When it comes to personal finances, Americans are taught to diversify their assets which is why many invest in real estate, IRAs, 401(k)s, CDs, annuities, and stocks and bonds. This same concept should be applied in business and when investing in oneself. Fitness entrepreneurs work hard to gain financial wealth and can control many of the factors that increase their own stock in the fitness market. However, many fitness professionals stick with one source of revenue in their business. This is like putting all the eggs in one basket. For example, many fitness professionals depend solely on the revenue of personal training or only rely on selling fitness equipment. This can be a risky decision even if one is currently doing well and has total faith in their business. There are always downturns in the market or reasons why businesses lose income and/or fail.
Through the power of diversifying business assets, entrepreneurs can overcome a potential devastating blow and minimize risk. As a fitness professional, there are many ways to create different streams of revenue to earn more income and decrease the risk of having just one business. The list below offers general ideas fitness professionals can adopt to increase revenue and diversify business streams of income:● Public speaking
● Spokesperson for brands and/or products
● Selling fitness equipment
● Starting an at-home training business
● Starting a corporate wellness company catering to the businessperson
● Writing and selling fitness books and/or training programs
● Getting sponsors for your blog or podcast shows
● Becoming a Registered Dietitian and offering nutrition services
● Creating an online training course or program
● Teaching personal training certification classes
● Writing articles for popular fitness magazines
● Creating a new group fitness class
● Starting a personal chef business
● Selling apparel and other fitness products
The amazing thing about the fitness industry is that there are so many business ideas, concepts and services one can create for their customers. By dabbling in many of them, entrepreneurs can have a successful and ever changing and challenging career that can also be fun and rewarding.
