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Business
[ July 29, 2020 by Kelly Berry 0 Comments ]

Success Coaches Share Tips for Recasting Your Year-end Goals

We asked some of our Success Coaches two questions about how to set and adjust goals for the rest of 2020. Every day, they talk to independent gym owners across the country and share their combined decades of experience in guiding them to success. At this point in the year, it’s good to look back at how Covid-19 affected you — and how you can move beyond its enormous impact to finish strong.

Question 1: What adjustments should gym owners be making to their year-end goals?

Success Coach Asa Ivers:

First, really dive into your financial numbers to see how you’re trending against your projections, what’s realistic, and what needs to be revised. Second, for many gyms, this is an opportune time to tweak their business model, class sizes, times, etc. 

Talk about it with one of our Success Coaches – Schedule your free call now!

 

Success Coach Mike Allen:

We’re still in a time of uncertainty, so accept that things are somewhat unpredictable. That being said, you tend to hit what you aim at, so aim at what’s most important. Set goals knowing that you may need to make adjustments along the way. Balance the immediate needs of “putting out fires” with the long-term strategy of the business. 

 

Success Coach Craig Myers:

Reflect on your long-term vision as the first step. Don’t get caught up in the uncertainty of “how” you get there —  focus more on the “why.” Reconnect with the reasons you do what you do. It’s either going to affirm you’re still on the right course, despite a few more zig-zags than you would have imagined, or uncover important differences that may affect short-term decisions.

 

Success Coach Pamela MacElree:

Set metric goals to move you back to where you were when the pandemic started. It’s hard for most of us to accept that we might not end the year with the initial goals we set. Being a little forgiving of ourselves is important, since for the most part we had no control over it. Getting back on track and working toward growth is a reasonable way to address the rest of the year.  

 

Success Coach Madison Allen:

Don’t get caught up in outcomes or the metric goals that are behind pace or no longer feasible. The best type of goals for the rest of this year are process goals, the ones that are made up of action plan or strategy adherence that’s completely within your control. These are distinct from outcome or performance goals because the focus is on behaviors that influence the outcome.

 

Question 2: What reflection questions will smart business owners be asking themselves? 

Asa:

Do I have sufficient cash reserves to sustain a shutdown? Can my business model adapt to another one? In hindsight, is there anything I would have done differently? What opportunities do I have from this?

 

 

Mike:

What can I learn from other gyms in slightly different circumstances (lost more clients, reopened earlier, had to re-close etc.)? How’s the competitive landscape today? What resources or assets do I need? Am I focusing on what’s really most important? What direction can I get from my coach here? 

 

 

Craig:

What have we always done really well? What has always been a struggle, and why? What tools or systems are we missing? Where do we stand financially and what’s the trend? Am I leveraging my coach, my team, my network effectively?

 

 

Pamela:

How can I continue to grow my business outside of what I’m used to? How can I start to solve problems for my clients before they come to me with them? What have I learned in the last few months that showed my strengths and weaknesses – and how can I leverage the strengths while working on the weaknesses to grow as a leader?

 

Madison:

What can I learn from the past six months? What has changed in the landscape that will affect resetting my goals? Which process goal would have the biggest positive impact on the business if I made it my top priority?

 

 

Our Success Coaches are here to help you with this and everything else you need to make your gym a success. Set up a free consultation now.

Business
[ July 22, 2020 by Fitness Revolution 0 Comments ]

5 Questions with Success Coach Asa Ivers: COVID Challenges, Opportunities and Advice

Success Coach Asa Ivers joined Fitness Revolution in 2017 and has helped countless independent gym owners reach their goals. Asa graduated magna cum laude from Touro University in California with a business degree and a minor in marketing. She started in fitness as a trainer 15 years ago, then created and ran a successful gym. Asa loves applying her business knowledge and fitness passion to help gym owners succeed. We recently talked about coaching gym owners through this challenging time. 

Talk with one of our Success Coaches – Schedule your free call now

Q: What’s the No. 1 challenge that gym owners are facing right now?

A: We’ve been able to coach everybody over to virtual offers and keep their revenue streams. But limiting beliefs are the biggest challenge. I’ve had a lot of clients who felt, when this all started, that they couldn’t do a virtual option, for instance – and we help immediately with that. We know the best methods to implement and how to roll your clients. But then there’s the limiting belief that, “I’m not providing the same level of service, so I shouldn’t charge the same amount.” But in reality, most clients understand their hands are tied, so it’s the gym owner’s own self-limiting beliefs that can cause them to shoot themselves in the foot when it comes to maintaining that consistent revenue stream.

Q: How do you coach them out of that?

A: Basically by asking them  a series of questions to help them realize that it’s their own self-doubt that they are basing this on, and not what their clients are actually thinking. When they come to that realization on their own, then we move forward, full-speed ahead with maintaining the same revenue stream, the same cost for their services, and rolling their clients over into a virtual option. I also have them consider the flip side: If you discount your services now, then what happens when Covid is over? Well, then you’d have to raise prices on them – and they’d have an issue. More often than not, the gym owners are very happy that they did not discount their service.

Q: What’s the top opportunity available now?

A: A lot of times, the logistical pieces are so difficult for people to draw out. How do I go virtual? How do I provide this particular service? Do I provide the same programming? All the questions that come along with it can be overwhelming to businesses that don’t have the support system like we provide at Fitness Revolution. We’re able to help right away. We stay aware of what’s happening among the different states, and I coach individual businesses – there’s no plug-and-play, “one size fits all” template.

Q: What’s your advice about freezes, suspensions, and cancellations?

A: You need a policy in place outlining what constitutes a freeze, what the parameters are … Is there a financial situation, a job loss due to Covid? A freeze policy isn’t open ended. It outlines the circumstances in writing. Speaking of policies, you need to have a plan in case an employee or member tests positive or was potentially exposed. I help gym owners draft an email that says everything they’re doing, following or exceeding state mandates, etc. You want to have it ready if that situation unfolds – and be ready to roll clients back into virtual if that’s needed. 

Q: This is a smart time to stop all my marketing, right?

A: No, absolutely not. Do not stop your marketing. A lot of people have been thinking, “I’ll just pause marketing because I’m going to focus on servicing the clients that I have.” No, don’t stop. There’s a lot of businesses that are stopping to save some money. Maintain your virtual options and market to it. Make sure you clients, prospects and community stay informed about what you’re doing.

Asa is just one of our awesome Success Coaches here to help get you where you want to go. Set up a free call now with one of them to learn what we can do for you right from the jump.

Business
[ July 15, 2020 by Fitness Revolution 0 Comments ]

How to Prepare for Possibly Reclosing Your Gym

No one wants to think about having to close your gym again. And we don’t want to be alarmists here.

But the sad truth is, it might come to that point. We’ve already seen at least two states – California and Arizona – order gyms closed again after a surge of coronavirus cases. With numbers also rising elsewhere, and with the wild ride we’ve all been on already, we believe it’s best to be prepared – or, at least, not caught by surprise.

So, let’s talk about how to get ready in case it happens in your state, too. 

 

Talk about it with one of our Success Coaches – Schedule your free call now

 

First: Don’t Think We’re in the Clear Yet

Having the right mindset might be the most important thing right now. That means acknowledging that you might have to close your gym again – and then developing a plan to have on hand just in case.

Hopefully, you won’t need it. And you can always change it. But the gravest mistake would be to forget about it and think it’s all in the past.

What To Consider Now

The good news is, we’ve been through this before, so we know more about what to expect. That doesn’t mean you can just automatically repeat what you did before and assume everything will be OK. 

Here are some things to be thinking about.

  • Keep Marketing. No matter what. Your clients and prospects need to know if you’re still open, what your hours are, how to register for online training, etc. It’s up to you to keep telling them – and there’s nothing unethical or troubling about promoting your services. Remember that people need you now more than ever.
  • Keep Your Virtual Options. You might have maintained online training throughout the crisis, even if you were already allowed to reopen. (And we know many of you have NOT been allowed to reopen yet.) If you discontinued your virtual offerings, then get them fired back up immediately. Don’t wait for the bad news to come. You want to be ready to continue operations smoothly, without having to start anything over again during crunch time.
  • Remember Your Sales Calls. Whether you’re fully open, online only, or offering hybrid solutions, you still have to make your sales calls to bring people into the business as members. It’s a fantasy to think we can rely on our online sales copy to close the deal. 
  • What You Know Already. You know from before how to maneuver in a challenging situation. So, apply that hard-won wisdom now before your hand is forced. You know what your income and expenses look like ideally and what they need to be under duress. You know how to manage your time and your team. You know how to consult with your landlord, tax adviser, and accountant.
  • Some New Advantages. The market is thinner now, since some gyms have had to close. You should be using that to your advantage anyway – and recognize the bigger opportunity for you now to bring gym-less folks into your fold. Outdoor training might be an option for some of your members now, so consider the possibilities. What other circumstances are different now that you can shape into opportunities?
  • Rely on the Basics. Keep the health and safety of your team and clients at the top of your priorities – and make sure everyone knows it. A clean gym will continue to be a powerful selling point. Focus on delivering the best experience possible; survival will come through customer service. Manage your expenses.

Again, we don’t want to alarm you here. But make no mistake: You need to stay aware of what’s happening in your state and industry so you can always be prepared. This is an ongoing challenge – and we are here to help with countless resources to get you through it. Set up a free call now with one of our Success Coaches to get your mindset right and your plan down on paper.

Marketing
[ June 17, 2020 by Fitness Revolution 0 Comments ]

How to Market Your Reopening

Reopening your gym is a huge opportunity to learn from your clients, remove barriers in your sales process, and start the next leg of your journey on the right foot.

A lot of that is tied to how you market your reopening – even if Day 1 has already passed. These ideas apply to more than just the date you literally reopen the doors for the first time. It’s all about communications – and realizing that it’s your responsibility to provide information and empathy during this transition process.

You need to have a plan to market that you’re back in business or that you will be soon. We’ve broken it down into five essential elements.

Let’s talk: Call today to schedule a free chat with one of our Success Coaches.

Capacity

How much space in your schedule will you have? How much time before reopening? And how much money can you spend on marketing? If you’re already open, look at your schedule to see how much room you have to fill. Even if you can’t spend much on marketing, be sure your resources match your plan.

Messaging

The 6 Cs are guidelines for strong messaging. Run everything through these filters before going public with them. Make everything clear, concise, compelling, credible, and customer centric, and give them a call to action (tell them what to do next).

Awareness

Your campaigns to promote your reopening should achieve three objectives. Inform your clients about your reopening plans through phone calls and text messages, updates to your website, posts on social media, and group emails. Emphasize health and safety measures you’ve implemented. And build some excitement.

Activity

What’s going to bring people in the door? Are you planning enough activity to generate the lead volume you’ll need? Think about reopening offers, reactivation, your email list, “bring a friend” promotions, social channels, and even paid advertising.

Conversions

Collect all the basic information – name, phone numbers, and email addresses, at least. (It’s surprising how often this gets overlooked!) Get them into a sales conversation without relying on a landing page or sales copy to do all the work for you. Anticipate their objections and have your responses in mind. And be sure to follow up, eight to 12 times at least (or until they tell you no).

If you have questions about any of this, or want to dive deeper into any issues facing you now, let us know. Schedule a free consultation with one of our Success Coaches now. This is an important time for your business, and we’re here to help you make the right moves with confidence.

Revenue
[ June 10, 2020 by Fitness Revolution 0 Comments ]

How to Recover from Revenue Losses

If you’re like most independent gyms, you’ve seen your revenue decrease during the coronavirus crisis.

That’s why we devoted our webinar last week to the topic of recovering from revenue losses. You can find all our recent webinars among the free resources we’ve gathered for you. (There’s a ton of great information, so be sure to see take a look.)

Without minimizing what’s happened, we are here to tell you that there is hope – and we can help you get started on your process of recovery. Here is an outline of the plan.

First, you need to determine your cash runway. This is a crucial metric to understand your gym’s financial health, and it will inform your plan to recover revenue.

Follow these three steps.

  1. Gather Your Financial Information: gross revenue; fixed expenses; variable expenses; operating margin; cash on hand; capacity percentage.
  2. Project Your Runway. This means how many months a business can last before burning through all its cash on hand. With current, accurate numbers, this is the easiest formula to project your runway: Cash on Hand divided by Net Monthly Loss = Cash Runway in Months. Here’s an example. Say you have $20,000 on hand; gross revenue at 60 percent capacity of $36,000; fixed expenses of $40,000; variable expenses of $6,000; operating margin of negative $10,000… You have 2 months of runway.
  3. Build Your Plan. This will depend on how many months of cash runway you have. For example, if you have a month or less of cash runway, then – among various tactics – you can reactivate campaigns to win back prior contacts, former clients, previous prospects, etc. With up to 3 months of runway, you can focus on moving customers from lower-tier programs to higher-tier programs; upsell a secondary service or product; charge more for services and bundle them together; and more. Gyms with longer cash runways have different options, as well, like selling non-recurring products and services (courses, retail items and more).

There are many tactics and approaches, all depending on your situation. We go into them in greater detail in the webinar. And we are here to talk about it anytime. Let us help you figure out where you are right now and how we can get you started on recovering from those revenue losses. Schedule a time for a free consultation with one of our Success Coaches now.

MarketingSales
[ June 5, 2020 by Kelly Berry 0 Comments ]

PPP Revisions Provide More Flexibility

If you borrowed money under the federal Paycheck Protection Program (PPP), you should know about new changes that give you more flexibility in using the money and paying it back.

President Trump just signed into a law a measure that brings much-needed relief for borrowers. The bill was recently approved in the House and Senate.

Here are some highlights.

  • Extension of covered period. PPP borrowers can choose to extend the eight-week period to 24 weeks. The flexibility is designed to make it easier for more borrowers to reach full, or almost full, forgiveness.
  • You can spend more of your proceeds on non-payroll costs — but be careful. The payroll expenditure requirement drops to 60% from 75%. Borrowers must spend at least 60% on payroll, or none of the loan will be forgiven. Currently, a borrower is required to reduce the amount eligible for forgiveness if less than 75% of eligible funds are used for payroll costs, but forgiveness isn’t eliminated if the 75% threshold isn’t met. 
  • You’ll have longer to replace FTEs/restore salaries: Borrowers can use the 24-week period to restore their workforce levels and wages to the pre-pandemic levels required for full forgiveness. This must be done by Dec. 31, a change from the previous deadline of June 30.
  • Businesses that remain partially or fully closed through the end of the year will get new relief: The legislation includes two new exceptions allowing borrowers to achieve full PPP loan forgiveness even if they don’t fully restore their workforce. Previous guidance allowed borrowers to exclude from those calculations employees who turned down good faith offers to be rehired at the same hours and wages as before the pandemic. The new bill allows borrowers to adjust because they could not find qualified employees or were unable to restore business operations of Feb. 15, 2020, due to COVID-19 restrictions.
  • Any unforgivable amount has more favorable terms: Borrowers now have five years to repay the loan instead of two. The interest rate remains at 1%.
  • You can defer certain payroll taxes even if you received a PPP loan: The revisions  allow businesses that took a PPP loan to also delay payment of payroll taxes, which was prohibited under the CARES Act.

Have questions on making the most of your financial planning? Go here to reserve time to speak with one of our coaches for free! 

MarketingRetentionSales
[ May 27, 2020 by Fitness Revolution 0 Comments ]

Marketing Virtual and In-Person Services: What to Tweak, What to Keep

If you started offering virtual training during the coronavirus quarantine, you might be among the many gyms planning to continue offering it even after the crisis is over.

So, you might find yourself operating two marketing tracks: one for virtual and another for in-person training.

It might seem like a lot to think about, but we’re here to walk you through it. This was the subject of a recent webinar, and you can watch the video here for a longer discussion. 

Download our free list of resources to protect your business during the COVID-19 crisis.

First: Let’s Review Some Basics

  1. Keep doing what has worked in the past. The best starting place is the marketing plan you had before COVID-19. You can make changes to it, but don’t throw it out and start over.
  2. Maintain realistic expectations, track your results, and (even now) balance short-term needs with long-term goals.
  3. Messaging must be clear, concise and conclude with a Call to Action – what do you want them to do now? Click for more information, download a resource, etc.
  4. Focus on them – your clients and prospects – rather than yourself. 
  5. Pick three things to do, and get good at doing them consistently. That’s one each for these three channels: internal, offline and online. Choose activities based on your strengths, resources and their ability to generate revenue.
  6. Track and measure your marketing efforts – leads, FEOs, sales opportunities, and execution of your marketing activities. Sound familiar? It should – because we’re talking about sticking to your plan for the most part. 

Marketing Your Virtual and In-Person Offers

Good marketing is based on foundational principles that should get you 90 percent of the way there. These principles apply virtually, in person, during COVID-19… All the time.

There’s a lot more “keeps” than “tweaks.” But let’s take a look at the 10 percent difference you can make with some minor adjustments.

Marketing Messaging

Tweaks: Speak to what makes your offer virtual and not just a product they can buy and use on their own. Highlight the new value, and leverage social proof for virtual offers. You want them to understand this is working and they can get good results with it.

Keeps: Stick to the basics of marketing message. (We go over the six key components in the recorded webinar.) Health and safety should always be a priority – and should be front-facing right now.

Marketing Activity

Tweaks: Shift a higher percentage of marketing to the online choice. Introduce virtual FEOs. Evaluate how much time and money you want to invest.

Keeps: Use all three channels (internal, offline, online). Create quarterly promotions and “insurance” marketing activities.

Tracking & Measuring Your Marketing

Tweaks: Adjust testing periods since you might not have the luxury to wait several months to see how something’s performing.

Keeps: Use of minimum metrics, designated testing periods.

 

Be sure to take advantage of the free COVID-19 resources we’ve gathered for you. And schedule a time for a free one-on-one consult with a Fitness Revolution coach. We can help you with virtual and in-person marketing, plus everything it takes to make your gym successful.

RetentionSales
[ May 20, 2020 by Fitness Revolution 0 Comments ]

Overcoming Obstacles and Seizing Opportunities

Some people see an obstacle and focus on how it’s blocking them.

But successful entrepreneurs see challenges as opportunities.

In these days of the pandemic, we all face plenty of these situations. Your success depends largely on overcoming obstacles and seizing opportunities inherent in today’s world.

Here’s a look at three common situations and how some of our top-performing gyms are spinning them to gold.

 

Download our free list of resources to protect your business during the COVID-19 crisis.

 

Topic No. 1: Safety. This is the primary concern for everyone – your employees, clients, prospects and community. You want to build trust by providing a clean and safe facility; present positive optics about what you’re doing; and protect the culture you’ve created.

What Top Performers Are Doing: They’re communicating with all their stakeholders so much they might feel like they’re over-communicating. (Impossible.) They’re looking ahead, regardless of whether they’re allowed to reopen yet, with contingency plans and ordering cleaning supplies in advance.

Topic No. 2: Losing Revenue. Most independent gyms have suffered some level of revenue drop. Most businesses of any kind probably have. It’s part of the current state of the world, but you can take steps to improve.

What Top Performers Are Doing: They’re expanding their short-term and long-term offerings to create new revenue streams with virtual training and nutrition coaching. They’re reducing costs wherever it makes sense. And they’re watching for opportunities to take clients to the next level of service – from, say, group training to individual training. 

Topic No. 3: Retaining Clients. Keep delivering your best service and experience. People want more community and engagement now. You can cultivate client connections and peer relationships to increase that sense of belonging that clients crave. And you can get to know them better, which will inform every aspect of your business.

What Top Performers Are Doing: They’re increasing their touchpoints with clients by making personal phone calls, sending texts, and even writing notes by hand. They’re providing opportunities for clients to interact, like virtual happy hours and game nights. And they’re asking clients about their needs to find new ways to meet them.

 

If much of this sounds familiar, that’s good! It means you are relying on the strong foundation you’ve developed – and you’re making adjustments as needed rather than ditching your whole business model and starting from scratch. Have confidence in what you’ve done, and show it by keeping a steady hand while remaining open to adjustments.

We’ve been updating the free resources to help you through the COVID-19 crisis. It’s such a fluid situation, and different from state to state, so stay aware of what’s happening in your area. And schedule a time for a free one-on-one consult with a Fitness Revolution coach. We can help you ensure you’re a top performer now and when all this is over.