The Challenges & Opportunities That Occur When Your Fitness Business Grows (That Nobody Prepares You For)
This is one of the most important posts I’ve written.
Because its stuff not typically shared in marketing or business courses. This is all covered in more depth inside my Fitness Business Blueprint course, and our Immersion retreat in Cyprus this week.
If you are already making over £25k/m from your fitness business… this is CRITICAL for you to read.
If you’re on your way, gaining momentum to that point, I’d strongly suggest investing your next 5 minutes to absorb this also.
There are challenges… and opportunities… that will come at you from left-field as your business grows.
We get so caught up in the day-to-day running… or in the sales revenue targets… that we fail to look up and see the meteor coming right at us.
We may also miss major opportunities to expand even quicker flying over our heads, whilst we look down at the business.
Here are some brief notes about some of those things:
• Its important to set some targets for at least 24 months down the line.
Even if they are vague targets, please do this.
Don’t settle for what happens in the next 90-days only.
Thats extremely short-sighted and encourages you to chase shiny objects and tactics.
Where do you think your company will be a couple of years from now?
As Yaseen Dadabhay taught me 3 years ago, you also need to put 9-18 months of cashflow aside to over all OPEX. This gives your business a cushion for the low periods that could occur if there’s a recession, for example (which, is most likely on the horizon…)
• New opportunities will come at you. You must be versed in managing these opportunities.
You’ll need to learn to say NO more than YES.
You must keep your focus on your vision and objectives. You must focus on the health of your company and the culture within it above all else.
• As your customer base grows… you’ll need more SUPPORT staff… not just more specialist staff.
Its not enough to take on more coaches to ‘handle’ the clients.
What about customer support?
Gaining feedback from customers?
Whose doing all that?
The more your tribe grows, the more SUPPORT roles you’ll value.
Plan for that.
• As you grow, wastage % is magnified.
Things you don’t mind now will become BIG issues later.
For example, maybe now you get 100 new email leads each month… but you don’t have an automated follow up sequence. Most of those email leads are being led to a phone call with your team.
But you think, “Meh, I’ll live with it.”
…But maybe in a year from now, after you’ve increased your advertising spend and brand awareness you discover you’ve been getting *1000* email leads a month…
Now this has been costing you dozens of new sales that could have been converted over the phone.
With growth, what were small % losses become magnified.
Plan for that.
• Once you’ve grown consistently for a while, you become more attractive in the market
This means people want to JV with you, partner with you, offer you commisisons to sell their stuff, invite you to speak around the world…
You must prioritise your time & ask one thing:
“Does this opportunity get me closer to my vision & objectives… or distract me from it?”
• Watch Your Personal Spending, Rockafella..
After you start making £150-200k in annual revenue, you’ll have more spare cashflow – which can be dangerous.
A major source of failure is when entrepreneurs let their personal spending get out of control.
They buy houses, cars, expensive watches (liabilities) when that money could have given the business another boost (increasing your assets).
Sure, you can live it up.
But remember your responsibility as an asset-holder (business owner) and ask yourself is the flashy expensive stuff just years of struggle getting expressed out of you?
• Extra cashflow also leads to excess spending inside the company.
We get too lazy.
We don’t evaluate costs like we used to.
Before you know it you’ve got 157 subscriptions and recurring payments going out each month
You throw more money at solving problems , which is the lazy way out of taking responsibility and ownership.
This then leads to having LESS cashflow and tighter margins if we hit a growth stump.
Even when money is coming in, stay FRUGAL within the company.
Keep your company big but LEAN…not big and bulky.
• Don’t Anticipate Growth Rate to Stay Consistent
Don’t anticipate growth to happen at the same rate after £200k as it does before then.
Modern tools, tech and access online help you rush towards £200k/year… and your company can make huge growth leaps quickly. (things like new funnel technology, cheap Facebook ads and finding help anywhere you need it online accelerates us to 6-figures faster than any time in history.
However, after you cross a couple-hundred grand a year revenue, your continued growth comes back to good old-fashioned skills of managing *people and profits*.
In other words, Facebook ads and a nice funnel alone won’t take you to a 7-figure business….
And even though you can go from 0 – £10k in 90 days… don’t expect the same jump to happen to 7-figures+.
• Awareness of Market Trends Becomes More Important
Become more aware of market trends and the ‘bigger picture’ of your industry, so you can adapt.
Keeping your finger on the pulse of your market is critical at this stage.
If you launch a program nobody wants BEFORE making £100k its not a big deal. You lose a couple of weeks and maybe a couple hundred pounds putting the launch together.
However, if you misalign your offer with the market when your company is much bigger, you lose a LOT more time, energy and market trust with that mistake.
Your business is bigger, like an iceberg.
Harder to manoeuvre.
Wrong moves don’t bounce off as quick as they used to.
• Personal Relationships Will Change
When you hit low 6-figures you’re at the top-end of most socially conditioned income structure.
“Well done!” your family and friends might say!
“Wow, haven’t you done well! You should be happy with what you’ve got!”
Yet… you know you’re just getting started.
You do appreciate what you have, but you’ve also discovered your potential for a lot more.
A million-pound business and a huge impact on the world may be your new goal…
…and that’s when you often go past “The Crazy Zone” according to your peers, friends and family.
Thats when you just broke out of that socially-conditioned acceptable standard.
And now you can prepare for people to think you’re a lunatic. With crazy goals. Stupid ambitions.
They won’t get why you’re doing it.
They may not even support you.
Criticism will come. From all angles.
You gotta keep thick skin.
This is your opportunity to manage your energy and your presence (and maintain that strong, clear vision) more than ever.
You are the only one who can keep that vision alive.
Prepare for conflict, criticism and judgements. Because you pushed beyond the ‘acceptable’ level of social conditioning.
Expect relationships to change.
Plan for that.
Just so you know…
Its not my intention to scare you with any of this.
I just think its beneficial to point out some things that aren’t commonly taught.
With growth comes new challenges and opportunities.
Awareness of them is the first step to maintaining your momentum.
Remaining focused on your priorities is the next.
PS. if you’re ready for business mentorship, heres how we can help…
1. Enroll in our Fitness Business Mentorship & Mastermind program
If you want to grow your monthly recurring revenue by at least £5000/m , this is for you.
You’ll work with me & my team over 12 months to fully systemize your marketing, your team recruitment & develop your leadership & management skills.
You’ll also work with me live in person at 8 events across the year. This program gives you more in-person coaching & accountability support than any other in the world – guaranteed.
If you’re interested, visit www.justindevonshire.com/ebb-Mastermind for more info
2. Take the 4-Week lead generation challenge…
If you want to get 5-10 qualified leads a DAY from Facebook ads, but without spending thousands each month on expensive agencies or ads managers… this is your solution.
In this 30 day program I share the EXACT Facebook ads system we’re using to generate leads & sales every single day. I’ve used this system on repeat to grow multiple fitness locations over the last 6 years successfully.
The best part is I mentor you through the entire process from A-Z – so you’ll have the sore by step answers to all of it.
I’ll show you our SIMPLE funnel set up (and how to do it in 30 minutes – even if you’re a tech dunce like me!)
You also get our templates, swipes and scripts for every step of the system – from creating your offer, to launching the ads, to closing the prospects into buyers over the phone.
You get the COMPLETE lead generation sales system – and my personal (one on one) mentoring & accountability to implement it over the next 30 days.
This program is extremely limited in spots and the investment will be rising soon. To see how we can work together 1-on-1 to get your FB ads working, go HERE : https://JustinDevonshire.com/4WLG-1on1
3. Join our next Free Tour Event (UK only)
Throughout the year we host a 3-hour business, management & marketing seminar for fitpros – at absolutely zero cost.
This is pure content and NO sales pitches. Giving you the best advice for free on how to grow a profitable and fulfilling fitness business.
To see upcoming dates & reserve your seat tap HERE : https://JustinDevonshire.com/freetour
P.P.S. Here’s that infographic of the 6 steps I promised…