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Basics of Business Balance

Thursday, September 14, 2023


Basics of Business Balance


As a gym owner, it's tempting to put all your eggs in one basket when it comes to the products and services you offer. Perhaps you have a flagship program or service that's been successful, and you believe that doubling down on it is the way to grow your business. But here's the truth: relying too heavily on one product or service can cause major problems for your gym within 1-3 years.

Let's take a closer look at the types of products and services that gym owners shouldn't be relying on too heavily:

Group Classes: While group classes can be a great way to build community and generate revenue, relying solely on them can be risky. When the class instructor leaves or the popularity of the class wanes, it can be difficult to replace that income stream. Additionally, some clients may not be interested in group classes, so you could be missing out on potential revenue by not offering other services.

Personal Training: Personal training is a lucrative service that can bring in a lot of revenue for your gym. However, relying too heavily on personal training can be problematic if your trainers leave or if clients decide to stop using the service. It's important to diversify your offerings so that you have multiple income streams to rely on.

Equipment Sales: Selling gym equipment can be a great way to supplement your income, but relying solely on equipment sales is not sustainable in the long run. With the rise of online retailers, it can be difficult to compete on price, and you may not have the expertise to properly advise clients on which equipment to buy.

Nutritional Supplements: Nutritional supplements can be a profitable addition to your gym, but it's important to remember that they are not a substitute for a well-rounded fitness program. If you rely too heavily on supplement sales, your clients may not see the results they're looking for, which can lead to a decline in revenue.

One-on-One Coaching: One-on-one coaching can be a great way to offer personalized attention to clients, but it can also be difficult to scale. If you rely too heavily on one-on-one coaching, you may find that you're spending too much time with individual clients and not enough time on other aspects of your business.

It’s dangerous to grow your gym business disproportionately off of one product or service because it makes your business vulnerable to changes in the market, trends, and consumer preferences. If you're relying too heavily on one product or service, you're not diversifying your income streams, which means that if something happens to that product or service, you could lose a significant portion of your revenue.

It can also make your business stagnant. If you're not constantly evolving and adding new offerings, you risk becoming irrelevant to your clients. They may start to see your gym as a one-trick pony and look elsewhere for more comprehensive fitness solutions.

You are making it difficult to attract new clients. If you're only offering one product or service, you're limiting your potential customer base. Clients may be looking for a gym that offers more comprehensive services, and if you're not meeting their needs, they'll go elsewhere.

The death of your business won’t be overnight. It will be slow. Like death by a thousand papercuts slow. The good news is that the fix is easy, when done correctly. Simply put, you diversify your offerings. Offer a range of products and services that cater to different client needs and preferences. This will not only provide more revenue streams for your business, but it will also make your gym more attractive to potential clients.

- John

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