Profit is the holy grail of any business, including fitness related ones. With preventative measures on the rise to curb healthcare costs, there’s definitely room for you to have a piece of the proverbial pie. However, you must take things seriously. It’s a business and not a hobby, after all. Following are several strategies from the best and brightest in the industry to increase profitability:
1) Dig deeper:
Look beyond your profit and loss statements and find other metrics to examine. For example, know what percentage of your revenue comes from long-term clients vs. one-off ones.
Is there a demand for group classes or consultations? Can you teach a seminar? There’s much more to fitness than personal training.
3) Build Relationships:
What complementary businesses are in your area? Nutritionists? Doctors? Get to know them so you can enhance your referability. Don’t forget about rewarding current clients for passing your name on to friends and family.
4) Find the right clients:
The first hurdle for many fitness professionals is understanding your value and be willing to charge for it. Then, it’s a matter of finding the people who are willing to pay you what you are worth and those you truly enjoy. This is a recipe for success. You will be able to serve those clients better, achieve better results and keep them coming back for more.
5) Find your niche:
What makes you special or different? Once you determine this, focus on attracting and maintaining your client base. Your profitability is bound to increase due to the fact you are serving a smaller set of clients better – more effectively and efficiently—and of course, more profitably.
Do these 5 things—and do them well and you’re likely to see a return on investment. Remember, Rome wasn’t built in a day.