If you are a fitness or wellness professional looking for new business ideas to kick-start the New Year, we have highlighted below the key takeaways from our most recent Facebook Live with Anna Martin, owner of AMF World; and Elle Linton, fitness professional, influencer and blogger.
1. Flex to impress
Flexibility has become part of the norm for businesses operating in periods of disruption. With the help of technology, our businesses are better prepared to adapt to the changing circumstances and needs of our customers, allowing us to go from face-to-face to virtual classes seamlessly.
“It’s important to get to know the ebbs and flows of your customers. Get to know them and understand how things are impacting them,” says Elle Linton.
Taking your fitness business online seems like an obvious choice when it comes to preparing for the future and planning to reach out to a wider audience. Virtual classes are a great way to add extra flexibility to your services and promoting them through your social channels is a natural strategy to consider. Your customers are your ambassadors and will help with sharing the work you do, if they are online, they will amplify your message and give you a big boost.
“Referrals through word of mouth are what keeps us going. You want to be so good that your customers talk about you at the dinner party,” says Anna Martin.
2. Making the hybrid model work
The new post-Covid19 customer is spoilt for choice; with some looking for the convenience virtual classes bring whilst others favour 1-2-1 or small group sessions, or a mixture of all.
Allowing for both can help retain customers and attract new ones.
Virtual fitness classes or sessions are a faster revenue channel too as running costs are lower and you can reach out to more people. Monetising from your workout videos and online content is a great way to increase revenue streams and enhance the services you offer.
“Make use of the quieter times to pre-record as much content as possible. Set aside a couple of days to record and edit your videos,” says Anna Martin.
3. Packaging and pricing your fitness services
Structure your packages in a way that is simple and manageable, for both you and your clients. Offering a membership is a great way to build recurrent revenue and get your clients to stick for longer.
“Don’t give your clients endless choice. They want to be told what they need to do, the easier you present this to them the more engaged they will be,” says Elle Linton.
If you are considering raising your prices next year, think of the extra value you can add and make this proposition a very attractive one. Undersell your services and you can quickly be missing out in generating income that could have already been there.
4. Find ways to diversify your income
There are many ways to diversify your income as a fitness professional. Affiliations, referrals, merchandise, advertising, content etc are all great ways to generate more income.
“If the pandemic has taught us one thing is not to have all your eggs in one basket, just in case one fails,” says Elle Linton.
Look for opportunities that may enhance your work.
5. Retaining clients is cheaper than acquiring new ones
Focusing your efforts in getting new clients can be taxing and expensive. Instead, why not focus on your existing clients?
‘It’s more financial beneficial to get existing clients to spend more with you,” says Elle Linton.
Returning customers are crucial to a business’ growth. Make them feel special and they are more likely to spend more with you. For example, add rewards to your customer engagement plan to celebrate milestones. These don’t have to be expensive, a social media shoutout is a great low-cost way to do this.
“Create a community online and offline and get them talking. Returning customers are more likely too to bring you new customers,” says Anna Martin.
6. How to share your story
One of the many benefits of social media is that everything is visible. You can now see what the competition are up to in a couple of clicks. It is a great space to have a snoop around and gain ideas for your own business.
“Once you have figured out your voice use social media to amplify it. Use other tech sources too such as Pinterest to get inspiration and figure out how you want to come across” says Elle Linton.