Choosing the RIGHT Business Name
At the request of a few of our Smart Studio Solutions Clients I’d like to give you the BEST formula for choosing a personal training business name. Remember, you only really get ONE shot at this and there are ONLY 2 ways of going about this. In this post I will explain what those 2 choices are and an easy way to choose the right business name for your company. Here’s how:
There are really only 2 choices you have when deciding on a business name.
1. You can either choose a business name with “your name” in it, or…
2. You can choose a more corporate business name
There are clear benefits to both and the pros and cons that I’ve outlined below should help you decide which way to go when naming your new business.
Personalized Business Name Benefits:
When you choose to use your name in your company you are personalizing your business to let people know who is ultimately running the show. This allows your current and future clients the subconscious peace of mind of knowing that an actual person stands behind the business itself. It lets people know who they can turn to with questions or if anything should ever go wrong with billing , etc.
I think a lot of people like the idea of buying into a personalized philosophy, system, or concept and by placing a name and face with the business it puts their analytical mind at ease.
To me, it just seems like people enjoy doing business with other people.
I think people are also more willing to part with their money when they know it’s going to a small business that is trying to fit in and improve the community… instead of it going to a big corporation
There are some downsides to having a business in your name though.
For one, if your studio business grows and is doing hundreds of sessions a month like ours is, you are not able to personally speak with every client who works with you. Often times after the initial complimentary session time set up with a member on your training team, you may not see them again ( if they are training at times when you are not at the studi o).
Also, when your name is synonymous with the business you may have a slightly more difficult time selling the business if that is your end goal (more on that in a minute).
And, while I don’t think you’ll have any issues with expansion and owning multiple studios under your name, you may find that people will still want some type of access to you since you are the person running the show. The way I combat this is by holding events, seminars, workshops, client appreciation parties, and sending out weekly video/content newsletters where people can still interact with me. It’s not always ideal, but if you want to continue to grow and help more and more people you have to come to realize that you must just keep developing systems and putting them in place so that you can expand.
Here’s another interesting fact : If you do include your name in your business name just be ready to become known as “THE Personal Trainer” in your area. Whether it be good or bad, it's going to happen. When you put your name to your studio or PT Business, you are forever in the spotlight, and pigeon-holed as 'that person'. Of course, it's great for the ego, but can have its flaws. You may find it hard to expand into other areas of business (ie corporate fitness) because you're known as just a 'personal trainer' The other example is if you want to live in the area where you work.. everyone will be constantly watching what you put in your trolley at the supermarket, where you eat out, where you socialize.. it can get pretty full on and hard to live a life cos you're 'that person' who shouldn't be eating/drinking the wrong thing.. EVER!
Some final notes:
Now that my studio has been opened for 13 years and we were able to take right off since we opened I can happily say that I would keep the studio name exactly the way it is if I were to do it all over again.
Alright, so now that you’ve seen the pros and cons to naming a personal training business under your personal name, let’s talk about the “2nd choice.”.. my preferred choice!
Corporate Business Name Benefits:
When consulting with gyms, independant health management companies, or franchises I always recommend to them that they structure their business with the end in mind – and this most definitely includes the name of their business.
I named by business 'Fitness Revelation' instead of 'Ben Dulhunty's Fitness Studio' so I would achieve a few things.
1. It would give off the impression that I am well established and professional (of course, your message and marketing must match that)
2. I am poised for easy expansion and roll out within my area, state, or world wide
3. Corporations like to work with other corporations (they feel like you must have your act together) and you may have an easier time getting into large businesses to do bootcamps, wellness seminars, etc before you become established.
4. It will make it easy to replace yourself with a manager and systems that run the show
5. Once the company has grown to the size you’d like you can sell it
Those are the big benefits to creating more of a corporate name and now let’s talk about a few of the downsides. The cons basically include all the pros of the personalized business name. For example, with a corporate business name you lose the small business appeal and the sense of doing business with another person (instead of with a corporation).
However, if you are still there as much as possible, you can easily soften this perception by giving it your personal touch.
To me, the bottom line is that if you ever plan on walking away from your business by either selling it or not coming in on a weekly basis I would go with the corporate name. However, if you’re like most Fitness Professionals and love to train and see yourself doing it for the foreseeable future then there’s no reason NOT to name it in your own name (you could even just use your last name).
I hope this post shed a little light on how to choose the right name for your personal training company and how important it really is depending on your end goal.
Yours in Fitness Business Success,
Ben Dulhunty
