Live Your Dream with KK Hart Part 2: Fitness Business Myths and Facts
So, you went viral… Now what?
Many businesses pivoted fast when the pandemic hit, adapting beautifully and adding online services to their business models. Based on a poll from the latest Live Your Dream with KK Hart webinar, 80% of WellnessLiving’s live viewers have gone virtual!
So, what’s your next step? If you’re feeling exhausted with all the livestreams, overwhelmed with Zoom fails and have experienced a disappointment or two, you’re not alone! It can be really challenging if you’re not super technology-focused or if – and let’s be real, none of us did – you never considered having to close your studio for this length of time.
Getting live or offering recorded classes is simple, but it can be tricky to monetize. Many of us shy away from the phrase ‘passive income’ but in today’s fitness world, you can have a brick and mortar studio and a virtual offering and some of that can be passive! For example, film your class once, upload it to FitVID on Demand, and then you can monetize it. This is something that’s never been available to us as simply and efficiently as it is now through WellnessLiving.
In order to get ahead, you need to look at some of the myths business owners are telling themselves and move past the fiction into the facts. In part 2 of our recap of the latest Live Your Dream show: How to Automate, Optimize and Monetize Your Sales and Marketing, KK asks a tough question: what’s really holding you back from living your dreams? Here are four common myths that she addresses, giving us some tips and tricks to move past them:
Myth #1: Your business needs a set number of clients to get through this difficult time or to grow.
There are so many people offering what you offer—clients can find free or cheap classes everywhere. It’s not just about getting the most number of people you can to visit your website or pack your classes to the max—it’s about nurturing your clients so they choose you.
Fact: Virtual is a great part of what you’re offering but as a studio owner, you really need to think about how to get clients past the ‘stuck points.’ How do you provide them accountability? How do you give them the resources they need to get the outcomes they desire? “It’s about what we do with those people that do come in,” KK tells us.
Myth #2: Clients prefer as little communication as possible.
Are you telling yourself that myth? KK says, “Clients don’t love to be sold, but boy, do they love to buy!” What does she mean? Offering meaningful communication, not minimal communication, is how you’ll get ahead.
Fact: Clients need communication about more than just updated cleaning processes, they need to feel that connection. And with our current situation, there’s a real yearning for connection and community. Here’s where the fitness industry can really shine!
Myth #3: You’ve made enough revenue to sustain your new normal.
Even with resources at your fingertips, should you be investing more? Doubling down on the growth of your business? Lots of businesses are doing well, but that’s not enough! Do you know that there’s more you can offer to your community? If you know what makes you unique and what you have to offer your community, now’s the time to invest in your business.
Fact: Many of your customers intend to add virtual services to their routines after the pandemic, so if you haven’t gotten on board with that, you’re leaving money on the table. The new normal is a hybrid approach, where clients come in when they feel safe. But they’ll also want to experience that content from home with the same sense of community and accountability. Don’t make the mistake of leaning on one aspect of your business!
KK covers pricing strategy here, “There’s a fine art to pricing and growing your revenue virtually. It’s totally OK if you’re struggling with pricing your services—there’s no perfect number. But there are tons of ways to figure out the best business model for you, based on you understanding the needs of your community and target client.”
Myth #4: Bringing your team back on board will look the same as it did before.
This is a difficult one, but remember that the strong will always survive! These days, part of being strong is likely using technology and automation more than you used to so you’re “right sizing your team,” and they’re doing the things you need them to do to grow the business.
Fact: You still need your team to connect with clients, to provide them with superior outcomes, and for all the other things you can’t easily automate or use your software for. That’s today’s reality.
But there’s good news! Customer loyalty is very high right now. Your clients want to support your business, you probably noticed that your churn rate was not as high as projected when you had to close your doors. Clients want to adapt with you. They were willing to give you the time to figure it out, which says a lot about that “stickiness” you have with your clients.
KK reminds us that its times like these when we should be asking questions like:
- Why not provide your clients with more?
- Why not give them a community to come back to for years to come?
Are you ready?
Are you ready to live your dream? Now that you know KK’s 5 elements that challenge the fitness industry most and 4 common fitness biz myths and facts, check out part 3 where KK provides us with key practices and techniques to monetize and build your business.
WellnessLiving’s all-in-one platform includes many features that can help boost your business—from automated marketing, a Zoom integration, FitVID on Demand, online booking, and more. Want to learn more? Book a free, no-commitment demo today!
Live Your Dream with KK Hart
- Live Your Dream with KK Hart Part 1: How to Automate, Optimize and Monetize Your Sales and Marketing
- Live Your Dream with KK Hart Part 3: Key Practices and Techniques to Monetize and Build Your Business
- Live Your Dream with KK Hart: The Final Q & A