As we head into 2021 you’ve got to be asking yourself, “Is there a better way to run my operation?” After being in the fitness industry for over 45 years, I’ve seen a lot of things; but nothing like the storm we’re going through now.
Over the past year, there has been much talk about the state of our industry, and as you head into 2021 it is more important than ever to analyze where you have been and where you are heading. Ask yourself a few questions while reading this article and decide if you’ve been letting the negative information hitting the airways and print media influence your decisions as a business owner. In business, even in the fitness industry, there are always ups and downs, and, no matter what people say, you’re on your own to make things happen.
There are no crystal balls. I wish there were. But during these uncertain economic times you can choose to do nothing or you can choose to become a stronger business. The choice is yours.
There are three types of people in the fitness industry:
1. People who make it happen.
2. People who watch it happen.
3. And people who don't know what's happening at all.
Unfortunately, this unprecedented downturn may last for several more months or even several years. But as a business owner or manager, you've got to take advantage of this time period and become better than your competitors.
However negative the predictions may sound, the truth is that people will still be shopping for a fitness facility or a fitness related service. To ensure that you have the best possible chance for success, it’s imperative you explore and make changes along the way.
So, what does a fitness facility or business do to ensure they have the very best possible chance for success? Here is the answer. Be better than the others. Jim Rohn once said, “You cannot change your destination overnight, but you can change your direction overnight.”
So if I‘ve got your attention, and you’re open to new ideas and suggestions, checkout the following information and change your direction:
Marketing - Traditionally speaking, you should be spending 7-10 % of your gross income to further the branding and growth of your business and the monies should be spent equally internally and externally. You’re probably asking yourself what I mean by internally and externally. Well, internally meaning that you promote from within, you do things for your members or customers and in return ask them to do something for you. Promoting externally would be radio, television, newspaper, and flyers, etc. As with both types of programs, you should be measuring the results, and the return on investment. However, with both types of programs (internal and external) some of the benefits can’t be measured because the exposure alone will continue to brand and further promote your business. My recommendation to you would be to put both internal and external into play as soon as possible and let your members and potential new members know what you’re doing to keep your facility safe and available to them during these unprecedented times.
Landlords - The basis and foundation for a successful business is in the lease. It has always been my opinion that tenants don’t get what they deserve, they get what they negotiate. When it comes to your facility rent, landlords always seem to have the upper hand and that’s generally due to the tenant creating a poor foundation when going into business. If you’re looking for a new location, ready to sign a renewal option, or having problems with the space you lease, now is the perfect time to pay your landlord a visit. Many landlords across the country are also feeling the pinch and may welcome a discussion about lowering your rent, offering you a rent abatement, or possibly renegotiating your lease. Though there are no guarantees, you won’t know unless you ask.
If the economy has forced you to be late on your payments, and your landlord is growing impatient and preparing to evict you, or you’re thinking about throwing in the towel, give us a call. Don’t be pressured or fooled by your landlord; let us put our 45 years of experience to work for you. Give us a call today.