Do you have a passion for fitness? You may have considered turning your love of health and wellness into a business. Or, maybe people are already turning to you for help with exercise and nutrition. Every day, you love to see your clients succeed. You love when they grow in their self-esteem, muscle tone and fitness level.
But what about growing your business? Have you considered your company’s performance in the long term? making Long-term business goals can help ensure your business stays strong and prosperous. Here are some ways to set long-term business goals for your fitness business.
Importance of long-term goals
If you’re happy with the product or service you’re providing — and if your clients seem satisfied — you might wonder why it’s important to have a long-term goal. This may seem even more true if you’re starting your own company. Getting a business off the ground takes a lot and it can feel like you have a lot on your plate. As a result, long-term thinking may not seem important, especially if you are doing other work. However, thinking about the future will only benefit you. So here’s why long-term goals are necessary:
- Success in business does not happen by accident. If a client comes to you and wants help with weight loss, you give them a plan. Hoping for good luck in your business will not work. Instead, you need to plan a detailed strategy for success.
- Long-term goals tell you what direction your business should go. If your company is headed in the wrong direction, comparing where you want to go allows you to change course before it’s too late.
- Having a long-term goal increases your chances of becoming a profitable business. Even though you’re running on impulse right now, you’ll need profits to pay vendors, creditors, taxes, and more.
So, now that you know why you should have long-term goals, what should those goals be? There are three long-term goals every fitness business owner should pursue. They are attracting new clients, retaining old clients and increasing your online presence. Now, let’s break it down a bit.
1. Maintain profit margin between 20%-60%
Profit margins in the health and fitness industry vary depending on the type of business you run. For gyms and fitness clubs, the margins are lower than if you were running a personal training business.
It has been reported The median margin for all fitness clubs in the pro-shop/retail category was 16.5%. Multipurpose clubs have an average profit margin of 15.5% while membership-only clubs see their profits close to 20%.
Personal trainers, however, can shoot for profit margins of 60% or more. The disparity is because personal trainers typically work without any facilities, expensive equipment or gym maintenance costs. Again, margins will vary depending on the business. However, maintaining this margin will indicate that you are running a healthy business.
2. Attract new clients
While you may be happy with your current customer base, it’s important to continue to bring new clients to your company to ensure your business survives. Here are some ways you can attract new clients:
- If you have a building, make sure it is always clean and welcoming. This includes having a sign with visible hours of operation, especially if you want walk-in customers.
- If your business is online only, make sure the consumer can easily place an order and contact you if they have a problem.
- Provide business cards to customers so they can refer your business to their friends.
- Join your local Chamber of Commerce. That will allow word of mouth to make the community aware of what you have to offer.
- If you own a gym, consider having a “bring a friend for a free day.” This is an excellent “try before you buy” option that potential and current clients may like.
Bonus Tip: If you’ve already set a goal of getting new clients, you might be wondering how to make it happen fast. You can break this goal down further. Check out our resources, 7 ways Achieve your business goals faster.
3. Retain old clients
It is always cheaper to keep an old client than to try to gain a new one. One of the easiest ways to do this is to provide high-quality service to every consumer.
Managing client information is also important. So maintain an accurate customer database with customer names, emails, cell phone numbers and birthdays. Also, keep in touch with your clients, but don’t overwhelm them with spam. For example, send a “Happy Birthday” message to clients on their birthday with a discount offer from your business. Or, you can provide them with some swag with your company logo.
When business is slow, you can create a text message or email blast, offering clients a one-time discount. Track the performance of this campaign, and if it works, repeat it at a later date.
Another important way to retain old clients is to respond appropriately to their concerns. For example, if a customer complains about your business, listen carefully before responding; Always respond with a calm, professional demeanor.
4. Increase your online presence
Finally, increasing your online presence is another important goal for any fitness business. This goal supports your other goals of attracting new clients and retaining old clients. In the digital age we live in, your online presence is your storefront – whether you sell physical products or not. You can lose potential customers by not making it easy for them to choose you, because competitors are always waiting in the wings. So make it easy for potential clients to choose your business, not competitors.
Do you have social media pages for your business? You can advertise sales on your social media pages, inform customers of your business hours, and show photos of your facility All these things can entice new clients. Assess your existing online presence – or lack thereof – on the following social media platforms:
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Are these pages updated regularly? These sites tell people who you are, where you are and what you have to offer You don’t have to be an individual to deal with the social media part of your business; You can outsource this task if you need to.
If you own a fitness club, one way to increase your online presence is to create videos and upload them to YouTube. Taibo legend Billy Blanks did it during the coronavirus pandemic, rekindling interest in his unique fitness method.
Bonus Tip: Want to learn more about building a customer database or how to build a strong reputation online? Check out our resources, 8 Long-Term Business Goals for New Businesses.
5. Launch a new program
Launching a new program is a major step that will help ensure the growth of your health and fitness business. This could mean introducing a new type of fitness workout, offering a new class or creating a new fitness initiative. For example, if you own a gym that primarily offers static gym equipment, you may want to partner with local fitness instructors to offer a spin class.
Launching a new program lets your clients and members know that your fitness business is evolving and growing. This will help with retention because your clients know you are innovating and making progress.
Go the distance with long-term goals
Every day, your fitness business changes lives. Your customers will lose unwanted pounds, increase their muscle tone and gain the confidence they need to succeed. However, every goal that is achieved begins with a vision. Ensure that your health and wellness business grows and your business reaches its maximum potential by implementing long-term goals.
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