When I ask a fitness business owner what they want I get the same answers, such as, more members, more clients and more revenue. What if you could make twice the money in your business without getting more members? Is it Possible?
In order to get more clients or members, you first have to get leads. So, what you really want is more leads, right? Once you get those leads, you have to convert them into paying members and clients to generate the revenue you desire.
What if you get leads and can’t convert them into paying customers? What kind of an impact does this have on your business? It cost money, time and effort to get leads. If your sales process is ineffective then, the time, money and effort is wasted.
Consider what happens once turn you them into a paying client. What if you only sell to them one time or you can’t keep them as a member or client? Now you are starting over again, right?
Yet, if you could retain them by selling more services more often, then you can get them to refer business to you. Now, would you agree you are maximizing your financial opportunity by leveraging your business expenses?
Business owners make the mistake by believing the way to grow their business is to get more members. This is where they tend to focus their money, time and effort. However, the fastest way to growth and profitability is to maximize the financial opportunity in your business.
It’s not just about getting more revenue because you don’t get to keep all that money. You have expenses. The money left over after your paid expenses are what you have to grow your business and pay yourself.
So, would you agree that profits are equally as important as generating revenue? Most fitness business owners settle for the leftovers instead of learning how they can drastically increase their profits.
Many owners make business decisions with their ego instead of using a business mindset and an understanding of business. I made these mistakes when I was growing my fitness clubs. I thought it was super cool and exciting to add new pieces of equipment, or offer a costly new program that brought no additional revenue. I spent money on things that members would get excited about for a short while, but they didn’t add to the profitability of the business.
Yes, I made some really dumb mistakes in my businesses before I grew my marketing and business skill-set.
I really wish I could get all that money back from my mistakes. 🙂
I heard a great quote years ago I never forgot…“Revenue feeds the ego, but profits feed the family and the bank account.”
So, keep in mind it’s not what you make in your business, it’s what you get to keep that provides the income you desire. You must understand how to grow both your revenue and profits if you want financial and personal freedom from your business.
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