Fitness Business School – 5 Simple Cash Infusions

Full Transcript

Hey, Pat Rigsby here. And in this episode, I want to talk with you about five different, simple ways that you can create a cash infusion in your business. We’ve got a lot of ground to cover, let’s get into it.

Welcome to The Fitness Business School podcast – the show for fitness business owners who want to grow their income, increase their impact and improve their lifestyle. Be sure to listen til the end of this episode, because we have a brand new special offer exclusive for listeners. So stay tuned.

I was talking with a few clients the other day on a coaching call and you know, it, it’s almost like default at this point. People think, well, Hey, I need to go run Facebook ads and have a funnel. If I’m going to generate revenue. I hear that from so many new people I come in contact with and, you know, so I gave them kind of an example and told a little bit of a story, like a hypothetical. It was actually the day we were paying tuition for my oldest son Tyler’s first semester of college in his sophomore year here. And I said, now, if I needed to create revenue to cover the cost of this tuition today, do you think I’d be running a Facebook ad? Do you think that, you know, I would be making a post on Instagram if I, if that was my goal, if that was my mission and clearly the answer was no. So I told them what I actually would do, how kind of the hierarchy I would start with. I was trying to create revenue right now. I needed to create a cash infusion my business.

And so the first thing that I would potentially do is go to people who are already clients already under my care know, like, and trust me, they’re already paying me for helping them go from where they are, to where they want to be. And I would offer to provide an upgrade to them where we could train more frequently doing what we’re already doing, or I would offer some sort of ancillary service that complemented what they’re doing that would accelerate their results. So, you know, somebody training with you two times a week, I might offer an upgrade to three or four times a week. If somebody is doing group training, I may offer the opportunity to upgrade into some semi-private or one-on-one. If they’ve kind of checked that training box, if you will, then I might offer something like nutrition, coaching, or accountability, or if I had some retail offerings in stock, I might say, okay, here we’ll do a supplement package or something like that. But offering upgrades to current clients would be number one, that would be clearly the fastest path to creating new revenue.

The second option would be going to a handful of current clients and doing a paid in full promotion now without needing to go to every client on, you know, on my roster, I would just go to a few and say, look, Hey, I’m going to offer this paid in full discount of 15 or 20% to a, of clients. And before I open it up okay. And promote it to our entire client base, I wanted to make it available to you that way in case you wanted it, you wouldn’t miss out. And, you know, I would select people that I thought had the means to, to do it and could come from crumbly pre-pay and, you know, and, and not, you know, not being troubled from a cashflow standpoint, but would also enjoy the savings. They would enjoy the discount. So that sort of thing would be number two. Now, the reason that’s two, instead of one is that’s not creating new revenue. That’s essentially just collecting future revenue early. So I would prefer to create new revenue if I had the option. So that’s why I would choose the upgrade option over the paid in full now.

Number three, I would go back to former clients and offer some sort of reactivation incentive. Because again, these folks know me like me, trust me. If I’ve done a good job, creating a relationship with that type of person, then them leaving in the past, doesn’t have any negative impact on their ability or willingness to come back now. So consider all of the clients that you have. And if you’re not doing this, now you should start make sure that they know that you, you know, you, you know, let people leave on bad terms. You make sure that you, you give them kind of a soft exit. You may even give them workouts to do on their own when they’re not with you, because you know that they got busy or their schedule changed or something like that. But You want to leave a really positive Feeling with them so that when you do have the opportunity to reach back out, or you do want to invite somebody in they’re going to welcome it. So I would do a reactivation campaign and make an offer that got somebody back in probably at a discount to give them some incentive to, to go.

Now, the fourth thing that I would do is I would create some sort of premium priced offer and do a very limited push to it, say, okay, I’ve got five spots available. I’m going to open up five spots for one-on-one training three spots for one-on-one training, or I’m going to do a month of, you know, daily accountability with a handful of clients. And I would put that out to everybody. I would put that out to existing clients, former clients, my prospect list, but I would do a premium priced offer that, you know, the, that allowed me to potentially generate a significant amount of cash without having to make a bunch of sales, because there are always a handful of people in you know, in your current clientele, in your current prospect lists that they don’t want the Ascension model. They don’t want the common offering, the basic kind of, Hey, I’m just going to go do group training or whatever else. They want something more. They want something better because they feel like that’s what they need to get to where they’re trying to go. So the fourth thing I’d do would be to create that kind of premium offer.

And then the fifth thing that I would do would be to run some sort of short promotion, whatever time I had available there. If I did have urgency and needed to raise money really quick, then I would probably have to do it in the timeframe I needed to raise that money. But if I had a little bit more time available, I’d probably do a three to five day deadline-driven promotion, offering some sort of program at a discount offering something probably that didn’t take a lot of time to create new. Maybe something already had something repackaged or repurposed, but offering, you know, something that I’m doing a 30 day program, a six week program at a discount if people enroll by a certain day. So when you’re thinking about really generating revenue in my mind, selling to cold traffic is what they would call it in the direct response marketing world. That’s the hardest thing to do the idea when you’re running ads, when you’re out networking, when you’re posting on social media is to build an audience so that when you do make offers, they already are pre-sold to an extent, they already know you, they already respect you. They like you. They think you can help them. And these offers really kind of work top down with the people who know you best and our highest probability to people who may know you well, but haven’t actually taken action. And we’re going to give them all an incentive to act now. And if they, you know, a handful of them are going to do it.

So if you need a cash infusion, these five tactics, I guess if you will, are an easy way to go generate some more revenue for whatever it is that you’re looking for, whether it’s to, to fund the marketing campaign or to cover an unexpected expense, or frankly, maybe it’s just to put a little bit of cash in the bank. So you feel like you’ve got some security and you get to operate from a position of offense instead of defense. So if you want to create a cash infusion, don’t start with cold traffic, start with these five, and you’ll see your bank account growth.

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