For those of us, who have shaped our lives around sculpting our bodies (and those of our clients), being a fitness pro truly can become its own dream come true. It’s not everyday that people can make a living, doing what makes them come alive; and helping others feel that very same sense of self-empowerment is truly its own reward.
There is an interesting drawback, however -and it applies across the board to all fitness trainers and health coaches: unless we raise our prices, our earnings are capped once we’ve filled up our week of billable hours. Also, once we’ve crossed that weekly 35-hour barrier of client sessions, then we not only begin to sacrifice time for innovating and maintaining the back office-side of our business, but that’s right about when the workload gets rather stressful.
True, being a fitness pro can be its own realized dream, but what about creating wealth? If you can only take on so many clients, then is it even possible to increase your profits toward a greater level of success?
Short answer: YES!
What Do I Mean by Profit Potential?
Perhaps, the most fundamental method of creating wealth is by leveraging your timestrategically and then steadily increasing that leverage over time.
In other words, if you spend your time performing a single task, then you will only reap the rewards from one task at a time. However, if you could spend the same amount of time and effort, performing multiple tasks at once, then you have effectively added working leverage to your limited amount of hours in the day. This is specifically how some of the world’s largest companies and billionaires have been made -and believe it or not- Fitness Proscan do the same.
Below are 3 tips that you can use to increase your profit potential by leveraging your time, allowing you to construct multiple revenue streams. It’s all about getting paid for what you do, while getting paid for what you’ve done.
1 – Hold Classes for Multiple Clients in a Single Session
Providing one-on-one sessions for your clients is the usual model for fitness trainers, but let’s think outside the box for a moment.
What if you were able to work with 3-7 clients at a time? If that were the case, then you could benefit from 3-7x the profit potential in the same time it would take to hold a single session. This can be done by expanding your services to multiple-client classes, but here are a few things to keep in mind before you explore this avenue…
● First, you will have to offer a discounted rate, given that you won’t be able to provide one-on-one attention to each student.
● Also, you might need to create additional arrangements with your partnering gym in order to make sure that your clients are afforded ample access to the equipment on the floor (because nothing will bog down a group session, like a long waiting line for the bench press).
● This is also a fantastic way to get people interested in one-on-one sessions, as you can use your classes to provide an type of ‘intro rate’ without taking a direct hit to your revenues. You’ll actually have a unique social proof credibility in this situation, since 2-6 other clients will be validating the quality of your services just by attending your class.
By the way, if you’d like to really win over a potential client, offer a ‘bring your friend free’ session promo. You might just pick up two for the effort of one.
2 – Start a Membership Reward Program
In order to use this tip, you’ll not only need an official website, but you’ll also need to have an ecommerce store under that domain name as well.
So, if you don’t already have an online store, then this might require a bit of an investment to get it started; however, the profit potential from this particular tip will only be limited by the size of your brand’s tribe and site traffic growth rate. Essentially, you’ll be creating a ‘membership reward program’, which can offer a percentage discount or special deals to clients and estore customers.
Charging a membership fee is optional, but it is recommended, depending on how much you’re prepared to discount the prices of your goods and services. This will likely increase the volume of transactions from members, while also stabilizing your revenues through the predictability of recurring monthly fees.
On several occasions in my blog posts, I’ve discussed my love of WordPress (for creating websites). Yet there is one particular theme, which has really come in handy to me over the years: the WooCommerce online store theme (free). The cool part here is the fact that you can purchase a ‘membership’ plugin ($149) for that particular ecommerce theme. Keep in mind that you will be offering a discount -but where this increases your profit potential is in the fact that you’ll benefit from the naturally occurring brand loyalty that’s common to membership programs.
3 – Create a Content Revenue Stream
In reality, there aren’t too many types of revenue streams that are based on the ‘create once, sell a thousand times’-model. However, this is a possibility for fitness trainers through selling intellectual property online. For small businesses, you can usually find this type of revenue stream in the form of created content, such as…
● Instructional eBooks
● Written blog content
● Movie or written tutorials
● Music/audio products
For creating this type of revenue stream, it’s always best to use these guidelines: A) The content should fill a research-verified market need, and B) highly creative, unique, and excellent quality content will pay off repeatedly (whereas, most others will not). If you have an online store, then using this tip will enable you to increase your profit potential -even while you sleep- since the entire process can be automated from the initial site visit to the checkout page.
In addition, this is where tips #2 and #1 can go hand-in-hand, as a membership program can even offer a reduced price, or access, to the content. This will not only further drive sales, but because it’s intellectual property, you won’t have to account for near the overhead costs of physical inventory.
The Key to Wealth: Add Leverage. Rinse. Repeat.
Overall, wealth is most effectively created by enabling your business to generate multiple residual revenue streams. There are only so many billable hours available in a given week, which means that in order for your business to increase its profit potential, then you have to do more than one thing at a time. According to Adam Toren of Entrepreneur,
“Leverage is the key to making what you have go much further. Just like a crowbar or a moving dolly, leverage allows you to harness the power of good positioning and the strategic application of energy to move mountains.”
These tips, of course, don’t even come close to scratching the surface on the endless possible methods at your disposal (some of which, you could even invent on your own). So, if you would like to share any additional methods that your fellow fitness pros could use to increase their own business’ profit potential, then feel free to leave a comment below. New ideas that have a history of success are pure gold for entrepreneurs like us!