Fitness Business School – Untapped Revenue Opportunites

Full Transcript

Hey, Pat Rigsby here and in today’s episode, I want to talk with you about untapped opportunities to earn more revenue. 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.

I was having a conversation with somebody the other day and we were talking about them adding supplements to their business and we were talking about them starting to sell some supplements as part of what they do. And then when I told them that typically, you know, a lot of the quality supplement offerings are gonna have, you know, a referral commission or affiliate commission or partner program that’s gonna pay them out like 20% or maybe, you know, it may get up
into the 25 range, but if people are offering to pay you 50% or something like that, typically either the supplements really overpriced or frankly, the quality is absolutely terrible.

So, you know, when I told them that, you could see the enthusiasm kind of diminished a little bit. They’re like only 20%. And I’m like, how much do you profit from training sessions that other people on your team deliver, like you actually profit? And we’ll just say their profit margin on those training
sessions was below 20%. And when they thought about it, like the light bulb went off, I’m like, so wait a minute. You aren’t having to worry about the fulfillment. You’re not having to create this product. You’re not having to manage the product. You don’t have to worry if the product shows up late for a training session or something like that, but you’re still getting 20% and you’re able to sell it to people who you already have a relationship leads you’ve already generated clients you already have. And there was like that aha moment for them.

And I’m like, yeah, there are things that we can do in our business that allow us to make more from things that we already have. Now I use the things that we already have. I use the terminology assets. Now I’m sure any accountant would just roll their eyes when I said that because they don’t think of your
email list as much of an asset. They don’t think of a client base as this hugely valuable asset. I think of anything that we have that can move us towards our goals. I don’t care if it’s a sales page or daily emails or whatever else. I think of those as assets that have value to you, whether or not they have value to
other people. And, you know, if you want to tap into some opportunities that maybe you’re not capitalizing on, it kind of comes back to, well, what could I do that moves the people that I currently serve to their goals faster, makes their life easier?

So we think about untapped opportunities there. If you’re not doing some sort of nutrition coaching, integrating that. And guess what, if you don’t wanna be the provider, there are plenty of other people I know, even in our ecosystem, there are plenty of other people who are running online nutrition
coaching, like delivering their sessions even for their local clients, delivering them over Zoom. It would be more than happy to say, well, hey, send your clients to me and I’ll give you a piece of the action. And you know, so there’s that opportunity and then those clients get a better result. And I know for us, in my
training business, all 100% of our clients on our big wall of fame are before and afters. Were people who also went through our nutrition coaching program. I already touched on the supplement stuff, sell them supplements.

Justin Yule used to do great selling resistance bands that he got from Dave Schmitz at Resistance Band Training, selling those to clients back in the early days of his business. So there are things that you can sell them that help them go faster, you know, kind of fill gaps in their world. You can sell
them upgrades, you can do things like, you know, bolt on sessions. You know, as I record this, I know at least where I’m at, the weather’s starting to turn a little bit warmer at least most of the time. And so people are, you know, thinking about things like spring break or going on summer vacations, whatever
else, offer people a training upgrade, offer them a little bit of one-on-one or more frequency or something like that to get them ready for whatever it is that they’re going to do recreationally.

You know, being able to go out and if you have a list, so many of us have email list or free Facebook groups or whatever else of people that have had some sort of interest in self-improvement and health, fitness, whatever it is that you may ha have got somebody to opt in to receive as a lead magnet. Well,
just because they didn’t buy the base things that we offer doesn’t mean that we couldn’t offer them other things. I know Holly used to sell a lot of people who were part of her email community that were not buying her products like eBooks or videos or joining her membership site. She sold a lot of those
people’s supplements because supplements were an easier buy for those people. So you could go out and sell to people who’ve yet to buy your current offerings. Well sell them something different, sell them something that the fulfillment part of it may not not be all on your shoulders.

Now, if you want to add to the fulfillment side of things, one great thing that we see a lot of is people selling what we would call like accountability programs, but it’s just more daily accountability, more frequent check-ins. Even if it’s just text or something like that where you’re just checking in and
providing somebody a little bit more accountability to be compliant during the, you know, 165 hours. They’re not in your gym being supervised by you. We’ve seen guys like Joe Martin in our community get plenty of people who want to jump on board and invest like $250 a month for that type of service. So
there are plenty of other things that you can do, it’s just we tend to get very myopic and we think in terms of, Hey, these people are going to just buy my one training program and that’s it, but it doesn’t mean that that’s the only thing that I have an interest in.

Now, if that’s the only thing that you have an interest in selling them, that’s entirely up to you. But they’re people and they are going to go and eat daily because that’s just part of the human experience. So if you’re wanting them to get a better result, then you can probably be more of an influence. You can
steer them there, you can sell them solutions in that way. If they’re invested in training with you, there’s a pretty good chance that they’re buying supplements, whether they’re buying them from you or not. So there’s no reason that you can’t guide them towards things that you believe in and earn a little bit of a
profit in doing it. There’s plenty of times that I think people would love to have a little bit more support, a little bit more accountability. And you can do that with accountability programs.

There are times that people would like to increase their frequency of training or get more specialized support. You can provide that. And then there are people that you’ve connected with that may not be a perfect fit at this moment for the main things that you offer. Doesn’t mean they won’t buy something
else, but the point that I’m trying to drive home is that typically there are, you know, all sorts of golden opportunities hiding in your business that you like most of us, and I’m sure like me, don’t tap into at all times. And so if you’re looking for a way to create a little bit of a cash infusion this time of year, then
jump on some of these, or at least one of these and take advantage of it and, and use it to move you towards where you’re trying to go to add revenue to your business, to add profit to your bottom line, to give you the opportunity to maybe, you know, pay for your own vacation, do a little bit of some, you
know, do some other things that I think that realistically can happen pretty quickly and pretty easily in your business and you’re gonna help people achieve their goals, well also helping you achieve yours.

Thanks for listening to this episode of The Fitness Business School.

Before you go, I’ve got a quick announcement. When I first connect with fitness business owners, they almost always ask me how I can get more clients and make more money. Well, I’ve got an exclusive offer for you and it’s gonna help you do just that.

And as a listener of this show, I would love to invite you to a conversation where you and I can talk about our new program, the Business Growth Sprint.

The Business Growth Sprint is a one-of-a-kind program where you get everything you need.

We actually work with you one-on-one, unlimited, one-on-one coaching and support.

We design a marketing plan for you.

We give you assets to execute the plan.

It’s unmatched in our industry between the level of coaching, the frequency of accountability, the simple step-by-step nature and the completeness of how it’s gonna guide you to making more money and improving your personal income fast.

Imagine having every tool, template, ad, and script that you need all ready-to-use. Plus you’re going to get one-on-one access with me and the other coaches on my team to make sure that everything from your business growth plan to your marketing and sales system is done, turnkey, ready to go.

And what’s great is there is zero risk. We guarantee that you are going to add at least $4,000 a month in recurring revenue, or $20,000 a month cash collected as part of this program in just four months.

So if you are interested, if you’d like to discuss and see if this is a fit, just shoot me an email at [email protected] and put Sprint in the subject line and I’ll get you all the details.