https://issuu.com/patrickryanmccann/docs/patrick_ryan_mccann_-_ppt1.pptx_aca389b07b859f
So, you’ve got your company up and running, and you’re ready to take it to the next level. But what does this entail for a small business in the fitness industry?
First and foremost, you should consider your company’s scalability. Scalability refers to a startup’s ability to expand. A scalable business can adapt to a higher workload without sacrificing performance or revenue in more specific terms.
Expansion of your premises, hiring new employees, providing a new product or service, or trying to open your business operations in a second location are all possible approaches to scaling a small fitness business. To finance these changes, numerous small business owners take out bank loans, franchise their businesses, borrow money from family and friends, or even seek funding from venture capitalists.
For most fitness business owners, the most important goal for their company is to expand. In this article, we’ll look at some tips by Patrick Ryan McCann, a seasoned Fitness insider, to successfully scale your business.
Sort through the fundamentals first
According to a recent survey of 3200 startups, one of the most common causes of failure was attempting to scale too soon. It is valid for any business, from tech startups to small fitness studios. According to Patrick Ryan McCann, essential factors to consider include:
Ø Identifying your primary customers
Ø determining which of your marketing channels has the highest ROI (and therefore the best prospects for scaling)
Ø Make sure that you have the necessary resources in place for scaling
Increase your marketing efforts
About your customer base, keep in mind that marketing is critical for any small business — and the fitness industry is no exception. Traditional advertising in industry magazines, word-of-mouth referrals, email campaigns, and targeted social media advertising are all examples of successful marketing strategies.
According to Patrick Ryan McCann, the best marketing strategy for your fitness business is determined by the nature and location of your primary target audience and your specific business needs. To get started, download a few suitable Fitness industry survey e-Guides, which may carry a series of expert marketing tips, such as making the most of Facebook.
Everything should be automated
One of the main challenges to achieving their expansion goals, according to 22% of one survey’s respondents, is ‘admin.’ With such a diverse range of flexible digital tools available, many of which are specifically designed for the fitness industry, there’s no reason not to automate away all that time-consuming admin. The payments process is one of the most common sources of time-consuming admin for small businesses.
As per Patrick Ryan McCann, issuing invoices, handling cash and checks, and chasing down customers for unpaid invoices can take up your time. That’s time you could be spending marketing your business or doing what you love most — training clients to live healthier lives. Consider using a complete digital fitness studio management solution, such as team up, to automate everything.
Maintain a healthy cash flow
Patrick Ryan McCann likes to say, and it’s true, that “cash flow equals confidence.” You can feel confident handling day-to-day business expenses when you know exactly how much money you can expect each month. You can also plan for more exciting ideas, such as purchasing fantastic equipment or hiring instructors to teach exciting new classes.
Membership fees must be collected for a fitness business to be successful. However, 57 percent of the business owners polled in our fitness industry survey cited late or missed customer payments as the most severe payment issue.
It is a widespread issue in the fitness industry, and your expanding business cannot afford to ignore it. That is why Patrick Ryan McCann suggests that you carefully choose your recurring payment method to ensure that it performs well and keeps your cash flow in good shape.
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