Optimizing multiple revenue streams
Fitness businesses come in all shapes and sizes — from boutique Barre studios to big box gyms. We find our niche and serve the needs of our clients. Although services vary, successful businesses have one common thread. We have multiple streams of revenue to keep our operations afloat and thriving. Running multiple profit centers such as personal training, boot camps, and nutritional products is a tenuous balance. As entrepreneurs, it is easy to get distracted and have your hands in many different areas. However, we need to focus our energy on services that provide the deepest impact and the most return on investment. But we cannot rely on one area of our business to do all the heavy lifting!
We are going to explore ideas for diversifying your current income. We’ll also discuss how to create programs that include multiple profit centers to showcase the best of your business. To dive in, let’s look at a preliminary list of profit centers. Where does your business line up? Are you highly functioning in at least six of these areas? Write them down. Add to the list any of your services not reflected below. Keep that list. You’ll use it as we work through this topic together.
We are going to explore ideas for diversifying your current income. We’ll also discuss how to create programs that include multiple profit centers to showcase the best of your business. To dive in, let’s look at a preliminary list of profit centers. Where does your business line up? Are you highly functioning in at least six of these areas? Write them down. Add to the list any of your services not reflected below. Keep that list. You’ll use it as we work through this topic together. What kinds of services
What kinds of services makeup profit centers? Here is a list of 10 to get your wheels turning.
- personal and semi-private training
- small and large group training
- corporate wellness offerings
- nutritional products and supplements
- community weight loss programs
- on-line personal training
- nutritional counseling
- special population, such as senior fitness, prenatal, kid fitness, etc.
- strategic partnerships, such as chiropractic or massage, hair salons, etc..
- youth camps
Knowing your profit centers help you plan for success. The success lies in combining your products and services in a meaningful way to create both feeder programs as well as retention programs. You simply tailor the cost, length, depth, and focus of the program to the audience you want to serve. You pick and choose which profit centers you want to highlight. In doing so, a client can date you and many of your services before they join you. Or an existing client can try new things to avoid burnout and guarantee on-going results.
To expand your list of products and services, identify your clients’ fitness, wellness, and nutrition needs that fit your brand. Focus on being their total solution. Going deeper in your existing clients’ lives makes more business sense than constantly attracting new clients and serving them only on the surface. Here are examples from within my own seven-figure fitness business of revenue streams we have fine-tuned.
Oftentimes, growth is trial and error. We have tried initiatives over the years that did not fit our core mission and ended up being a distraction, such as strongman competitions and outdoor boot camps in outlying communities. We now focus on the profit centers that serve our ideal clients the most.
In all of our programs outlined below, clients are exposed to large-group training, small group training, nutritional coaching, on-line coaching in private Facebook groups, our recommended meal replacement shake, and menu planning. We touch on all profit centers in all camps, no matter the duration. Some camps include group fitness outdoor.Some camps include massages or private nutritional coaching as a prize. Some camps include fitness supplies that we retail like foam rollers and branded fitness gear.Each camp is analyzed top to bottom and filled with the best we have to offer.
To give you an idea of what I mean, I will break down what we do in our business. This is not meant to sell you on our programs but instead is meant to give you an idea of how you can reach a larger audience by slightly tailoring your offerings depending on your target market.
21-Day Slimdown– This three-week boot camp, offered twice per year, guarantees results and prizes for all and grand prizes to best transformations. We offer optional weight, measurements, fitness testing and before and after pictures. They have access to three “Slimdown Formula” workouts per week. This camp attracts between 100-120 clients and prospective clients.
Corporate Wellness – We go beyond “lunch and learns” by offering a 6-week specialized program to overhaul the fitness and nutrition of our local workplaces. We start with a new workplace each month. Group training can be done on-site at the business, or at your own facility. Participants are teamed in groups of five and assigned a personal trainer as their coach. They follow a simple meal plan, have access to one-on-one nutrition coaching and receive a personal exercise prescription to follow. Workplaces love the Corporate Fit Challenge because it lowers health care costs, saves money and increases productivity and employee satisfaction. We love Corporate Fit Challenges because, in addition to creating healthier neighbors, we expose new members to the best we offer, a great formula system to staying with us long term. Our goal is to serve a new workplace each month, enrolling between 12 – 50 per workplace.
Thinner Winner –Our annual community wide weight-loss challenge teams members and non-members in groups of four to six for a six-week period. We host ten special Thinner Winner workouts along with complete access to our facilities during the program. Three $500 prizes are awarded to the teams that achieve the greatest results in three categories; the greatest percentage of inches lost, the greatest percentage of weight lost, and the most club check-ins. We create a buzz in the community with a great tagline: “Help your city name to lose 1,000 pounds!” We deliver healthy gift baskets to area businesses, inviting them to create a team. This program changes lives, strengthens the engagement of clients and brings new members into the folds. We enroll between 150-200 people annually.
Products and services that stand on their own, such as personal training, can only take you so far. It takes a lot of sessions and time in the trenches to earn a living, keep great clients and grow your business. Adding other products and services is smart business, especially when they are combined to offer your clients a world-class experience.
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Daniel has been featured in IDEA Health and Fitness Magazine as Top Fitness Professional in Washington DC and magazine contributor, ToddDurkin.com as Mastermind Member in the Spotlight, Fitnessmagazine.com, Ideafit.com,and SparkPeople.com.
Daniel is a ACE certified trainer,MS,WLS,PES,TRX Coach and Nutrition Coach with Precision Nutrition.
Daniel was named Argentina’s most successful personal trainer and worked in the Washington DC Metro area as a Fitness Specialist until 2008 when he opened Fit for Life Fitness In-Home Personal Training Specialists.
Daniel can be reached via email at email@example.com
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