Recently, the term "economic recession" has been on everyone's lips. This term can be intimidating, but it is important to understand it in order to be well prepared and most importantly, to protect yourself financially as a fitness professional.
During an economic downturn, which can last from a few months to several years, unemployment tends to rise rapidly and retail sales tend to fall sharply.
In concrete terms, a recession causes an increase in the unemployment rate, and therefore a decrease in income for your customers. The decrease in the purchasing power of your customers can lead to churn or at least a lower consumption of your services.
The growth of gyms or fitness clubs will also slow down. In general, households are consuming less.
Whether you are an athletic trainer, fitness trainer, sports educator or any other fitness professional; we all need to be prepared to protect ourselves financially. This is the best way to get through this period of uncertainty.
Adopting the package model has many advantages for your business, among them
Find out how to apply a package and why in our Webinar:
Your first goal is to list all your expenses and identify those that you can stop.
Be careful, we are talking about expenses and not investments that can pay off in the long run.
For example, a tracking software allowing you to save time and increase the quality of your services is not an expense, but an investment.
There is indeed a significant return on investment when using it. If you stop using it, you risk losing money in the long term and lowering the quality of your services in the eyes of your customers, who may leave.
It is important to analyze what allows you to work and to gain in quality. If you start to stop these investments, you might as well leave the business and do something else.
When the money rains, no one questions it, but when it gets tougher, we wonder what we can stop to save.
However, it is important that each of your clients see your value. When you do an assessment or planning, be transparent, explain to them, show them what you have planned for them. It's important that things are clear, if they are not, they may not understand the benefits of your support and leave.
Not doing any planning and physical testing yet? Then start!
They increase your value and the quality of your services. It creates true loyalty and a sense of tailored support that you can't get enough of to move forward.
The annual prepayment of packages is the solution to gain quick cash. All you have to do is make an annual, 3 or 6 month offer including for example a 10% or 15% discount. The customer will see an economic interest and will be more tempted to switch to this offer.
You will have understood, this offer is only possible if you are in a package.
Once the money is in your account, it is important to manage it well. Discipline yourself to keep as much of that cash as possible while continuing to invest wisely as explained above.
Ideally, you should talk to your clients individually to present them with the benefits of this offer and give them the feeling of an opportunity not to be missed.
This offer should be put in place before the situation gets too bad.
Think about it beforehand!
It's true that the economic recession is looming, but don't sit back and do nothing. Act as soon as possible to get through this period more serenely and maintain your business by following our tips!
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