Online personal training businesses are seeing an upward trajectory in this digital era. The market’s growth can be attributed to a growing emphasis on acquiring new skills, self-improvement, and gaining good health and wellness. According to Grand View Research, the global personal development market was valued at $ 41.81 billion in 2021 and is anticipated to expand at a CAGR of 5.5% from 2022 to 2030.
Moreover, the personal training industry will be valued at approximately $43.77 billion in 2022, with a revenue forecast of $67.02 billion in 2030. The increased interaction between trainers and individuals in the personal training session makes it a preferred coaching choice. Some clients prefer more focused and result-oriented personal one-on-one training rather than joining a group class.
Online personal training courses help learners get support, accountability, and a personalized plan. Additionally, tutors here become more aware of the needs of their students and provide customized training. Considering the above factors, online personal training platforms are anticipated to witness substantial growth in the coming future, making it the right time for budding entrepreneurs and business owners to step into this industry and avail lucrative business opportunities.
Further, in the next section, let’s explore some lucrative niches in personal training which are gaining popularity among learners.
Profitable Niches To Start An Online Personal Training Business
“Prevention is better than cure”; hence, people are becoming more conscious of their physical health and fitness. This inclination towards health and wellness has created a high demand for fitness trainers, diet consultants, physiotherapists, yoga instructors, and health coaches. Moreover, people prefer personal training that can be customized per their needs.
A health and wellness personal training platform can cater to the needs of many who want assistance from qualified and experienced instructors. Moreover, such a platform can connect these instructors with service seekers effortlessly.
Individuals perform best of their abilities when they are motivated in life. Life coaches help people stay motivated and inspired to achieve their set goals. They share unique techniques and exercises with their clients so that they can improve their decision-making and other aspects of life. Life coaches also help people with anger and stress management and help them lead stress-free lives.
Professional life coaches experienced in tackling such situations can be connected through an online personal training platform.
According to WHO, 1 in every eight people have a mental disorder. Mental health issues are experienced differently from one person to the next, with varying degrees of difficulty and distress, requiring personal attention. With increasing awareness and talks around mental health issues, qualified psychiatrists, psychologists, therapists, and counselors are highly sought after for proper and in-time treatment.
An online mental health platform can help connect various mental health professionals with persons who need mental health assistance.
People rigorously want to enhance their skill set, whether related to art, dance, coding, or any special skills for a particular job. Additionally, learners who are preparing for specific exams like IELTS or TOEFL also like opting for one-to-one classes to improve their soft skills. Online skill enhancement platforms can easily help such people get that guidance and continuous support.
Instructors can teach skills to learners worldwide through online platforms. But on the other hand, it becomes easy for learners to learn skills like playing the guitar, catching dance steps, learning coding, etc., in a one-to-one setting.
Business Model Of An Online Personal Training Business
An online personal training marketplace connects potential instructors with clients for one-to-one sessions. On this platform, instructors can register and provide personal training to their clients as per their availability. In addition, instructors have the freedom to decide their price structure for the session. On the other hand, the clients can book their instructor as per their requirements.
After making the payment, they can easily start with their personalized training. The marketplace owner works as an intermediary between the clients and the instructors. Upon successful session delivery, the marketplace owner releases the instructor’s earnings.
Revenue Streams For An Online Personal Training Business
Launching an online personal training platform opens many avenues of financial profit, which may not be possible in an offline business setup. There are several ways to monetize a personal training marketplace. Below mentioned are some of the incredibly lucrative revenue streams which have the potential to make massive gains in the future.
Commission: Marketplace owners can cut a certain amount of commission from the instructor’s fee for every successful session delivery on the platform.
Membership/Subscription Fee: Learners can purchase a monthly membership/subscription to avail of access to the platform or courses. The marketplace owner will decide the fee of the subscription packages and payment to the tutor.
Certifications: Marketplace owners can ask for a certain fee if learners want certificates after completing their courses. E.g., yoga learners may want a certificate after completing their courses.
Featured Listing and Advertisement fee: Featured listings and ads can be used as secondary revenue streams to help diversify a platform’s monetization strategy. Instructors can pay a fee to marketplace owners to feature them at prominent spots on the platform.
Ready to Start Your Online Personal Training Business?
As personalized training is gaining popularity among learners and this industry is growing by leaps and bounds, we can anticipate that there will be a huge demand for such platforms shortly. However, setting up an online personal training business requires the involvement of various experts and professionals.
But at the same time, there is a hassle-free method to launch your online personal training platform: opt for a ready-made solution like Yo!Coach. This software is rich in features and can be customized per every business requirement. Moreover, this solution is pre-integrated with all essential APIs that help run a personal training marketplace efficiently.
Its interactive and collaborative features help provide a quality training experience to learners on the platform. In addition to all this, Yo! Coach lets business owners seamlessly manage their marketplace and streamline all their operations.