fitSpot Guru

What We Cover In This Episode:

• Some of the common ways to fund your fitness business [2:13]

• The pros and cons of obtaining funding from outside of your personal savings [5:49]

• What to be aware of in terms of equity investments [8:04]

• Why are you considered cash flow negative once funded [9:42]

• How to ensure that you become cash flow positive, and stay there [12:03]

Quotes:

"Maybe you could do personal income, a grant and maybe an investor, that would probably be the quickest way to get started, because you definitely want to limit the amount of money you're taking from other people, whether that's the bank or an investor." [Nick, 5:08]

"So it's a really scary fine line, of how certain are you that is going to work out? Even if you have credit for a great personal loan, or you have the business plan for the right business loan, if those first two years don't go your way, they don't really care. The second you miss a payment they are coming for you." [Nick, 7:08]

"So, you've really got to figure out, do I have enough capital to start this business and enough runway to get to cash flow positive?" [Nick, 11:42]

LINKS:

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• How this industry is a "moving target" and adaptability is essential [1:28]

• The relatability Stephanie gained by being a studio owner turned consultant [3:04]

• 3 things to consider when crafting an intro offer [9:25]

• Why you need to realize that you can't control what type of buyer your client is or where they personally see the value [14:09]

• Add value: Your intro offer doesn't have to be a price reduction [15:16]

• How can you use an intro offer as a win-back strategy [19:34]

• Why limited memberships often force a higher rate of consistency [23:04]

• Stephanie's thoughts on free intro offers [24:14]

• Her tips for infusing creativity and trying some fun stuff with your offers [31:44]

Quotes:

"This industry seems to be shifting and changing so quickly, so I think adaptability should be the theme." [Stephanie, 1:28]

"It's been really cool to kind of be in a situation to filter through a lot of the noise for my clients, to bring them the things that I feel like is something that they need to focus on in the time that they're in." [Stephanie, 4:55]

"Having those conversations I think empowers the studio owner to be able to be in their studio more and be present. Let's all be honest; our goal is to create that community, because it's really easy to leave an exercise but it's really hard to leave a community." [Stephanie, 5:39]

"Clarity [with offers] is very important, because people want to follow. You are the expert, what does it need to look like?" [Stephanie, 10:27]

LINKS:

Stephanie's Website, Instagram & LinkedIn

Episode 103 with Stephanie

Episode 138: How to Generate Your Financial Plan

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• What exactly a payment processor is and how it works within fitDEGREE [1:47]

• Rates to be considered during the integration of the payment processor [3:08]

• What to be aware of in terms of chargeback fees based on your business practices [5:09]

• Tips for initializing your application as a small business to set up Payably [8:38]

• Our thoughts on PCI compliance [9:25]

Quotes:

"In fitDEGREE's situation, where we're a software company that has many businesses underneath of us, we need to work with a payment processing partner to pull this relationship off." Nick [2:21]

"It's a seamless process inside fitDEGREE. After you fill out your merchant application when you sign up with us, you will probably forget there even is a payment processor, but it is not fitDEGREE processing those payments, it is a third-party integration that we just hired in the background." [Nick, 2:53]

"When you're working with fitDEGREE, you just have to worry about a transaction rate. If you're not on fitDEGREE, check your merchant statement. There's going to be monthly fees, annual fees, different fees for different cards being used; it's a messy, messy world." [Nick, 4:42]

LINKS:

Payably

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• How Ali got started in the industry and what led her becoming a studio owner [2:45]

• Montse's journey into the fitness world and the certifications and experiences she has had obtained since college [6:19]

• Nick's thoughts on the lack of community and camaraderie in the gym, and how he wanted to build a community-based software as a result of this [8:29]

• What we like best about helping studio owners as part of the fitDEGREE team [17:02]

• The future of the competitions feature in fitDEGREE [20:29]

• An update on spot bookings [22:34]

• How you'll be able to use the competitions feature to visualize your milestones and/or progress [25:27]

• The chat function on the app and how it will simplifying making friends at your studio [25:53]

LINKS:

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• Defining your financial plan and what it actually means to have one [0:32]

• The top 5 elements that go into a financial plan that studio owners should be watching for [2:07]

• How to approach building a chart of accounts [6:16]

• Resources that can help you with your financial acumen [11:04]

• Why having a good bookkeeper is key in this process [12:01]

• Our thoughts on working with a financial modelling coach [12:20]

• What can happen if you do not have a financial model in place [12:52]

Quotes:

"Probably the most important thing is keeping up with your books every month. You can't create a financial plan if you don't know what has been happening. A financial plan is not an emotional exercise, it is based on historical data. Let's try to predict the future the best we can." [Nick, 2:17]

"You don't need to be as granular as people tell you, of tracking every single expense and writing down every subscription you are written for. It's really important to create a clean chart of accounts for yourself." [Nick, 6:09]

"[A financial plan] is very therapeutic. It's like I have the answers of where my business is going in the next 12 to 18 months, because it's not a guessing game. Like I said, short of a pandemic it's pretty predictable of what the next 12 months look like if you have two or three years of business under your belt." [Nick, 8:51]

"Don't you want to know where you are going? Part of being a business owner, it's trying to get control over where you are going. If you are an employee you don't have to worry about that, but as a business owner, I lose sleep if I am not sure about our next 6 to 12 months." [Nick, 10:31]

LINKS:

Breaux Bradley Consulting

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• An introduction to Megan from Tread House [2:28]

• Megan shares details on the structure of her business [6:10]

• Our thoughts on a report that the at-home fitness machine industry is dying [9:42]

• The way that Megan stays in tune with her body and how she invites her teachers to do the same with their clients [19:36]

• What inspired her to open Tread House and how she built the concept and programming in her studio [21:22]

• What she does to take care of the teachers in her studio,and create team development with her coaches [30:54]

• A look her coach incentive programs and the benefits that come with implementing this in the studio [33:40]

Quotes:

"One of our core values at Tread House is human connection, and I just feel [with] the way our industry [and] the way our world is going, you can sit at home and grocery shop while your Roomba is running and flipping through the TV; there is no reason for you to get up anymore." [Megan F-M.,13:20]

"I really value time spent with people in person, to have that connection made and to just create an experience for people to want to leave their house for, to have an atmosphere that you can't get in your living room." [Megan F-M., 13:48]

"I love working from home, but there's nothing quite like the human connection. Coaching or taking fitness classes is a great way to fill your cup in the community aspect; having people, having things to do, places to be, and getting your workout in at the same time." [Megan M., 15:25]

"I think it is really powerful to support yourself in the moment, even if it looks different than your neighbor." Do you; truly do you. It's just really cool to see when they step into their own comfort zone or out of their comfort zone."[Megan, F-M., 20:32]

LINKS:

Tread House's Website, Instagram & Facebook

Fitt Insider Issue No. 221: Hard Gains

Woodway

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• A rundown of the various pricing options available in fitDEGREE [1:50]

• The display options available through fitDEGREE [3:07]

• How to choose the pricing options for what your clients can see by utilizing the app or app and admin options [4:04]

• What to know about attaching an image or a video [5:36]

• A reminder to not overload your pricing options [8:16

• The reasons why you should always be clear in your titles [10:07]

Quotes:

"Make your title as clearly as possible. We try our best on the software side, but whether you are on fitDEGREE or not, do not rely on the software to get the most important information across as quickly as possible. So, I would be as descriptive as you can in a couple of words, with your memberships, packs and intro offers." [Nick, 3:44]

"Just be clear in your titles. We previewed the purple "M" for the membership, and underneath that pricing option we reiterate the membership.You have to make that second click to get all of the details of the billing frequency, the price of it, the description, so give somebody a reason to make that second click." [Nick, 10:09]

"The uniqueness should come in the offering; the classes you do, the modality, the way you mix it up, the way you engage with members year-round. When it comes to purchasing, that is not where to use your creative juices." [Nick, 11:49]

LINKS:

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• Niki's exciting announcement of a new course for studio owners [2:19]

• What she has learned by taking courses herself, and how she applied this knowledge to the one she is building now [6:00]

• Connect to Convert: A teaser on what Niki course offers [10:35]

• The most impactful trend Niki has seen in the past five years when making sales [17:56]

• How studio are leaving over 90 percent of potential conversion on the table [25:15]

• Tips for minimizing ghosting after intro offers [27:29]

• Why your teachers should be taking classes within the studio [33:42]

Quotes:

"I've been doing my market research, and the course market is massive. There are courses that are tens of thousands of dollars, there are courses that are $49, and the difference isn't always quality." [Niki, 4:37]

"At the end of the day, if you don't ask, they don't buy. Sales is required and this is not a hobby. This is not a passion project, it is a business, and there is a way of marrying a heart-based business that you love and care about with a sales process that doesn't make you want to hide under the desk." [Niki, 5:34]

"Make more, work less, and your best way of doing that is to increase your conversion rate so that every new client that is sitting in front of you is a new member, rather than just a new cheap trial." [Niki, 11:28]

"That is one of my studio's little secrets. We don't let anybody in an intro [class] leave without their second class booked." [Niki,13:03]

"I think the biggest trend that is impacting our studios or our industry, is that we're over automating, and we're over automating an industry that is founded on really deep trust." [Niki [19:19]

LINKS:

Niki's Website & Instagram

Her Studio Sales Solution Course (Launching Soon!)

IHRSA 2023 Convention

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• The value of community events and how doing them can help you build your business [2:11]

• Common community events and finding the right ones that fit your business [2:41]

• What the true value is in hosting events and participating in events in the community [3:26]

• Tips for finding the right businesses for your studio to align with [4:23]

• How to start planning your community events and organizing who will be manage them [6:03]

• What the role of a studio ambassador looks like and how this person can help you grow your business [9:04]

• Why community events must be part of your growth strategy [10:19]

Quotes:

"Community events should really be a part of every gym and studios growth strategy. They're often free or very low cost and they are going to help with visibility in your community. They're going to really build a positive reputation when people see you out in the community, and overall, there's going to be high levels of lead generation if you are doing them effectively. " [Cherise, 2:22]

"Think about the events that you've attended or participated in, like run walks or even community charity events. You are going to have a lengthy list by the time you get through this." [Cherise [4:57]

"Challenge yourself to do one event per month. This can feel a little nerve-wracking, if you're like "I have so many things on my plate as a business owner, but get organized and set some goals, and I promise this is doable." [Cherise, 6:13]

"I have gotten very creative in the past with studios and actually have found studio ambassadors. So this is a diehard advocate, somebody who absolutely loves your studio, and is very active in the community outside of the studio." [Cherise, 9:04]

LINKS:

Eventbrite

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.instagram.com/whycoachingandconsulting/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q

What We Cover In This Episode:

• fitDEGREE Tea: Bringing you the ability to chat with your friends on the app [0:54]

• Some important heart attack symptoms to be aware of [3:11]

• Indications and signs of a stroke [4:09]

• What to understand about cardiac arrest symptoms [5:32]

• The variation between symptoms of men and those that women experience [7:26]

• Why as a studio owning, knowing your client's health status and history is key [10:52]

• How Albertsons Grocery has introduced a new health app allowing you to monitor your health, hit goals and receive rewards in the process [12:18]

• Nick sites an article about how gut health affects exercise motivation [19:33]

• A look at the supplements that focus on microbiomes [20:36]

• Our thoughts on bio individuality [25:32]

Quotes:

"I think it's also important to keep in mind when you have new clients coming in, you should be talking to them about the current status of their health. What are they experiencing, do you need to keep an eye on them, and not only for physical injuries? [Megan, 10:52]

"That's a common reason you hear from people, that they can't afford to eat healthy because it is expensive to buy fresh produce, especially if you're not eating it at a fast enough pace and it's starting to spoil in your fridge." [Ali, 14:00]

"A lot more people are, I think, wanting to embrace their own health. They're wanting to have a say in their health and they're not necessarily relying on doctors to tell them what to do or how to do it. They're really being responsible for their own healthcare at this point." [Ali, 16:41]

"If you are a studio owner asking somebody to pay over a hundred to come to your studio every month, it should be more than just classes and you should be creating a relationship with them. I think if you get some type of nutrition certification, then you're probably going to be better off than most of the things that they're reading. The problem is I think people just go to the Internet, and they just don't know what to do because it's information overload." [Nick, 21:31]

LINKS:

Heart Attack, Stroke and Cardiac Arrest Symptoms

Albertsons Companies Launches Sincerely Health™ Digital Health and Wellness Platform

The National Academy of Sports Medicine (NASM)

Episode 131 Marketing My New Business Part 2 (Community Outreach Checklist)

fitDEGREE's Business Portal

https://calendly.com/fitdegree/support

[email protected]

https://www.instagram.com/fitdegree/

​​https://www.instagram.com/fitspot_guru/

https://www.fitdegree.com/blog

https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q