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[ 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.

RetentionSales
[ May 13, 2020 by Fitness Revolution 0 Comments ]

8 Tips to Maximize Revenue In Your Virtual Gym

Our weekly webinars have produced great conversations about how to solve problems for gym owners. One recently addressed how to maximize revenue in your business, including virtual training in the era of the coronavirus.

You and all business owners already know the importance of what we call The Big 3: marketing, sales, and retention. Keep up the focus on those three basics, always. 

But here, we want to share eight additional tactics that we shared during our webinar – action items you can put into effect right now to improve your revenue.

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

  1. Price Increases: Where should you raise rates, and for whom? Can you increase rates across the board, or just for new clients or programs? Yes, you might lose a few people who were looking for a reason to bail anyway. But you can minimize losses with proper communications.
  2. Up-Selling: After a customer buys your main offer, what service or product can you sell to increase the purchase amount? For semi-private training, for instance, sell them a MyZone belt or similar item. For virtual one-on-one clients, show them the value of buying resistance bands from you.
  3. Cross-Selling: You know how your TV, phone, and Internet services might be bundled together by one provider? You can do the same by offering similar packages to sell things like nutrition coaching and supplements.
  4. Ascension: Move clients up from your low-tier program to a higher level of service that costs more. Transition them from once-a-week virtual training to three-times-a-week personal training.
  5. Frequency: Increase the frequency of purchases, and reduce the time between purchases.
  6. Reactivation: Win back prior contacts, including: cancelled or frozen clients; prospects that never sold; people who took your FEOs (front-end offers) but didn’t convert to COs (core offers).
  7. Expansion: Introducing (and selling) new programs, like virtual nutrition coaching, stress management, or life coaching.
  8. One-Time Sales: These are products  and services that you might sell only once to each client, like meal-prep or cooking courses; yoga mats and water bottles; and video libraries.

Be sure to check out the free resources we’ve gathered to help you during this time, and schedule a time for a free one-on-one conversation with a Fitness Revolution coach. We’re here to shorten the learning curve and drive you to the next stage of your success journey.

ArticlesFor Business OwnersFor Fitness ProsStage 4
[ December 24, 2018 by Fitness Revolution 1 Comment ]

How to Find Good Staff for Your Fitness Business

If you want to transition from being self-employed to being a business owner you need to build a great team. Your business should be able to run without you there 100% of the time. Unfortunately, many fitness business owners who start off as great trainers or coaches struggle to let go of the day to day operations in their business

ArticlesFor Business OwnersFor Fitness ProsStage 1
[ December 17, 2018 by Fitness Revolution 0 Comments ]

How To Increase Your Personal Training Revenue

You’ve got some big goals for your personal training business. Most of those goals are probably tied to increase your personal training revenue or profits.  

To increase your revenue you have to:

  • Increase the number of new customers
  • Increase the value of each sale
  • Increase the frequency of sales

Let’s take a look at 3 simple ways to increase your personal training revenue.

Raise Your Prices

When is the last time you raised your rates? I know, I know…it can a scary proposition to increase the cost of your services. The little voices in your head start telling you that you’ll lose clients or won’t be able to sell new clients because of your increased rates.

For most personal training businesses the opposite is true! It will be no more challenging to sell at your new rates than your previous rates. And, your current clients won’t all jump ship.

Look at increasing your current client’s rates by $5-20/mo. That small price increase won’t be enough to drive anyone away. For new clients you can increase your rates by $20-50/mo or 10-25% depending your comfort level.  

Invest In Your Marketing

There’s a good chance that you aren’t investing enough into your marketing. The best way for most personal training businesses to increase revenues is by creating more opportunities to sell their services. Those opportunities need to come in the form of new leads.  

Learn how to run Facebook ads, expand your social media marketing, increase your networking, start your email list, etc. If you don’t have the time to learn how to do it or don’t want to learn how to do it then outsource it.

Lead Engine Marketing is the lead gen secret weapon for many of our best coaching clients here at Fitness Revolution. For a small fee you can have someone set up your Facebook ads and send leads into your funnel so that you can focus on closing those leads.   

Offer High End Services

There’s a good chance 10% of your current clients would be willing to spend more money with you for high end services. Putting together a premium offer, with big margins, for your best customers can help you generate some revenue easily.

You could offer nutrition coaching/planning services, individualized training (such as a few 1-1 sessions month), all access passes to your workshops/challenge, or concierge level services. With the concierge level services you would partner with meal prep companies, massage therapists, chiros, etc to create a package for this individual at a premium.

Increase Your Wallet Share

This is a term that I recently heard and didn’t really get until I spent some time thinking about it. Your current clients, your entire market really, has a set amount of money they are going to spend each month. If you can provide valuable services or products to increase the share of that money then you’ll have no issue growing your business.

This is not about being greedy! These clients are going to spend the money either way. They would love to spend it with someone they already know, like and trust (THAT’S YOU!)

If you need a little help increasing your personal training revenues book a complimentary call with a member of the Fitness Revolution team to uncover hidden opportunities in your business.

Schedule Your Call Now

ArticlesFor Business OwnersStage 3
[ June 7, 2016 by Fitness Revolution 2 Comments ]

Keeping Score In Your Business

If you’re running a business, you better be keeping score. There are 7 key metrics that you need to be tracking of each month. You should also be setting goals for each quarter to see if you’re on track to have the success you want or if you need to change something in your business. So, are you keeping score? Is it the right one?