Fitness Business School – Create Multiple Income Streams

Full Transcript

Hey, Pat Rigsby here. And in this episode, I wanna talk with you about creating multiple streams of
income. Let’s get started.

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

There’s been a lot of talk in my circles, my clients, my, um, email subscribers, you know, our
private Facebook group about creating multiple streams of in, in income about employing more streams
of income in your business. And, you know I kind of smile when I hear people talk about that
because, um, you know, so many people become very myopic in their way of thinking. They think in
terms of only having kind of this one path to making money, oh, I’m going to get new clients into my
kind of flagship coaching program, whatever that is now.
One thing that, that I recognized early on was that that felt like a very risky proposition to me because
when I opened my first training business in a town of about 23,000 people, that definitely was, um, not
in affluent market at the time. And mind you, these, you know, these numbers are almost two decades
old at this point, you know, the average household income was like $38,000 a year. So, you know, the
odds of just leaning exclusively on one offering and making that work 12 months a year, um, it felt kind
of scary to me. So, um, over time, you know, I, I built a business that had a variety of streams of income,
right within the first, I guess, probably two years. So, a solid 18 to 24 months, we had one on
one personal training. We had group personal training, we had nutrition, weight management, coaching
programs.
We had sports performance programs. We had nutritional supplement sales. We had a smoothie bar,
we hosted workshops. We had corporate fitness programs, uh, both onetime things and ongoing things.
And, um, even within like the one on one we had, um, you know, both the, the regular frequency 1, 2, 3
time, a week, clients that came in, and then we had people that were just receiving program design. We
had people that even all the way back in late 2004, early 2005. So a really long time ago, we had people
doing virtual training. Obviously it was clunkier than it is today, but it worked for the, the purposes that
we needed it to work. And frankly, at that point it was largely just people that, because we were near a
military base would get moved to a different venue and we wanted to keep them on as clients. So, um,
kind of by necessity so that, um, multiple stream of income mentality was something that I’ve been
embracing for.
What’s fast approaching, you know, 20 years. And so I think of creating multiple streams of income,
basically through two lenses, right. Um, the first is kind of a weird way to look at this. It’s what problems
do my current offerings create, right. Um, so a problem your current offerings might create would be
maybe you offer one on one training and maybe it’s two expensive for some of the people that you
could reach. So that creates this problem for, you know, for the marketplace that, okay, I can solve by
offering a lower price point option, or I, if I’m getting somebody excited about, um, you know, fitness
and health and I’m serving them through training, maybe, um, you know, it’s created an awareness that
maybe they need coaching and support when it comes to nutrition or maybe through nutrition coaching,
we’ve identified some things that supplements could do to, to augment the things that they’re doing
with whole foods.
So, there are always potential problems that are created. Like, I mean that that’s not exclusive
to us, right? Like if have a business, uh, of any way shape or form, um, you know, if, let, let’s say that,
that you own a movie theater. Well, one problem that is potentially created a movie theater is
somebody’s gonna be sitting there for two to three hours and watching a movie kind of as a captive
audience. Well, they can’t just go to the refrigerator at home. They can’t just order door dash without
disrupting the movie or whatever else. So you need refreshments. You need the opportunity to serve
those people during the time that they are under your care. Now I understand that that may not
necessarily be a problem through the eyes of the business owner, but essentially it’s something to be
solved that yields an opportunity.
And then the second piece of this through the, I mean, it it’s, you arrive at some of the same answers,
but it may just be a different lens of looking at it to get your creative juices flowing is what opportunities
do the people that you currently serve or reach present? Now the, the easy starting point is what
opportunities do our current clients present, but there are people that maybe you reach or, or not
clients, people who are on an email list or in a Facebook group that just because they’re not buying the
thing that you’re currently selling doesn’t mean they wouldn’t buy something else. They just didn’t
choose that one offer. And that’s why having multiple streams of income can be even better, right?
Because they, you know, they might want something different. Plus what other opportunities did these
people present? You know, maybe, um, they’re a decision maker, an influencer that can open doors to
create other offerings, whether that’s a corporate program or a youth or sports performance program or
something like that.
But I mean, think about outside of our industry, right? Automotive dealerships, don’t just sell cars, they
do repairs, they do preventative maintenance, they offer financing. They, a lot of times they’ll do
detailing or even car rental programs, right? So they’ve built this ecosystem around that initial thing that
they did selling cars, amusement parks, or theme parks. They don’t just charge and offer rides or
attractions. They sell food refreshments, they offer retail products and attire and sunblock and
sunglasses that people might have forgotten to bring. They also have paid parking and they, they sell
photographs that can be taken in some, even offer hotels or campgrounds or different things to support
their guests when they’re around. So there are so many different things that you can do to compliment
your kind of current flagship stuff. Right? So basically there are, um, five different types of income
models that, that I, that I think of as we talk through this, right?
Like there’s the service based income model. There’s a product based income model. There’s a coaching
or consulting based income model, there’s information or knowledge based. And then there’s like an
affiliate referral partner type based thing. And, um, you know, it, it’s probably beyond the, the, the
scope of, of this to really dive deep into all of them, but like service based, stuff’s pretty simple, right?
You just offer more services to your clients or to your potential clients that are about that kind of, um,
result that, that they typically seek you out for. Right. So you can add other training offerings, you can
add nutrition, coaching offerings, everything that’s already very congruent with what you do
product based is, you know, just integrating more retail offerings into what you do. That again are
usually pretty congruent with the current things people seek you out for.
So nutrition, supplements, foam, rollers, that sort of thing. It makes all the sense in the world. And it’s
easy because the people that are investing in training, often, our investing in those other complimentary
things, um, coaching or consulting based, you know, sometimes the stuff that you do, if you’ve
demonstrated some expertise, you can coach other people to do it, frankly. That’s why you’re listening
to this podcast is that’s, that’s what happened for me. We built two very successful, um, fitness
businesses, and they had a number of kind of things that spider webbed out from them that I’m talking
about now, these multiple streams of income. And so people started, um, asking me for advice and
direction and, um, insight as to how to do stuff with their business. And so I decided to go ahead and
build a full on coaching practice around that. And so many other businesses that spun off from that.
So, um, you know, you can take your expertise and find complimentary ways to disseminate that, right?
And it’s not exclusive to, Hey, I’m gonna go sell this to other trainers or coaches. Maybe you are going to
take your fitness knowledge and go share it through another kind of platform through another, um, you
know, method of dissemination. And then kind of along those same lines, that information or knowledge
based income model. I mean, there’s so many things that you can just package up what you do, right?
Like my, my wife, Holly was training a lot of moms in our offline facility. She packaged that up, created
an info product that really kind of evolved into a business that, you know, generated, you know, multi
seven figures sold over 35,000 units and really helped a lot of people and eliminated the constraints of
having to be at a specific place at a specific time, day after day.
So there’s that option, right? You could package up things that are already working in your gym and sell
’em to the people who aren’t coming to your gym. You could package up programs that are working in
your business and sell them to other trainers. So they don’t have to start at a blank page. So there’s that.
And then, and really, if you get to be truly proficient at this, you can even, you know, craft certifications
and workshops and that sort of stuff, where you can become an expert in your own kind of narrow lane.
And then finally, there’s affiliate referral partner based stuff. You don’t have to be the creator of all
things, whether that’s offering massage therapy to your clients for a referral fee, or, um, you know, it is
offering a, um, complimentary program. Maybe you don’t wanna do nutrition coaching. Well, can you
find somebody who does, and then get an affiliate fee for that?
Maybe you don’t want to sell equipment, but you can refer people to perform better and maybe get a
10% commission or to resistance band training and get a commission when they buy band. So there are
things that you can do where you just have to make an introduction and an endorsement and generate
revenue because you spent money building that audience and you spent time building that relationship.
So that’s a quick primer on creating multiple streams of income. Obviously there’s a lot more that goes
into this. And this is a very personalized thing, because this is not something where one size fits all.
Everybody should be doing the same exact thing, not, not even close. Really. You should be finding some
income sources that, that work for you. You should be, um, doing things that are congruent with your
business that you believe in. And if you do what you’re gonna find is man, you, you look up at the end of
the year and you’ve created five 10.
I mean, the, the numbers probably could be, um, many multiples of this, but at least $5,000 or $10,000 in
extra revenue annually, if you are, are a small business, if you have a bigger audience, if you really can
put some time into this, it, it, it’s not inconceivable to add six figures to your business by integrating
these other revenue streams also. So if you’ve been thinking about creating multiple streams of income,
this is kind of a foundation of where to start.

Thanks for listening to this episode of the Fitness Business School. Before you go, I have a quick announcement. When I first connect with a fitness business owner they almost always ask me, “How can I get more leads or how can I get more leads and client?”

Well, I have an exclusive offer for you, and it’s gonna help you do just that.

As a listener of this show, you can test drive our Fitness Lead Academy coaching program for a full 30 days for just $1. FLA is a one of a kind program where you will get done for you marketing tools each and every month, plus coaching to help you execute everything you need to do to generate leads and convert them into clients.

It’s unmatched in our industry, and it’s gonna help you bring in the new business that you need, ultimately making you more revenue and personal income. Imagine having every tool template, add social media posts and script, you need all proven to convert and ready to use.

Plus you have access to coaching calls every week with the same people who run my ads and do my
marketing. So you know that I trust them because this is who I put my livelihood in the hands of.
Everything that you need to know to dial in your ads, to maximize your follow-up and convert
clients, you’re gonna have the tools and the coaching you need to be successful. You get all of this and
more when you join FLA.

And to help you succeed, I’m going to let you test drive FLA for 30 days for just $1. If it delivers for you, the way that I expect and more than pays for itself, you’ll likely wanna stay. If not, you’re out nothing. And you’ll have a library of proven tools and resources to keep.

To take advantage of this special offer – just email me at [email protected] and put TEST DRIVE in the subject line, and I’ll get you all the details.