In our 2 part series, we spent part 1 exploring what most organizations focus on when acquiring new equipment, the initial price.
We explored the hidden cost of low prices and some of the considerations that should be integrated into your investment.
Most of the customers that STAK Fitness works with want to know how the equipment or programs in which they invest can serve more people better and increase financial success.
The upfront investment in your program is only 1/8 or 1/10 of the process in ensuring a successful and profitable fitness operation.
The other parts of the equation are as follows:
- An overall revenue or profit plan. The investment fits into part of this category, but a bigger part is the actual revenue streams derived from your program. How many revenue streams? How are they connected to the most important thing, service to others through your fitness operation?
- Marketing or Awareness – the #1 obstacle for fitness organizations to get to the next level is that not enough people know about the good work that you do. With technology advances being what they are today, the message medium can be a little more cluttered than in the past. However the message itself is just as , if not more important than ever. There are proven strategies and methods to ensure you are very visible to the people that will buy your services. Hint: they look nothing like the strategies of 5-10 years ago, so connect with someone that can help.
- Education – Another huge obstacle many have told us about, is the acquisition and retention of good staff. Education and certification of your staff and their empowerment in designing programs that allow your organization to stand out will yield tremendous results over time. One of the common ingredients to successful organizations is education of their people. Investment in it is good, but to know what to invest in so results will be yield the best return is key. For example, at STAK Fitness we work with organizations that provided everything from fitness certifications to program implementation.
- Last on this list, but not last in terms of priority is providing an engaging experience for all that come in contact with your services. With competition at its highest level ever, your services need to be memorable, enjoyable and keep people coming back. Do your programs do that? Does your equipment supplier help you with that? Can they explain how your investment in their equipment will provide this ?
These are the 4 pillars to offering fitness successfully and profitably. If your organization is built on these, chances are you are doing extremely well.
If you are missing 1 or more, let’s connect soon to discuss how any or all of these pillars can be integrated into your investment.
Greg Lawlor