The health and fitness sector remains vibrant and growing and offers some amazing opportunities for the self-employed. In this blog post, we will explore how to set up a personal training business.
It’s no surprise that so many people have chosen to branch out on their own in terms of work following such a disrupted and uncertain recent period.
The coronavirus pandemic has resulted in many people being made redundant or opting to seize the opportunity and set up for themselves.
For many, this opportunity has been in the personal training sector, but what percentage of those with ambitions to work for themselves know how to set up a personal training business?
What type of business will you be?
One of the first things to consider, beyond things like your brand, logo and business cards, is the type of business you’ll establish yourself as.
The most common options in the UK for registering with HMRC are:
- Sole trader
- Limited Company
- Limited Liability Partnership
The one you choose should reflect how you intend to operate.
For example, registering as a sole trader will likely mean less paperwork, but you could be losing out financially, especially if you experience rapid growth.
Many find that registering as a limited company provides more opportunities to find tax efficiencies, though there is more admin work required in establishing and managing your business.
Finally, if you’re teaming up with somebody else, registering as a limited liability partnership could be a useful option.
Both limited companies and limited liability partnerships restrict your financial accountability should your business struggle or run into other issues, providing peace of mind to those starting out.
What else do you need to set up a personal training business?
Another important first step is to set up a business bank account.
If you know how to set up a personal training business, then the chances are you’ll already be familiar with many of the applicable banking options.
We recommend using a bank that offers a modern app, so that you can track spend in real time, like Starling, while you may also consider investing in accounting software, such as Xero, to save on your paperwork.
On a more practical level, you should also consider what relationships you can build with local gyms and wellness spots.
Many personal trainers deliver sessions and services outdoors – or even virtually – and especially in today’s age of flexible working. but access to professional space and equipment is important if you hope to expand your business.
Think carefully about the arrangement you agree with a partner and make sure you can afford any rates chargeable for use of the premises and equipment.
How can Relative help me?
We’re equipped to help you get your personal training business of to the best possible start.
External support from an expert will free up your time to service clients and grow your business. At Relative, we can introduce automated, efficient processes that use the latest apps to minimise the stress associated with self-assessment.
Get in touch to learn more about how Relative can help get your personal training business hit its stride. Email hello@itsrelative.co.uk or call 01484 441431.