Whether you are renting space in an existing facility or opening a facility of your own, you will need to create and follow a budget. A budget provides you with a plan and helps monitor the status of your business. It is a work in progress and will constantly need to be modified and updated.

Your budget needs to balance income and expenses. The fewer expenses you have, the simpler your budget. You may want to have both monthly and yearly budgets. The nature of the personal training business requires the budget to be fluid, as different times of year tend to bring more or less business. Initially, your budget will require some guesswork. Draw on past experiences and your research as much as possible to increase your accuracy. You may need to use a range of numbers or create best and worst case scenario budgets. The more budgets you create, the better you will become.

If you are opening your own facility, your budget will likely include the following expenses: lease or rent, utilities, insurance, advertising, repairs and maintenance, taxes, salaries, office supplies, accounting and legal fees, and depreciation of equipment. Your income will be from memberships, personal training, and possibly rent from other trainers. If you choose to sell nutritional or other products in your facility, they will also need to be accounted for in the budget. If you are renting space or working in-home, you will have similar categories of expenses, but the numbers will be smaller. Your income will pretty much come from personal training and maybe product sales.