I began working with a great trainer a couple of years ago. The biggest problem he had was that he was only charging £30 a month for his large group training.
Like most coaches, he underpriced himself. And with big overheads, this meant profits were tight (if at all..) It also became impossible to pay staff and get more freedom.
Another problem with undercharging is that you do no service to your clients. By paying less, they get less reinvested back into them.
All they get is a drained trainer whose worrying about paying bills, instead of a dedicated and happy professional.
So we had to make a BIG price increase – and tell the clients the ‘news’…
We worked out the numbers to prove the cost of his undercharging.
We worked out he actually needed to charge around £120 a month in order to make maximum return on assets in his business.
But that’s a big jump – from £30 to £120 …
How do you tell your client base something like that without causing a huge backlash?
Well, this trainer did it.
And over 80% of the client base were happy to pay the new rates.
Even at a a 4X price increase.
Today… he’s expanding fast, with an outsourced coaching and management team (and new product lines in the works)
Most of his fears never came to pass, because he knew this wasn’t an emotional decision… but a logical, financial one.
The same goes for business partnerships that you KNOW need to end…
Clients you need to drop…
Suppliers you need to stop paying…
but this sense of “loyalty” keeps you stuck to them.
That’s not loyalty.
Its fear, and abandonment of responsibility in order to avoid hurting your own feelings.
When people say managing people and profits needs to be ‘ruthless’ this is often what they mean.
It doesn’t mean you are a harsh, vile person.
It just means we need to learn to read and act on the data our business gives us.
You’ll make decisions in the early stages of your start up that will NOT be viable to maintain later.
Deal with it.
You’ll employ or partner with people that you pay far too much, or give far too much equity … only later to realize you were looking for saviours, not partners.
Deal with it.
You’ll fail to read your finances and act logically… instead opting to react on emotion and whims.
And it’ll cost you. But deal with it.
Don’t bear yourself up over things in the past.
Yet also, make the actions NOW to resume responsibility of those decisions you made.
“Success is directly correlated with how many uncomfortable conversations you’re willing to have”, said Tim Ferriss.
So how many uncomfortable conversations are you choosing to have this week?
Share this with a fit pro who needs more clients!
(but make sure they’re more than 10 miles outside YOUR area 😉 )
And if you want my help STEP BY STEP through all of this…
With my templates, tools and QnA at each point…
And you want help with
– Balancing your finances
– Forward projecting your growth to 7-figures
– Growing and leading a loyal motivated team
– Dominating your local area as the Expert Authority brand
– Offline marketing strategies
– Public speaking and how to sell from the stage
..then you need to be in my Mastermind mentorship for coaches.
You get business coaching with a mentor,
Access to weekly mastermind calls,
Full access to all my Facebook and funnel swipes and templates,
Behind-the-scenes case studies of how I’m growing my own fitness businesses (we have local AND online coaching each making mid 6-figures and growing fast).
Plus, we meet up twice a year live in person (In London and Europe) to work together on your business.
And its way more affordable than you’re probably thinking.
Take a look at how the Mastermind will take you to high-6 or even 7-figures+ in the next 12 months by going HERE <
We can help you grow a thriving coaching business just like we’ve helped the coaches below:
Click HERE to let us help you.