Fitness Business School – Make Your Time More Valuable

Full Transcript

Hey Pat Rigsby here. And in this episode, I want to talk with you about three different ways to make your time more valuable. We all want to earn more and we probably all want to earn more while working less. So this episode is going to be a real eye-opener

Welcome to the fitness business school with Pat Rigsby, the podcast for fitness entrepreneurs who want to make more income, have greater impact, and enjoy more freedom in their ideal business. If you’d like an accelerated route to these goals, email me at [email protected] and put BGA in the subject line and I’ll get you all the details about our business growth accelerator program.

If you’re like me, You’re always looking for ways to become a little bit more efficient, to be, be better at leveraging your time. Be better making more while working the same or preferably even less. So I wanted to give you three different ways that you can make your time more valuable.

Now, the first one’s pretty obvious and it’s raising the rates on your services. Now that may feel like something out of left field right now, knowing that you know, we’ve been through a pandemic as of late and, you know, we’re, we’re, we’re just trying to hang on to clients, let alone raise the rates on them. But most fitness business owners don’t raise the rates with nearly enough frequency. Most people undercharged for their services. They arrived at whatever their prices are by really convoluted means. They’ll look at what other people are doing in the market and saying, well, I’m just going to do what they do, or maybe I’ll even be a little bit cheaper without thinking about how much profit you need to make to make it worth your while by, you know, by, by undervaluing what you are actually doing for people. And by underselling the value you’re bringing to people’s lives. So I would tell you that you need to raise your rates if not annually, at least every other year. Now you don’t need to raise your rates by some massive amount, but imagine that you just raised, you raised your rates $5 per client. If you’ve got a hundred clients, $5 per client for the month, I mean, that’s still a $6,000 pay raise, pure profit. Okay? So that’s the beauty of that. You don’t have to do any more work. And if you’re providing a quality service, nobody’s going to balk at $5 a month, nobody’s going to balk at $8 a month. Nobody is going to balk at $3 a session if you’re doing one-on-one or semi-private. So you can give yourself a pay raise really quickly. And I don’t know about you, but adding $6000 a year in pure profit. I mean, that could be the difference between you putting money away for retirement or not. It could be the difference in you paying off high interest credit cards or not. It could be the difference between your family being able to take a vacation annually and not. So make sure that you’re raising your rates and charging what you’re worth.

So that’s number one, number two upsell. We need to upsell people into more complete solutions into things that will make it easier for them to get the results they want faster, more efficiently. So understand that just because somebody signed up for two days a week of semiprivate training doesn’t mean that they don’t have the ability to ever graduate to three days a week. It doesn’t mean that for short, short bursts, short periods of time, they wouldn’t be willing to train with some additional frequency. It doesn’t mean that if somebody’s doing group training, that they might not want to add on one-on-one or semi-private once a week for a period of time to expedite some progress. There doesn’t mean that people might not want nutrition coaching or to purchase supplements or some enhanced or increased accountability. So you’ve got other things that you can provide that allow people to get the results that they want faster that allow them to make progress more quickly upgrade people. These are folks who are already investing money and time and effort into achieving a desired result. So it stands to reason that they are also the best candidates to maybe invest just a little bit more. So we’ve got raising the rates and then we’ve got upsells.

And so the third way that you can make your time more valuable is just to create some leverage. So if you’re doing one-on-one training, can you shift to doing semi-private at least some of the time, if you’re doing in-home training, can you find more people in that same neighborhood? So you don’t have as much travel time if you’re training for people in a session, is there a way you can still provide a high quality experience with six or eight? There’s always a way that we can create more leverage from the service side of what we’re doing, but then also how many, 10, 12, $15 an hour task are you doing when you could be delegating those and elevating yourself to doing more 40, 50, $75 an hour tasks, or are you handing off the things that are unfulfilling to you that you kind of drag your feet on? So they take longer than they should. You know, you can delegate those to somebody that is excited about it is passionate about it is highly skilled at it and replace that work with something that you can do better, more efficiently and more effectively, but then leverage goes even beyond that, are you leveraging the leads that you’re getting as much as you could, are you following up with them is consistently and you know, is long term is you should, or you giving up on those leads 10, 14, 21 days into connecting with them. Are you spending time with your clients and finding ways to get them to provide more referrals? Are you proactively doing things to extend the relationship with your clients, to introducing you to corporate opportunities, to introduce you to the other people in their life, to, to potentially introduce you to the groups or associations or communities that they’re a part of.

There’s so much more leverage that we can have in our business, but let’s face facts. Most people don’t do it. Most people just kind of go through the motions and miss out on so much more opportunity that they have available to them so quick and straight forward, three ways to make your time more valuable, raise your rates, integrate more upsells on what you do, and then find more and more ways to leverage the time and the relationships that you have. If you do that, you’re going to see your personal income increase. You’re going to see your fulfillment and happiness in your job increase. And you’re also going to see that the time you were spending in your business is probably going to decrease a little bit as well. So seems like an ultimate win to me. So, but these three tips into action and watch things explode.

Thanks for listening. I’m giving away a bundle of my bestselling books, the ideal business formula, the fitness entrepreneur handbook in the path. All you have to do is go to patrigsby.com/podgift to get it. Also, make sure to subscribe to The Fitness Business School with Pat Rigsby so you don’t miss an episode and you get yourself on the fast track to creating your ideal business.