You may be thinking, “OK, Gym Insight, what are you doing posting about esoteric mathematical concepts like Bayesian Priors?” First of all, it’s 2018 and living in the future demands that we apply futuristic methods. Second, I promise not to start quoting mathematical equations. Finally, there is probably something that any fitness business owner can learn by using a little statistical discipline to their business model. What Is This Bayesian Thing? It is more than a method; it’s a way of looking at the world. You have a position, a view that you formed for whatever reason. You can test that [...]
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Just because you have happy fitness club members, it doesn’t mean that you’re going to be completely free of issues. Even the most smooth-running gym business is going to have occasional payment disputes. When it comes to questions about customer credit cards and payments, you have to get it right. In this case, satisfactory resolutions can mean the difference between customer retention and cancellations. Payments and the records that report them are some of the most problematic parts of consumer businesses, particularly in fitness. Misunderstandings in these areas can quickly turn happy customers into annoyed ones. Situational Responses And Maximum [...]
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Categories for client programming must align to sales goals and be complementary to one another. After all, the most fundamental activity in any business is selling. In a people-business like fitness, it’s as true as ever; gym business owners have to do some selling to survive. Fortunately, you don’t have to start again from scratch to get every sale. The secret is that, as your gym members come to you on a regular basis you have a warm and receptive audience for your products and services. Your Client Programming And Sales Audit If you have never done such an exercise, [...]
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Gym equipment is evolving rapidly, and we see some highly innovative designs coming down the line. New machines and systems match physical activity and data science to improve the workout experience. I think we can expect to see some amazing new gym equipment products emerging in the next few years. The company I’m writing about here, Tonal, might be one of them if it can be successful with its recently launched fitness system. As Described by This Week In Startups A recent posting by Jason Calacanis on his podcast, This Week in Startups is an interview with the founder of a [...]
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So, What’s in Your Gym Business Bag? If you’re like most people, your personal gym bag carries a bundle of practical and commonsense workout items. These things express your personality, values, and workout intentions. However, the contents of your gym bag also hint at hidden opportunities to fine-tune the business model of your fitness club. For an insight into what your ideal customers want, look into your own gym bag and apply the lessons to your customers and your business model. Most likely it includes the usual gym clothes and shoes, towels, and personal items. Perhaps you have weightlifting gloves [...]
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Silicon Valley Venture Capitalist Know This Secret There’s a secret to business and entrepreneurship that they don’t teach in business school. It’s something that the smartest investors in the world of startups all understand instinctively. The venture capitalists of Silicon Valley know that, to find an investment that returns big rewards. VCs give checks to dozens of small companies in the hopes of finding one or two that grow explosively. Why is that? The simple truth is that most ideas for startups in the tech industry just don’t work, which is why you’ll hear tech industry insiders referring to the [...]
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Sometimes it’s when you go against the grain that you do your best work. If you’re in a competitive marketplace, (and let’s face it, in this industry, who isn’t?) you have to fight for every advantage. Your membership retention rate is one of those things that can make an impact in the profitability and survival of your small gym business. I certainly don’t think small gym business owners should completely ignore how well they retain their membership. However, if you’re working on a shoestring budget and living in the back office because you can’t pay yourself a salary, maybe it’s [...]
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There’s not much that a little creative ingenuity can’t overcome. The fitness industry is one where you can get a start with or without vast sums of capital to invest. While it might seem easier to do with truckloads of financial backing, there are plenty of things you can do to get started or at least boost your business to the next level. 1. Be The Expert Focus on what you do best. That thing that you’re most confident about and for which you have the most experience, this is what management gurus call your core competence. The knowledge that [...]
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As an enthusiastic new gym owner, you’ve probably already found a place in the market with enough potential customers to build a business. Once you commit to your particular niche in the fitness business, there’s one thing you’ll need. It’s the information about customers and sales that will take you from the initial idea to a sustainable and profitable asset. More precisely, it is the ability to gather, organize, and exploit information about any prospective customer that comes into contact with your business. If you want to find the insights within the fine-grained details of the piles of data that [...]
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Continuing Trends in 2018 One thing is sure about the summer of 2018; fitness businesses aren’t going to disappear anytime soon. While it’s technically possible to do all of your workouts from home, that is not the choice that people are making this year. What’s hot in mid-2018 is the human connection. The word of the season appears to be “continuation” as wearables continue to lurk in the background, HIIT continues to grow in popularity, and group classes continue to fill the need for social engagement in the lives of many. Meanwhile, the spread of IoT connected equipment may influence [...]
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Securing Your Membership’s Personally Identifiable Data Now might be a good time to look at Data Security and what gym businesses need to keep in mind. For example, if you take electronic payments, you have to follow the rules of the Card Payment Industry. Your business needs data about your membership, and that comes with risks. These days, gym business owners and operators need to be acutely aware of the threats that can materialize out of left field. Now that you can keep track of so much data about your membership, you have to protect it. Your business depends on information, so [...]
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Fitness is a people-business; it’s about networking to make connections, whether it’s between mind and muscles, you and the best vendors, or members using your club to connect in their careers. It’s a business model that’s about helping others find success and good health. As a gym business owner, networking is crucial to your success; it’s also one of the greatest benefits that you offer to your membership. The value of expanding members’ circles of influence cannot be overestimated. The History of Networking and Public Houses In centuries past, the coffee houses of London were famous as places of big [...]
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Getting Beyond The Gym Business Basics Developing alternate revenue streams for your new fitness club is the next stage for any ambitious gym business venture. If you hope to grow your business beyond the basics of club memberships, it is vital to have additional sources of income to achieve long-term success. Once you have a steady stream of income from membership subscriptions to your club, you have a solid start to gym ownership success. That doesn’t mean you can sit back and relax though. It is time to expand all of the additional channels of income that compliment and enhance [...]
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In fitness, client programming is the key to operational success. There are several reasons for that. Let’s explore them and look at why it is that gym business operators can’t ignore this organizing principle. The best way to consolidate new gym membership sales is to draw your new members into a series of instructions to get them moving ahead and focused on fitness, not buyer’s remorse. Of course, client programming is much more than that, it is the professional basis for any organized fitness activities. Gym Members Need Structure It’s the people who need a structure the most who can [...]
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Planning For Client Acquisition Success After my last post about starting your own business, the logical follow-up is a blog about client acquisition. Yes, that post did go into details about how important it is to understand your customers. Also, there is no doubt that finding your niche is the key to success too. You need a practical, step-by-step plan to acquire new members. What that means is a plan to get them in the front door, signed up, and working out. While you should build a funnel for membership sales, you don’t want to get caught in a formula [...]
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