015 that still sells a few copies each month with zero effort. If nothing else, it is an easy way to get a new pair of shoes, or chip away at student loans. To take this one step further, these PDF’s have been a good tool for potential clients who are on the fence or looking to wait until they begin training. This strategy helps put you in the position as “the expert '' and builds your value.?

5: Lower your cost of doing business

This one is not nearly as sexy…however, if we are thinking about career longevity then your overhead becomes a big factor. Remember, it's not what you make, it’s what you keep. Find ways to negotiate your training split, look for strategies to reduce software expenses, or rental rates. Last year, we decreased our expenses by over $10,000 while still increasing revenue and delivering a high level service. That money can then be taken to increase payroll or to invest in education and new equipment. I’d wager that you can find $100-$200 per month that can be trimmed out. One major find was to compare my credit card processing fees. This accounted for about $3,000 in yearly savings, with very little effort and with zero impact on client experience. These small things make a difference.

It’s important to remember that every situation is unique. These are just strategies that I have used to help build revenue as well as to boost profit. Please remember that these are also tips that take time to develop. However, these are simple things that if you are willing to do the work, can help increase the amount of take home pay you see.?

My challenge to you is this…

Look at the items listed above and see if there are any areas in your operation that can use a level up. I bet you would be surprised just how many unique ways you can find.?

They don't teach business ownership in Exercise Science class but that does not mean S&C coaches can't make a damn good living in this world. We just need to ditch the meathead attitude and the mindset that we have to “grind out” the early years. Opportunities are everywhere, you just have to be on the lookout for them and be ready to capitalize when they present themselves.?

As always, I hope you found value in this newsletter. If you did, please help me spread the word by liking, commentating, or even better reposting.