By Dana Bender
There is a wide range of benefits of having multiple streams of income regardless of your field. In the fitness industry, taking advantage of various streams of income can include numerous options. Over the years, I have implemented this strategy in my professional career and have seen others around me do so as well.
For example, someone might have a full-time fitness role yet still conduct part-time fitness instruction on the side. It could also mean having multiple part-time fitness and wellness jobs that combine to equal one more extensive income base.
Additionally, it could mean that a single person does various types of work for one fitness center or organization across multiple business segments.
For example, someone works in the office but also trains clients and teaches classes as well. In any scenario, having multiple income streams means diversifying your cash flow and the sources they come from.
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THE BENEFITS OF HAVING MULTIPLE REVENUE STREAMS
There are many benefits of having multiple streams of income, especially as a fitness and wellness professional. The most apparent is increased cash flow, which provides additional financial security and financial flexibility.
Having a higher income level can help us pay off debt quicker, save towards a home or trip, and potentially help us earn enough cash to start a business. There are additional reasons why having multiple income streams can be advantageous outside of these more well-known benefits.
Depending on one’s skillset and training, finding an opportunity to have multiple income streams can showcase your different skills. For example, working full-time in a fitness capacity but doing nutritional coaching on the side provided, one has the required certifications.
One positive of taking advantage of various work opportunities is that an individual can showcase their wide range of skills and gain valuable experience to continue growing professionally. If the options are within different settings (such as working in a recreation center gym and private yoga studio), this showcases an ability to work across various environments.
Secondly, having multiple streams of income might provide one with an opportunity to gain new work experiences without losing the security of the primary source of income. For the fitness professional who strives to change their main focus or start their own business, working on the side to build new skills can help get you to the next chapter in your career.
For example, a person might have their primary fitness role, but starts training clients on the side as part of their own personal business. Doing additional work on the side can help an aspiring business owner reach their goals and not be financially stressed in the process.
Another benefit of taking advantage of multiple streams of income is the idea of flexibility. This can mean flexibility to pay off debt, handle unexpected costs, or flexibility in times of change. This could be changes in the economy, changes in facility or class participation, or a crisis. Multiple income sources before a possible crisis can be the difference between one’s income being eliminated versus reduced.
As we consider this specific example, I find it to be very relevant in our current environment. The pandemic might have decreased the regularity of revenue or cash flow for both facilities and the individual.
For example, an instructor might be making less per class due to fewer participants, or a personal trainer might be making less due to fewer clients. Having multiple streams of income would not eliminate this situation but make it easier on the wallet.
IMPORTANT QUESTIONS TO ASK YOURSELF
This would not be a complete picture if I did not mention that having multiple income streams is not possible for all dependent on their primary job work hours or other familial or personal obligations.
However, if you are considering this and believe that it would work out well, it is essential to make sure you ask yourself the following questions:
• Do you have the hours in your day or week to add an additional opportunity?
• If you are too busy to add another side gig, are there opportunities to optimize your existing personal training pricing?
• If yes, how many hours per week? It is essential to set a realistic and attainable number before starting to look for a side-job.
• Do you have an additional business, financial, or career goal?
• What is this goal? Be as specific as possible.
• How does this goal fit into the broader vision for your career?
• Is there anything else you need to consider in making this decision?
CONSIDER THE PROS AND CONS OF MULTIPLE REVENUE STREAMS
After getting a bigger picture of what this might provide, it is crucial to consider the pros and cons of adding a role and revenue source. This will provide valuable data for the decision-making process and help make sure you pick the right opportunity for your goals.
• What are the pros of adding in this additional source of income?
• What are the cons of adding in this additional source of income?
• Do the pros outweigh the cons? If the cons outweigh the pros, it might be helpful to consider a different option.
Suppose you are considering a specific job opportunity to obtain multiple streams of income. In that case, it will be essential to make sure that the one selected matches your goals and long term vision for yourself.
Additionally, it must meet the number of hours per week you are looking for, and most importantly, the pros outweigh the cons.
Overall, I believe that having multiple income streams is a beneficial situation to be in as a fitness professional.
There is a risk of changes in facility class schedule, hours worked, or the number of clients trained per week. Regardless of the personal decisions behind the choice, there are various benefits, and the pros often outweigh the cons.