3 Pricing FIXES To Set Up Before You Turn On Marketing!

If you want your fitness business to truly work, by that I mean to make it profitable, efficient and effective. I'm a massive believer that you should sort your PRICING out first before trying to grow, through marketing.

If your set-up is not right, you will just be flushing money down the toilet!  You'll have more clients for sure, a bigger business but with fewer profits and less time.   

What's the point of that?

There is nothing more frustrating than having to operate a bigger business with no additional profits!

Here are 3 essential fixes that every fitness business should complete before they hit the growth button. 

Hack Your Service Menu 

We can always make the distinction between a fitness business that will work and one that will struggle by looking at how many offerings they have. 

Less Is More 

The more services you offer, the more price points you have, the less likely you are to grow! It's important to understand how quality service looks like in the consumer's eyes, 

Here's an example I use to help show clients what I mean, 

What is the higher quality product/service here (and makes more profit) 

1. A Chinse Takeaway Menu 

Or 

2. A Gordan Ramsey Restaurant Menu  

The answer is pretty obvious, the quality is far better at a Gordan Ramsey restaurant because they have a menu that only has a very limited selection.  Due to this, they can focus on mastering the presentation, taste, service and delivery of fewer meals at a higher price point. 

Having less allows you to master and ensure that your services are always delivered to the highest standards.

It's far less confusing for the potential client and you when you have fewer options, More options can confusion   

Confused prospects NEVER BUY! Never confuse a buyer should be a mantra for all fitness businesses. 

The lesson here is to 

Stop Offering Every Type Of Fitness Service, 

Stop Offering Every Type Of Class, 

Stop Trying To Be Everything To Everybody.

That way of thinking does not work in the commercial world (in any industry) Instead, stay laser-like focused on a few service options and make them world-class.  

Check out my own service hack, this was a game-changer for my PT business, sales improved, retention improved, profits grew when I made this change!

                  BEFORE THE HACK 

                 AFTER THE HACK 

Set Up Pricing Based On Margins 

Growth costs money, time and energy! It's no simple task to grow a fitness business and why so many get stuck at a certain level, 

A mistake I made and many others make is to pay staff too much! 

When I worked at a commercial gym it pissed me off that they could bill me out at a high rate but only pay me a small %. Fast forward a few years, trying to operate and grow my own personal training studio I soon figured out why they could only pay me a small%...

Expenses!

There's a lot more of them than you think when you operate a facility.  And the goal is to make a profit so managing those expenses is a HUGE part of the game!

There's something called Gross Margins that need to be on point if you want to have the free cash available to grow your fitness business. If you want to find out more about this, Download This Tool, & Watch This Training.

If your Gross Margins are wrong, you will only grow a business with more clients, more staff but not more profits for you!

That sucks!

Set Up Your Auto Monthly Collection Systems

Make it easy for your client to pay you! Make it hassle-free and make it a part of their monthly life and you'll get paid more. 

If you're collecting cash, asking clients to make a bank transfer or pay at infrequent points you're adding headache for the client and a headache for you 

Use payment collection software like Go Cardless or Stripe. They are so easy to use and will guarantee to collect more money per client over the long term. 

MRR or building your Monthy Recurring Revenue is critical if you want to grow a healthy and profitable fitness business. It's very difficult to do that if you're chasing payments or are not being paid on a monthly recurring basis, 

Nicky Sehgal - Founder & CEO @ The FBDA 

We help fitness business owners just like you improve every aspect of their business through skills training and developing systems that work. If you want to grow your business using a systematic approach Click Here To Schedule A Chat