Manage episode 362597903 series 1244112
4 Ways Health & Fitness Pros Can Create Income Right Now
What if you have a dream of a health coaching or fitness training business but the reality is you need to create income right now? As in, today?
What if… what if someone had a gun to your head or someone you love, would you find a way? Would you go ahead and take a risk and do it?
I think we’d all say yes, of course, right? And we’d lose the concern or fear of what someone might think. We lose the pride that may keep you from asking for money. That by the way is tied to some sense of feeling like you’re begging for money which of course is ridiculous if you have a serve that will help someone.
The truth is there is no easier way to create income right now than in a service business. You don’t have a “cost of goods” or at least it is very small. Unlike selling supplements or gym equipment or sweat towels, tights, or visors... You just have to create an offer and ask.
So whether you’re just getting started or you’re already selling something, this is for you.
Before You Can Create More Income
One word first though. Get ready to make money. Be prepared to track your revenue, your expenses, and know what amount of this is profit. Know how much time you spend servicing for a specific amount of revenue. That will help you determine your profit margin. Because most trainers make the mistake of thinking that it’s all profit since they are making it and taking it. They forget, their time is worth something. So if you’re spending more hours than you realize, you’ll want to stop that right away or as you expand you won’t have anywhere to go!
This entire episode revolves around you having an email list, ideally a segmented email list of buyers, and non-buyers, so you can choose to put an offer in front of people who are not currently in a program with you now.
If you don’t have an email list… you do. You have friends and family and colleagues. And that’s no way to run a business but it is a way to start. Jeff Walker with his Product Launch Formula created a thriving business with this soft launch and so can you. You can start with it, that is. If you’re serious about business, then get a CRM (Customer Relationship Management) software and some support if you’re not techie and get things hooked up to your website so when customers purchase they automatically get exactly what they should and never see what they shouldn’t.
If you don’t yet have an email CRM I’ll link to some prior episodes about growing your email list.
4 Ways Health & Fitness Pros Can Create Income Now
1. Make an offer right now: Stop Procrastinating
In this example, you float out an email and say "Still interested?"
Make a spontaneous offer that requires an urgent response. In my case, I did this because I realized I was creating an entire challenge for one of my private clients who needed to boost her metabolic flexibility. She was doing all the things and not losing weight.
I realized it was a problem others in our community probably also had but weren’t necessarily going to buy another program because they were potentially already doing HIIT, and Weight Training. But they would do this… a specific challenge designed to target the specific problem.
I presented it as a “beta group” and said…” I know it’s last minute but we’re starting this Monday. So if you want in… I need you to let me know tomorrow. I’ll send you the order form, then the pdf, and the WhatsApp group once you’re enrolled.”
Other times when this is a big offer, like a retreat and we’re at $2000 or higher, it’s beneficial to do an email to a phone call if you have time. I wouldn’t have had time in this case and it’s only a $500 product sent to about 25 people that know me well. Their risk was low - they already know and trust me - and most have been VIP clients with me in the past.
2. Make an upsell for anything you’re already selling.
This way you optimize the services you already have. Just like, “Do you want fries with that?” or hotel room service that asks, “Would you like a piece of chocolate lava cake with that?”
The 20% of those customers who say yes, just increased their sales by 20%. You should do that all day long. Take the chocolate cake for an example though. They don’t just ask:
Do you want anything else with that?
Do you want dessert with that?
No, they get very specific and use descriptive words.
So should you.
Do you want the success coaching with that?
Do you want the 20 One-Pan meal recipes with that?
Do you want...
3. Take whatever you're already selling well and increase the rate.
Based on consumer psychology, there’s no difference between $49 and $59 or $69.
Take a $69 product and make it $99.
You can take a currently $99 and make it $129 or $139.
The conversion rate doesn’t change but the profit margin goes up.
4. Package all of These Income Generators together.
Send an email today, suggesting a new group starting that’s focused on a problem you know a lot of your community have, offer it at 20% higher rate than normal - it’s specialized after all - (or suggest you are going to raise the rate after this beta group and they want to get in now to take advantage of it. Offer an upsell for more private time with you, or simply an add-on that you know they’ll need to have to be successful.
Think like ... You HAVE to. Sometimes you just have to imagine.. That you do in order to get out of your way and do what was always possible anyway.
Your email list should provide you that kind of cushion. You have the ability to send an email and make money every single day. Are you using it?
Which of these ways to create more income now will you use first?
Other Episodes You Might Like:
4 Ways to Grow Your Email List with Your Fitness Videos:
How do you know what freebie to create:
Business Scorecard: https://www.fitnessmarketingmastery.com/scorecard
How to create an Irresistible Freebie: