How would another $4,000 of revenue each month change your business?
What would this extra income allow you to do? Take a vacation, add staff, pay off a loan, start a savings account, buy more equipment and be able to finally relax are the answers I hear most often when I talk to fitness professionals.
Last week we started the process of adding another stream of income to your program offerings.
This income stream could be personal training or some other fitness program. The process is the same for all successful businesses and it comes down to:
Finding a need and filling it.
In last week’s email, we focused on how to find the hidden needs in your existing customer base. In case you missed the short video, here it is again. You should have your list of ten potential opportunities that could be a new source of revenue for you. (If you don’t have it yet, not to worry – you can create it in the next couple of days.)
This week’s email is focused on step 2 of our plan to add another revenue stream, either personal training or a new program, to your business.
Please know that this process can be challenging. It can also be a bit unsettling. You are moving from providing a service to developing and marketing new programs. You are evolving as a business owner.
We have people doing it all the time and it gets exciting.
Here are your fitness business tips for the week: (Please let me know if there are other topics that would be helpful to you.)
- From Last Week, Adding Personal Training (or another new program) – Step 1 – Find a need. The key to success in any business is to find a need and fill it. Adding personal training is no different. Check out this video and make a list of 10 needs you see in your market that personal training/coaching or a new program could fill.
- Step 2 – This week we move on to step 2 of our plan. We have two things to accomplish.
a.) First, we want to create a title for our new program. If we are going to offer personal training, for example, we could simply call it Personal Training or we could give it a more interesting and attractive name, such as Executive Fitness Coaching or Women’s-Only Body Transformation Class. Then we want to test it in the marketplace. Check out this video, Adding Income – Part 2, to see how.
b.) Second, we need to check out what the competition is charging for similar programs. This is where you, or someone else in your organization, contacts other organizations to see what they charge for similar programs. I highly recommend contacting the big box gyms in your area and focusing your research on them. Make a list of at least five of your competitors and what they offer that is similar to the product you are considering and their pricing structure. Need more help? Check out this short video, Pricing fitness programs – part 1.
- Step 3 –We cover final pricing and creating your offering next week.
Let me know if you have any questions.
Make it an awesome day!
Force Multiplier for the Fitness Professional
6-Figure Trainers and Coaches