Building Your Ultimate Fitness Business
I just wrapped up teaching a segment of Franchise Training here in Boston for our Athletic Revolution franchise where we went over goal setting.
As soon as I wrapped up I knew I wanted to put together a blog post for you about reaching your personal and professional goals – and an overview of the key factors that will get you there.
Goals: So what is it that you want from your business? For Nick and me, once this got clear our progress started to skyrocket. Early on we wanted to grow our two local locations into a dozen in our region. Just like anyone else, we also had financial goals and a number of other benchmarks that we wanted to hit.
But right before we were about to sign a couple of leases on new locations we stopped and thought about what we really wanted from our businesses.
For me it was very clear. I wanted financial freedom, but I also wanted a number of other things. I wanted to be able to take Tyler to school in the mornings. I wanted to be able to attend his games and school events. I didn’t get married until I was 33, so I wanted to be able to spend a lot of time with Holly and my family doing whatever we wanted to do without worrying about money. I wanted to be able to help other fitness professionals reach their goals. I wanted to leave my mark where I could look back one day and feel like I’d impacted thousands of lives in a positive way.
After thinking about those things, it became very obvious that the path we were on would lead to achieving some of those goals but probably not be very effective toward reaching others.
At the same time Nick reviewed his personal goals and we reviewed them collectively. At that point it became clear that we could change directions and build a business (ultimately businesses) that would serve us and our goals much much better.
Fast forward a few years and all of those goals have been and are being achieved and they’ve even evolved.
It’s funny what you can accomplish when you get clear about what it is that you want.
So before you go into Business Building Mode, get clear on what it is that you want from your business.
Decide how much money you want to earn. Who you want to serve. What you want your life to look like. What you’d like your legacy to be.
Once you determine those things, you have a destination. Then all you need to do is build a map to get there. Without a destination it’s impossible to create that map.
Your Who: The next step in the process of Building Your Ultimate Fitness Business is determining your who. Who you want to serve. Determining if they’re easy to reach. Deciding if working with them will make you happy.
For me, working with entrepreneurial trainers and coaches is what makes me happy. It’s who I want to serve. They’re certainly reachable since you’re reading this.
So if you could identify your ideal client base – who would they be? Can you reach enough of them to build a successful business? If you’re in Louisville where I’m at, you might love working with Female Hockey Athletes – but there aren’t enough locally to build a full business around.
But if you pick the right ‘Who’, you’re going to love what you do. You won’t struggle to find clients. You’re going to enjoy coaching and you’ll do a great job that will lead to more referrals and ultimately a position as the ‘go to’ fitness professional for that market.
Having Multiple Streams of Income: All truly successful fitness businesses have multiple streams of income. Instead of simply having a couple bootcamps as their only revenue source, they have some semi-private clients or a couple small groups during non-peak hours. They offer supplements or they sell bands to their clients. They offer nutritional coaching programs or hold workshops.
But some even think bigger and even add second businesses like an Athletic Revolution or a corporate fitness business – or maybe they even document what they do well and launch an infoproduct that serves that ‘Who’ on a global scale.
We’ve got over a dozen businesses and all of them have multiple streams of income – all together there are a couple hundreds revenue streams. This provides security, freedom, flexibility and eliminates the stress that comes with being a ‘one trick pony.’ If you have multiple streams of income you’re recession resistant and can withstand any ups and downs that come your way.
Oh – and did I mention that you’ll make much, much more money too;)
Leverage: To really build your Ultimate Fitness Business you need leverage. So what can you leverage? You can leverage your time by coaching in groups or in a semi-private setting. You can leverage your time by having systems in place to maximize your efficiency. You can also leverage your time by using those systems to hire other trainers or coaches – or so you can delegate things to an administrative assistant or a virtual assistant.
You can leverage your space by working with more people at once. By adding other time slots. By adding those additional trainers or coaches. By adding different types of programs or holding workshops during off days.
You can leverage your knowledge by turning the coaching you’re doing locally into a product or program that can be sold globally. You can also leverage that knowledge by teaching other trainers and coaches to do what you do well – either people that will work for you or others that just want to replicate your success.
Finding leverage points in your business is the fastest way to add a significant amount of income to your bottom line in a hurry.
Recurring Revenue: Having a consistent and predictable monthly revenue stream coming in instead of starting from scratch every month hoping you’ll get the money you need is critical to building the Ultimate Fitness Business. One of the things that we’ve helped introduce to the personal training industry was the importance of using EFT billing and a membership format to sell programs. In my opinion, this is a must. I’ve yet to meet a trainer or coach that got into this industry to be a bill collector and there is nothing more tedious and frustrating than having to chase clients around asking them to pay or hoping they’ll renew.
So start selling programs as 3, 6 or 12 month memberships. Use the auto-renewal approach for all of your programs. But don’t stop there. Offering something like Prograde’s supplements through autoship will give you recurring revenue. Creating offerings like membership sites or DVD of the Month programs can be a significant source of recurring revenue.
And don’t overlook things like downsells or In-Season programs to keep people involved when their schedule gets busy or they might be considering dropping out for a while. This type of approach keeps revenue coming in and keeps the clients connected with you.
That’s the foundation of the Ultimate Fitness Business. A business that serves the market you want to work with and can easily reach. A business that employs multiple streams of income to maximize profitability. A business that leverages what you have and know. A business that consistently brings you in a predictable and substantial amount of revenue each and every month.
And most importantly – a business that is designed to help you reach your goals.
I hope that was helpful to you. Let me know below.
Dedicated to your success,
Pat



