The Fitness Consulting Group
Here are five simple strategies that any personal trainer can adapt to their business and almost instantly increase their profits:
1. Raise Your Prices. This is the most simple, yet overlooked strategy for increasing your income. If you perform 30 sessions per week and raise your prices by just five dollars per session, you’ve increased your yearly income by $7800. Not a bad improvement considering that you didn’t have to do anything else differently. Most of your clients won’t even bat an eye at this increase and the one’s that have a problem with a small price increase will almost always be your “headache clients.” Simply move on and you’ll soon replace them (if there are any) with a new client happy to pay your fee.
2. Have a “back-end.” The lifetime value of a client is the total amount of money that a client spends with you during the duration of the time you do business together. Most trainers limit this number to the amount that each client spends on personal training sessions. Since your clients undoubtedly view you as their fitness resource so don’t make them look elsewhere when they need to purchase supplements, foam rollers, nutritional coaching or anything else that would be complimentary to your personal training services. You’re helping your clients achieve better results, ensuring that they make the right choices when making fitness-related purchases and increasing your profits as well.
3. Practice “takeaway selling.” Most personal trainers’ approach to sales is to tell the prospective client how much they (the trainers) can do for the prospect and then close by almost begging the prospect to become a client. Unfortunately, this approach de-values the trainers’ services and gives the prospect all the power. Simply turn the table on the prospect. Tell the prospect that you are only accepting a very limited number of clients and then proceed to tell the prospect what will be expected of them should they be “fortunate” enough to be accepted as a client. Explain that they will have to be a “walking billboard” for your business and they will be expected to refer people who fit the mold of the client that you want to work with. You’ll be amazed by how many prospects literally beg you to take them on as clients.
4. The power of leverage. This is probably my favorite strategy. You can leverage other trainers by hiring them to train clients for you or “farming out” some of the clients you acquire and charging a “finder’s fee.” You can leverage your time by providing only semi-private training instead of the traditional one-on-one that forces you to trade your time for one clients money. You can leverage your knowledge by creating an information product that you can sell to your client or online. You can leverage your clients by having the “back end” I previously mentioned. Remember, you don’t always have to trade your time for one client’s money.
5. Institute an automated payment system. It works in health clubs, why not in personal training? Simply set your clients up on 4 or 6 month automated payment plans that are directly drafted from their checking account or credit card. This lets prospects know that you are only interested in taking on clients that are committed (that “takeaway selling” approach again) to getting results and it prevents you from being a bill collector. You’ll also get great piece of mind knowing what your receivables base is for the next few months.
These are just five of many strategies that you can use to make your personal training business more profitable. Go back through them and think of ways that you can implement at least a couple of these strategies into your business. Remember, if you continue to do what you’ve always done, you’ll continue to get what you’ve always gotten.
5 Tips To Make Your Personal Training Business More Profitable
Writing Articles Can Be A Profitable Business
In the world of today, job satisfaction scores over most other factors. They are less inclined to become cogs in the wheel if they can help it. Moreover, one can do so much more today. The growth in the field of communications has opened up many opportunities. More and more people have begun to give up their day jobs in favor of more flexible work-from-home routines. The unprecedented rise of the Internet has been one of the major factors that have made this possible.
Among the groups who are benefiting from this expansion in communication are writers. The world of magazines and ezines are a vast area is open to all. In fact, anyone who can string a decent sentence together can now think of seriously think of writing professionally. These days, anyone can become a writer with a little investment and a certain degree of writing skill. Of course, it is not be all that easy when you are starting out. But once one does, the money will just keep coming in.
Marketing one's skills becomes very important if one is looking to rake in the profits by writing articles. If one is planning to send articles to a bunch of magazines, it would be prudent to study the magazines and understand their specific styles. Having done that, one can commence writing articles that would appeal to those styles. Look at the case of someone who has to write about a spot of historic importance. His approach will certainly differ based on whether the article is intended for a business magazine, a travel blog, or a tourism website.
Writers must have the objective of selling the articles. One must write articles that will encourage more and more readers to go through them. Being able to place good content within the framework of a well-written article is a skill that writers need to develop.
Writers, in general, must bear in mind the fact that they have to write regularly if they want to improve. Practice makes perfect, and the more one writes, the better the writing becomes. It is advisable to read books and editorials that will broaden one's horizons. It is necessary to be familiar with a large number of concepts so that if you required to write on some unusual topic, the idea will not be too difficult.
At the same time, one must learn to edit one's own work. Typing errors are a fact of life. A single mis-type can change the meaning of a sentence. A spelling mistake might make the reader get the impression that the writer is incompetent. Thus, before attaching and mailing an article, it becomes essential to read through it thoroughly. Even a cursory proof-read could help one cull out a number of errors. Remember, when selling an article to a client, one must make sure that it is completely free of errors. To ensure that, one can also invest in some of the editing software that may be found quite readily.
Now, online writing may not result in a windfall. A client who needs a number of online articles is not likely to pay more than a small fraction of what an offline magazine might pay for an article with a similar word count. However, there is far more certainty if you are writing for the online world. The delays that are part and parcel of the offline magazine world are few and far between in the world of the Internet. One may not get a huge sum of money for a single article. However, one might manage to get paid a decent sum for a large number of articles. Also, most online articles are relatively short in length and tend to not require intensive research. Thus, a writer who is fairly quick can make quite a bit through this mode.
Another issue is being credited for the articles that one writes. Getting a byline may not be an option for amateurs. In fact, one might have to start out by ghostwriting for someone else. Even so, the point is that one is being able to hone his/her writing skills and receive payment for it. With time, one should be able to establish one's credibility as a writer. Then, getting a byline might just be a cakewalk.
A large number of such writers start off by subscribing to some of the many freelance writing sites. This may prove useful in the case of someone who is unfamiliar with the working. Additionally, it is a good idea to acquire a website of one's own from which one can carry out one's article writing business. It is likely that the start will be slow, but writers have to keep trying. Once the offers start trickling in, and one starts producing good articles, there is no looking back. You could even hit the big time pretty soon.
Turn Your Scrapbooking Hobby Into A Profitable Business
If you are a Scrapbooking addict then you already know how fun Scrapbooking can be. But did you realize that Scrapbooking has also become one of the hottest home businesses today? A full 14% of scrappers today are involved in the business of Scrapbooking. Here are some tips to help you get started on Scrapbooking for profit.
When it comes to finding clients to work with in your new scrapbooking business, start with your family and your friends. This is a great way to help you to get some beautiful scrapbooks to showcase to your future clients. And, of course, one of the most powerful (and profitable) forms of advertising in any business is that of word of mouth.
Just imagine: You do a gorgeous and unique scrapbook for your friend and she takes it to show off to her other friends and family. They, of course, just have to know who created it and soon you have a few new customers. Do a great scrapbook for them and then they will do the same thing and, well, you can see how your scrapbooking business can grow and become very profitable.
There are many moms, college students, busy brides and others that would love to create scrapbooks for themselves or as gifts for their family and friends. But they just do not have the time or maybe they do not have the creative skills for it. These are just a few of the many opportunities for someone that has the talent to create scrapbooks for profit.
Try promoting your new scrapbooking business in your local school or church newsletters.
And don’t forget that you can also advertise for your scrapbook business here on the internet.
Of course, there are the always popular craft fairs to attend. With so many potential customers coming by to view your work, there is a huge possibility here to make some real scrapbooking profit.
Scrapbooking for profit can be a lot of fun but don’t forget to treat it as a business. Keep organized in supplies, files and forms. And remember to provide excellent customer service to your scrapbooking clients. They will expect that you are going to provide them with an excellent finished product (based on your past work) in a timely manner. Treating your beloved scrapbooking hobby as the business it is will help to insure a loyal following of customers and referrals for many years to come.
Scrapbooking is an extremely popular and fast growing craft. If you have the time, love and the talent for creating stunning scrapbooks then you have what you need to make a profit with scrapbooking.
Find A Profitable Australian Business Opportunity
All large business enterprises must have started with a simple business opportunity. Starting a business in Australia is almost the same as starting a business anywhere else – you’ve got to comply with government rules and invest time, effort, and money. Business opportunities are quite abundant in the continent – you can even choose to buy an established business, start a business from scratch, or even enlist in a business endeavor sponsored by a big company.
Business opportunities can be divided in categories. In Australia, the most popular businesses are under the food category. Cafes and restaurants are plenty and they are present in almost all cities of Australia. The Food retail business is also thriving, and its the bakers and confectioners that are heading the pack. So if your expertise lies within this category, then with a good business plan, location etc, you will be sure to succeed! However, you have to understand that because the food industry is currently thriving, other people are jumping on the same opportunity like you are - and that means you should prepare for the loads of competitors you will go up against.
Another good area to pursue an Australian business opportunity is retail. The retail business is very broad, indeed. In Australia, the most popular one is under home and garden. Australians certainly love their abode and would take on great heights to make them perfect to their eyes. So, business opportunities related to selling home items like carpets, furniture, and home accessories is promising.
Then again, the franchise industry must be one of the biggest business opportunity providers in all of Australia. In fact, all franchises operating in Australia combined turn over more than AU $80 billion in a year. And they are still growing very rapidly in number. The more important thing here is the fact that it gives anybody the opportunity to be part of a big company and share in their success. Although purchasing a franchise could require a substantial amount of money to start with, it might still be the safest way to earn through a business.
If you are low on funds, and yet you want to start a simple business with the little that you have, then you can venture into some home and small business opportunities being offered. These are the businesses that you can do from the comforts of your home. You can also choose to build a home office for the type of business that requires the receiving of clients.
Here is a list of home business opportunities you can possibly start from your own home:
1. Online auction stores. With a number people doing their shopping online, you could earn a living through Oztion and eBay Australia. Both these online stores accept old and new items up for sale. You can start selling retail online. Then you can shift to wholesale once your market is established. Opening up an online auction business requires very little start up costs. You can even begin your business selling old stuff you don’t use anymore. That way, you’ll be able to amass funds, which in turn, you can use for reselling or retailing products that you have bought at wholesale prices.
2. Affiliate Marketing. Still a business conducted online, this one is started by creating a website to contain marketing advertisement from affiliate websites. You earn with every sale that was referred by your site. Although this sounds easy, maintaining a website may not be for novices. If you want to embark on this type of opportunity, make sure you know how to create content-rich articles so that visitors will have something to look at in your site other than direct marketing links.
3. Service Center. If you are a health practitioner, engineer, or even a jack-of-all-trades, you can setup a service-related business from your home. Licensed health practitioners can open up a diagnostic and health check-up center. Engineers could start building consultation service. Plumbers, electricians, and carpenters could set up something like an on-call service provider.
There are a lot of other businesses you can embark on, and these are mere examples. For more ideas and business opportunities, you can regularly check out with the Franchise Council of Australia, Australian Trade Commission, and Indigenous Business Australia. These are government institutions and you can gain a lot from them.
Are Business Buyer Notes Profitable?
Like anything else, it depends on the type of business you're selling. Business buyer notes are documents secured by a business, much like a mortgage broker except there is no real estate involved. Often, personal property like cooking equipment, furniture, and office equipment obligates one individual or company to make payments, usually monthly, to another person or company. Businesses are sold without the help of bank financing; this makes it much easier for a person to buy a business with a small down payment. Because the down payment is small, most banks will not finance the remaining balance, so the seller {owner} agrees to hold a “note” on the remaining balance for the buyer. This is called seller-financing or owner-financing. The buyer then agrees to pay the seller a monthly payment. The person holding the note however does not want to wait that long to receive all the money from the business, so he or she looks for a someone to buy all or part of the note being held.
Business buyer notes can be a good asset because the holder of the note can get cash in hand from an interested buyer and there are a lot of company's willing to buy business notes. The note holder may choose to sell all or part of the note and receive a lump sum for the cash he or she needs to pay off bills, go on vacation, or to buy another business, while still receiving monthly payments from the one who bought the business. The holder may also want to sell the note to get out from under the responsibility of the business. Most business owners really don't want to be note holders but in order to sell the business quickly the note was agreed upon. A drawback to being a business note buyer is when future payments are sold for cash, the current balance is always sold at a discount. The reasons behind this is time erodes the value of money, and the payee is paying the owner over time. Another reason business buyer notes are sold at a discount is because personal property and office furniture does not provide the same degree of safety that real estate does. Also the interest rates on business buyer notes are not high enough to interest investors to purchase these notes unless it is sold at a discount price.
If you are interested in purchasing a business buyer note it's probably a good idea to contact a service that will help you in these matters. First there needs to be an assignment of the security instrument and receive the endorsement of the promissory note. The service you hire in this matter will examine all aspects of this transaction, and verify all notes in question, plus they will of course record all of the necessary documents for your records. It all depends on the nature of your agreements with all involved whether your business buyer notes are assets or not.
15 Tips To Streamline Your Business And Become Profitable In 2006
Here are some tips to help you ‘cut the fat’ and improve the productivity of your business. If you apply a few of these, you’re well on your way to achieving greater profit and creating less stress!
1. Cut the Slackers!
“Carrying dead-weight employees? Lose them now!” Ever tried to run a marathon whilst towing an old tire? This is what it’s like trying to grow a productive business with unproductive (or unmotivated) employees. Not only will they not add value to your bottom line, they’ll drag other ‘productive’ workmates to their level. Cutting a slack worker (legally of course) will actually increase the productiveness of other workmates.
2. Cut the Paper!
“Start a war against paper!” Do you need to print that email to read it? Or that brief? Reduce office clutter on desks and encourage better use of digital filing. Ask clients to email files rather than send faxes, and printed media. Use a web based project management or time tracking solution rather than paper based timesheets. Get the drift – saves trees too!
3. Cut the Time!
“A task can take both 10 minutes and an hour!” Have you noticed that if you give a task (i.e.: write a proposal) to an employee and they have a day to do it, they will, but if you give them 3 days to do the same task, guess what, they’ll take 3 days! Put tight and exact deadlines (i.e.: Wed 3:30pm) on important tasks, and your staff will become more productive.
4. Cut the Expenses!
“Plug all the holes in your cash flow!” Make a list of all general expenses in your business. Next to each one, write one of the following: Need it, Review it, Cut it. Take this list to either a receptionist or employee with some free time. Have them work down the list firstly on the expenses to ‘Cut’. This will create immediate savings. Then have them ‘Review’ the expenses you need, but perhaps could get a better deal on. ‘Trimming the fat’ every 6 months can help you create profit.
5. Target Different Work!
“One project for $20,000 or ten projects for $2,000 each”. Look at the type of work you’re targeting. Is it worth targeting a different type or value of work? Most businesses just ‘do what they’ve always done’ rather than looking for more profitable types of revenue. Think hard about other more profitable work your business can do with its available resource.
6. Don’t Work Late, Come in Early!
“A clear mind is a productive mind!” Outside of work, this time should be used to recharge. Don’t take extra work home, rather just go home, relax, play golf, go for a run, enjoy the family & come in early to do that extra work. Not only will you work better after relaxing, but your family life will improve!
7. Motivate Staff, Offer Incentives!
“Staff priorities are not the same as manager priorities!” Managers, Owners & Directors have different motives and priorities than staff. Just because you are excited about your business doesn’t mean the staff are. Your mind is on the bottom line, whereas staff think of their pay, and they’ll get paid whether they perform or not. Motivate staff with performance related bonuses such as money, time off & job flexibility.
8. Hire multi-skilled workers!
“Enlarge your skill base without the cost!” It’s better to have two designer/developers, than a designer and a developer. Multi-skilled workers, by nature are generally better problem solvers, more flexible and more productive than single skilled workers. You’ll also have more options for work delegation and due to an increased skill base will be able to take on a wider range of projects.
9. Clean your Desks!
“Start the Week Fresh”. Make it company policy that every Friday, before staff leave, all loose paper is to be filed away or organized in racks, drawers, folders or cabinets. A messy workspace is a messy mind. By having staff organize their desks on Friday, when they start on Monday, they’ll get straight info focused work, rather than looking at clutter wondering where to start. More productive time!
10. Clean your Digital Files!
“Make it easy to find information!” Searching hard drives and servers for information can waste a lot of productive time. Designate a tech employee the job of tidying the server. Have them organize files logically into client folders, archive or remove old files, check everybody has good network access and tidy the other staffs’ desktops and PCs.
11. Prioritize Your 20%’ers!
“Do the important things first!” Most people procrastinate on the 20% of the tasks that create 80% of the revenue. At the end of each day, make a list for the next day. If you have 25 tasks, list the 5 most important revenue generating tasks (the 20%’ers), then list the 5 most urgent tasks (usually admin). By working through the 20% items first, you’re working ‘on’ the business (growth), rather than ‘in’ the business (maintenance).
12. Review your Services!
“Your services should be team players, not just expenses!” Do you consider your accountant, or lawyers an expense? Or do they truly add value? A good accountant will save you more money than they cost. With so many accountants, lawyers, printers, couriers etc available, are you sure you are working with the best you could be? Every 6 months you should review your external services with this question in mind: “Are they helping or hindering my business?”
13. Systemize your Processes!
“How can I do it easier, faster, and cheaper?” As a matter of habit, always look for ways to systemize processes. Create templated emails, templated forms and documents, a ‘roles and responsibilities’ chart, use process automation applications, digital timesheets, auto responders, automatic payments etc. Almost every process in your business can be creatively systemized to be easier, faster, and cheaper! If you systemize 3 processes a month, that’s 36 processes a year – what a difference!
14. Use Remote Workers!
“Only pay for what you use!” Every staff member not only costs a salary, but also a chair, a desk, a computer, power, square footage, coffee in the kitchen etc. By using remote workers and contractors, you’ll save money and maybe not even need a huge office. They’ll even pay for their own coffee!
15. Learn to Delegate!
“Work on your business, not in it!” If you are a manager, you should be spending at least 80% of your time working on growing, systemizing, trimming, and strategic planning. Are you spending too much time on menial tasks and grunt work that can be delegated? If so, learn to delegate (or use contractors) as this will free your time to concentrate on the big picture – “Growing your business and making it profitable!”