Fitness Niche and ways to raise profitability in the fitness industry is today’s topic! “Success is doing ordinary things extraordinarily well!” Jim Rohn
When you need your business to make more money, to pay your bills or for whatever reason, you have just a few options! What you need is to increase profits and as I know there are only four ways to do that:
- Raise prices,
- Increase the number of clients,
- Sell more to existing clients,
- Lower operating costs
Nothing new in this! These principles have been around for a long time.
Of course, you can borrow money but on the long run, you must come back to mentioned profit increase methods to establish the balance.
The crazy thing is that most of us are sitting on a gold mine – just doesn’t know it. Almost always after five minutes of speaking with my clients, discussing how they run their business I was able to point out a dozen things that could boost their profits.
Why is this important? Because at a certain point, it’s going to be the little things that will make all the difference in your financial success or failure! When trainers try to increase their profit margins, typically they focus on the first and second methods listed above. However, there’s usually so much more you can do, and many of the best profit-boosting methods you can find in the third one.
Now, I’m going to cover all four ways to increase your profits, but like I said – the fascinating stuff is all found on the third topic.
One thing must be clear; I’m not going to be able to cover everything. Do some research on your own, or hire some business coach to look carefully into your circumstances! Individual approach guarantees a complete treatment of the topic. Isn’t that what we suggest to our clients 😀
Marketing is limited
Alright, next time we will raise your rates but today we need to cover one crucial point. It is critical because if you miss this point, everything later will be so much more challenging!
Choose your Niche
When you earn for living in the FITNESS industry, then you are part of one huge market! It is a multi-billion market with hundreds of millions of participants and hundreds of niches to choose! If you forgot, as many beginners forget to invest in some market research, you have enough chances to be forced to fight with too high the competition or too week the buying power. Marketing goal is to identify and fulfill the requirements of your clients. When you are in a poor market, additional investment in marketing will make your existence even harder, not easier. That will happen because marketing is expensive.
One smart marketing guru said: In the particular market, you want to be the only one to offer something. If you are not the only one, then you must be the best one, and that is too hard and expensive achievement!
Please forget the idea that you will be masters in all possible fitness activities. Trying to be good in everything is the route to be good in nothing! Your clients are not stupid; they will know how good you are! They will see your qualities on themselves. And when they start talking bad things about your abilities, hmm, that is not good! WOM (Word-of-mouth) is the best marketing, but negative WOM is ten times stronger and devastating!
Tip for today:
Use Gooogle Adwords to find your ideal Fitness Niche
When you have an idea, what is your ideal fitness niche, do one more step and check it!
STEP ONE: Find the Fitness Niche with a lot of people having problems (and looking for a solution) for which you have the solution!
Make good and very specific, chosen niche oriented, article or PDF book about the strongest pain you have the solution for, and organize email marketing campaign. Offer your info book, first for free to check if there is the market in chosen niche. You will do that by organizing the Google Adwords campaign. It will cost you something, but results will tell you exactly if you are on the right road. If you cannot find fast and a lot of interested people when you offer info for free, it will be much harder when you are forced to ask money for your expertise. Stay away and try another niche until you find one with fast, enthusiastic response. At that moment, you will know that you are on the potentially good track!
STEP TWO: Check if your Fitness Niche is populated with people willing to pay for pain solution!
When you start making a list of individuals who ask for free info about the problems they have, ask them to pay for the advanced solution you offer! It can be course or info, specifically oriented as a solution to pain you are checking! And again, if you cannot sell anything, even if you have a lot of people asking for free info’s, stay away from that market! Save yourself from the future failures. A lot of interested people when you offer info for free and nobody prepared to pay is the indicator of the poor buying power in that niche. It will be very hard to work when you are forced to ask money for your expertise. Stay away and try another niche until you find the one that fit with your business concept!
It is much better to start a few month later than to start fast and stuck in the mud of bad niche. Finding the right market fit is the most important task for any entrepreneur and at the same time the most challenging one!
What you are looking for is the Fitness Niche full of people looking for the solution for their pains (Solution that you can provide) and willing to pay for it! Nothing less is good enough!
Maybe you would also like to check my previous article, Make Your Decisions. It is easy reading!