I’m not one that likes to flex numbers but I have to share this with you. This year we started regularly hitting 60k in total revenue at 1 facility….with 20% profit margins.
Remember…revenue feeds the ego, profit feeds the family.
But I’m sharing this revenue milestone because we were WAY below that in the COVID months. This facility dropped just below 20k/month which was a hard pill to swallow.
But once you’ve climbed a hill you know how to retrace your steps and get back there. I’m not posting this to brag, I want it to give you hope that you can build the business of your dreams if you’re willing to put in the work and listen to mentors who have done it before. That’s the secret sauce.
Here’s some key things we did to accomplish 60k months….
- Raised the bar on hiring quality talent and raised our pay. Funny enough everytime I improved my job offer by giving more comp or hours I get better candidates. When its a crap job offer with low pay and low hours you get the lowest skilled talent.
- Never stopped marketing. I hear about Owners who turn off their ads and I scratch my head because that will only make a slow month even SLOWER. Why kill yourself by cutting off the thing that brings in money. It shouldn’t be a question of “IF” but “WHAT”. We know certain months are when people travel so we switch our ads to offering freebies like 1 week passes, fat-loss guides and BOGO deals for a trial. Marketing NEVER turns off, except Christmas Day. Even the algorithm needs a holiday. 🎅
- Increased our output on lead nurture. We follow my 5×1 follow up system where a new leads gets 1 text and 1 call per day for the first 5 days after they opt-in. We have a person on the team dedicated to this since Admins and Coaches have their own tasks to focus on.
- We raised our prices on Boot Camp Memberships for new clients. Inflation is real and we had to pass it down to the customer to have a profitable business.
- We made Small Group Training our core offer. It’s our signature program where the client will get the best results and get the best experience. Small Group is now baked into our Challenges so when the sales conversation occurs they are being sold what they are already experiencing everyday. It makes for a smooth sale.
- We stopped looking at paid-in-fulls as a bad thing and actually made it a goal to sell 4-6 of them each month. It creates a nice surplus of cash without drastically hurting EFT growth. It definitely slows it down but PIFs never cancel and it gives you the funds to re-invest into the business (talent, courses, marketing, upgrades, etc.)
- We increased our LTV by getting over ½ of our members to upgrade from Boot Camp to Small Group. That costs virtually nothing and is an easy way to increase revenue and profits without chasing more people constantly.
I hope these takeaways are valuable and help you to build a bigger, revenue generating beast of a business.
What is your next revenue target for Q3 or the upcoming month?