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Making tech work in our favor: specialize or diversify?
reating a good relationship with technology in fitness management means finding the sweet spot between putting our heads in the sand and running ragged trying to keep up. Embracing the fact that most consumers will choose multiple access points to fitness releases us into our area of expertise, while inviting us to extend our wheelhouse towards technology. Winning in the market requires the realization that more than ever consumers are aware and engaged in their physical, mental and immune health. This presents a huge array of product and service opportunities we traditionally would have found too risky to offer but can now more easily provide. The decision that needs to take place is whether we specialize or diversify: Digitalize into a fantastic hybrid offer by specializing: if stepping out of your comfort zone to create a full ecosystem of offers feels inauthentic and pulls you from your sense of integrity, choose instead to dive deeper into what you already do best. Dig your brand deeper into a frictionless offer they can experience when and where they want, make your offer portable and indispensable. Expand into a growing wellness market by diversifying: if you’re passionate about serving your clients’ needs beyond traditional fitness, choose to grow thanks to offers that support wellness such as nutrition, mindfulness and better sleep. Preserve their trust by stepping into new services that match the quality they’re used to, or consider partnering with other professionals or brands to smoothly and consistently become even more valuable. Focus on your “why” and your people; consider the loyalty you’ve built thanks to the trust they have in your brand and take meaningful steps forward in your business.
Nathalie Lacombe, M, Sc. blends her 25 years of international fitness experience with her degrees in psychology and exercise science to passionately connect with fitness professionals. Nathalie dedicates herself to coaching fitness professionals and leaders towards incredible success in their careers and businesses. Visit https://nathalielacombe.com/camera/ for your FREE access to Top 10 Tips to Better Coach Through a Camera and improve the impact you have on clients today!
| WWW.PERSONALFITNESSPROFESSIONAL.COM | SUMMER 2021
Is your FinTech working for you?
very business has some type of Financial Technology (“FinTech”) integrated into its systems. It can be as simple as online banking, or as sophisticated as online order taking and fulfillment, and everything in between. Because technology moves at such a rapid pace and there is always something new out there, it’s easy to get caught up in looking for the latest and greatest to help streamline systems and make life easier. But you don’t need “high tech” to reap the benefits of FinTech. Take that “simple” online banking for example. What may seem basic and mundane is actually a powerful cash management tool, offering a straightforward way to assist you in making strategic business decisions as you scale your business and grow your revenues. You can take advantage of how easy it is to open a new account, make transfers and see real-time balances. Here is an example. One of the biggest financial challenges of a growing business is adding team members. You need them to grow your services, but how can you confidently make the decision that now is the right time? What if you hire them and find out you can’t support them long term? Where is the money going to come from? Take that stress away by paying the new team member for two to three months before you hire them. Here’s how. First, calculate the total new payroll you want to add, let’s say $1,000 per month. Divide that by your average revenue per month. For this example, our revenue is $20,000 per month — $1,000 divided by $20,000 is 5%. Second, open a new business bank account and name it “Test Payroll.” Third, allocate 5% of monthly revenue into the new account for three months. This serves as a “stress test” on your current business financials, without spending an additional dime. If you find that you can allocate the 5% without a problem, it’s a green light to hire. If on the other hand you find you can’t pay current expenses on the remaining 95%, you still have the money on hand to cover, and you can adjust your plan as necessary. This is just one example of using FinTech strategically to make good business decisions, and it’s as simple as some basic math and your bank account.
Dean Carlson is a Profit First Advisor and in 2016 founded Fit For Profit, providing fitness business owners with the coaching and tools they need to manage their cash easily and keep more of their hard earned money. His experience as a gym owner came full circle in 2018 when he sold his award-winning gym Get Fit NH for seven-figures. He is passionate about helping fitness entrepreneurs stop worrying about finances and start building the business of their dreams.
Personal Fitness Professional Summer 2021