By Billy Hofacker, Special FBA Contributor
If you watch the news, you may be led to believe that we are headed for trouble. The truth is, the economy is a complex thing.
Even a financial coach, like me, has trouble keeping up. We’ve all seen the effects of inflation. Simply buying groceries for the family can seem to “break the bank” for many of us.
Due to supply chain issues, many products are more expensive. People paying more for certain items may seem to leave less available for other “luxuries” like personal training and fitness coaching.
Again, the economy is complex and ever-changing. If we are to succeed, we will certainly need to adapt to the changes and capitalize on the trends that present themselves.
There is no doubt that more fitness professionals (like any industry) find more “success” in booming economies. With that said, here comes the good news. A down economy can help those true professionals stand out from the crowd. There is always a minority who use difficult circumstances to not just survive but thrive!
Here are 3 ways to ensure your success regardless of the economy. Spoiler alert - They all have to do with focusing on the things you can control and not spending valuable time and energy on things you can’t
First, control your attitude.
Consuming negative media whether it’s on television or social media will cause you to be negative. Garbage in, garbage out. Rather than take in the negative do the following:
- Read positive and inspirational books
- Listen to podcasts that are going to build you up - Limit exposure to negative news, social media, and gossip
- Surround yourself with people who are doing things rather than just talking about them - Most people underestimate the impact the people we spend the most time with have on us
It’s amazing what the above 3 things can do for your attitude. We all need to find a way to believe in ourselves regardless of what others think or what’s going on around us.
Second, control your expenses.
This starts with putting your household and your business on a working budget. Track your income and expenses. Include both fixed (e.g. rent) and variable (e.g. marketing) expenses. Once you have a clear picture of your income and expenses, create a plan that is aligned with your goals and values.
Next, go through your expenses. Most fitness professionals get this piece wrong. They cut the things that are actually helping, like coaching, or marketing and keep the ones that aren’t serving them, like unnecessary subscriptions.
Another strategy I advise a lot of my clients to do, even if it’s temporary, is use cash or a debit card for frequent expenses (e.g. food). This makes it much easier to get a handle on what’s going on and avoid overspending.
Finally, I want you to create your future.
Here are 3 ways to do that.
- Set financial goals - The very first thing I like to do with financial coaching clients is to set financial goals. Examples on the personal side might be paying off debt, building reserves, or investing. For business, it could be making a hire, saving for equipment, or bonusing yourself. Fit pros with clear goals are generally more focused and motivated.
- Know the value you bring - Once you realize that YOU are your most important asset, you’ll invest in yourself. Make personal growth a way of life. Benjamin Franklin (America’s first millionaire) said that an investment in knowledge pays the best dividends. Keep leveling up. What skills can help increase your earning potential? Writing? Communication? Leadership? Sales? A consistent one percent improvement really adds up over time.
- Finally, creating multiple streams of income is a great way to create future success. What other services or programs can you offer to better serve your market? If you’re offline, maybe it’s an online component. The options are limitless and it depends on your unique strengths and situation.
It can be scary when the economy is uncertain and we’re unsure how our customers and clients will react. The good news is that fitness professionals can use it as an opportunity to grow and build resilience. Focus on what you can control. By taking responsibility for your attitude, spending plan, and your future, you’ll thrive in any economy.
Billy Hofacker has been a personal trainer for over 20 years and is owner and CEO of Total Body Boot Camp and Performance Center located in the hyper competitive market of Long Island, NY. After several years of being a full time professional martial artist and BJJ black belt, Billy is now passionate about helping Fitness Professionals win with money.
He is the author of Fitness Profits as well as the creator of the Financial Freedom for Health and Fitness Professionals course. Billy is also the host of the leading financial podcast for Fit Pros, Your Fitness Money Coach Podcast.