As a personal trainer, you probably do a lot of running around and heavy lifting every day as you instruct your clients in the fine art of physical fitness. However, you shouldn’t need to do either of those things in order to get paid.
The good news is that incorporating recurring billing options into your business model can truly be a game-changer.
Here’s how to ensure that you get the money you deserve while simultaneously enhancing your relationships with your clients.
The recurring payments model allows you to arrange for regular withdrawals from a customer’s account. Together, you set the account details, frequency, date, and duration, leading to benefits for everyone involved.
Subscription pricing models allow you to simplify and streamline the payment process for your clients. You and your client agree upon the framework of the arrangement in a legal contract that specifies the essentials.
These include the account details, the amount to be withdrawn, the date each month when it will take place, and the duration of the arrangement. In this legal contract, you also thoroughly detail your policies concerning expiring accounts and late payments.
There are several commonly used recurring payments pricing models. In the flat-rate option, you can offer several different service tiers, each with a set price, i.e., basic, standard, and premium packages.
With seat-based pricing, you can create a subscription plan in which the customer specifies the number of users in the plan, paying accordingly. With usage-based pricing, you charge based on the customer’s use of your training services.
It goes without saying that revenue is the lifeblood of your training business and that doing everything you can to streamline its acquisition is a major win. Simply by encouraging clients to set up recurring payments, your operations and client relationships can be enhanced.
Because everything is agreed upon and configured in advance, there is no guesswork for either you or your client. You and your customers know exactly how much will be withdrawn and when it will occur, making budgeting a breeze.
From a business standpoint, this added awareness about your cash flow makes it possible to make more intelligent forecasts. This can help to dictate future spending and business expansion.
From the client’s point of view, knowing that payments will be withdrawn automatically reduces the likelihood of cancellations while increasing motivation to continue with their fitness program. Additionally, the subscription model facilitates ongoing communication that can encompass more than just billing-related details.
You can also leverage this vehicle to send motivational videos, product promotions, and referral bonuses. All of these lead to an enriched relationship with your clients that goes far beyond dollars and cents.
Getting started with recurring billing is surprisingly easy. Begin by contacting your payment services provider to let them know that you want to add this option to your point of sale system.
They will be able to provide you with a list of the steps involved in configuring your system and setting up your subscription template.
Next, and equally important, you need to spread the news to your customers that you are offering recurring billing.
Considering the numerous advantages that being on a subscription plan can bring to your business, you will want to consider offering a financial incentive. Then it’s just a matter of completing the individual contracts.
When both you and your clients have a clear idea of the payment schedule, all aspects of your relationship run more smoothly. Budgeting is easier for both of you, confusion and tensions are markedly reduced, and there are numerous opportunities for enhancing your relationship. Best of all, you can minimize payment chasing as you simultaneously gain more control over the financial aspects of your business.