Do you have a passion for fitness? You may have thought about turning your love of health and wellness into a business. Or, maybe people already turn to you for help with exercise and nutrition. Every day, you love seeing your clients succeed. You love when they grow in their self-esteem, muscle tone, and fitness level.
But what about the growth of your business? Have you ever considered the performance of your company in the long run? Creating long-term business goals can help ensure your business remains strong and prosperous. Here are a few ways to set long-term business goals for your fitness business.
The Importance of Long-Term Goals
If you’re happy with the product or service you’re providing – and if your clients seem pleased – you might wonder why it’s critical to have long-term goals. This can feel even more true if you’re starting your company. It takes a lot to get a business off the ground, and it can feel like you have a lot on your plate. As a result, long-term thinking might not seem important, especially if you’re working another job. However, thinking about the future will only benefit you. So here’s why long-term goals are necessary:
- Success in business doesn’t happen by accident. If a client came to you and asked for help losing weight, you would give them a plan. Hoping for good luck in your business won’t work. Instead, you must plan a detailed strategy for success.
- Long-term goals tell you which direction your business needs to go. If your company is headed in the wrong direction, comparing where you are to where you want to go will allow you to change course before it’s too late.
- Having long-term goals increases your chances of being a profitable business. While you may be running on passion right now, you’ll need profit to pay vendors, creditors, taxes, and more.
So, now that you know why you should have long-term goals, what should those goals be? There are three long-term goals every fitness business owner should pursue. They are attracting new clients, retaining old clients, and increasing your online presence. Now, let’s break those down a bit.
1. Maintain Profit Margins Between 20%-60%
Profit margins in the health and fitness industry vary depending on the type of business you are running. For gyms and fitness clubs, margins tend to be lower than if you are operating a personal training business.
It has been reported that the median margin for all fitness clubs in the Pro-Shop/Retail category was 16.5%. Multipurpose clubs have a median profit margin of 15.5% while membership-only clubs see their profits hover around 20%.
Personal trainers, however, can shoot for a higher profit margin of 60% or more. The disparity is because personal trainers usually operate without the cost of a facility, expensive equipment, or gym upkeep. Again, margins will vary depending on the business. However, maintaining these margins will indicate that you are running a healthy business.
2. Attract New Clients
While you may be happy with your current number of consumers, it’s important to keep bringing new clients into your company, ensuring your business’s survival. Here are some ways you can attract new clients:
- If you have a building, make sure it’s always clean and welcoming. This includes having a sign with visible hours of operation, especially if you want walk-in customers.
- If your business is online only, ensure the consumer can easily place an order and contact you if they have a problem.
- Provide business cards to customers so they can refer your business to their friends.
- Join your local Chamber of Commerce. Which will allow word-of-mouth to make the community aware of what you have to offer.
- If you own a gym, consider having a “Bring a Friend for Free Day.” It is an excellent “try before you buy” option that potential and current clients may love.
Bonus Tip: If you’ve already made it a goal to get new clients, you might be wondering how to make this happen faster. You can break down this goal even further. Check out our resource, 7 Ways to Achieve Your Business Goals Faster.
3. Retain Old Clients
It’s always cheaper to keep an old client than to try to gain a new one. Providing top-quality service to every consumer is one of the easiest ways to do this.
Managing client information is also vital. So maintain an accurate consumer database with customer names, emails, cell phone numbers, and birthdays. Also, keep in touch with your clients, but don’t overwhelm them with spam. For example, send a “happy birthday” message to clients on their birthdays with a discount offer from your business. Or, you could provide them with some swag with your company logo.
When business is slow, you can create a text message or email blast, offering clients a one-time discount. Track the effectiveness of this campaign, and if it’s effective, repeat it at a later date.
Another important way to retain old clients is by appropriately responding to their concerns. For example, if a customer complains about your business, carefully listen before responding; always respond with a calm, professional demeanor.
4. Increase Your Online Presence
Finally, increasing your online presence is another critical goal for any fitness business. This goal supports your other goals of attracting new clients and retaining old clients. In the digital age that we live in, your online presence is your storefront – whether you sell physical goods or not. You can lose potential customers by not making it easy for them to choose you, as competitors are always waiting in the wings. So make it easy for potential clients to choose your business, not a competitor.
Do you have social media pages for your business? You can advertise sales on your social media pages, inform customers of your business hours, and show photos of your facilities. All these things can entice new clients. Evaluate your existing online presence – or lack thereof- on the following social media platforms:
Are these pages regularly updated? These sites tell people who you are, where you are located, and what you have to offer. You don’t have to be the person to deal with the social media part of your business; you can outsource this work if you need to.
If you own a fitness club, one way to increase your online presence is by creating videos and uploading them to YouTube. TaiBo legend Billy Blanks did this during the coronavirus pandemic, reigniting interest in his unique fitness approach.
Bonus Tip: Want to learn more about building a customer database or how to build a strong reputation online? Check out our resource, 8 Long-Term Business Goals for New Businesses.
5. Launch a New Program
One of the major steps that help ensure the growth of your health and fitness business is launching a new program. This could mean introducing a new type of fitness workout, offering a new class, or creating a new fitness initiative. For example, if you are a gym owner that mainly offers static gym equipment, you may want to partner with local fitness instructors to offer a spin class.
Launching a new program lets your clients and members know that your fitness business is evolving and growing. It will also help with retention as your clients know you are innovating and progressing.
Go the Distance With Long-Term Goals
Every day, your fitness business changes lives. Your customers shed unwanted pounds, increase their muscle tone, and gain the confidence they need to succeed. However, every goal that is achieved begins with a vision. Ensure that your health and wellness business grows by implementing long-term goals, and your business will reach its highest potential.