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The Problem With Paid-In-Full Gym Memberships
Manage episode 420673441 series 2971228
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Paid-in-full gym memberships seem like an easy win. Many gym owners usually jump at the opportunity to get that quick money. And it’s understandable – it looks like a low-hanging fruit.
But this strategy can backfire because it usually attracts clients who act on impulse. So, relying on PIF is actually gambling on the chance that these clients won’t leave you for months (or years).
Sure, that immediate influx of cash feels good. But what about next month? Or the month after? You have to constantly chase the next sale and it feels like trying to fill a bucket with a hole in the bottom.
This is why Tim and Randy are recommending focusing on building monthly recurring revenue.
It offers a solid foundation and stability for your gym business, and also shows that you believe in the value your gym provides. And the people who appreciate good value are more likely to become your loyal clients, which means a more predictable cash flow.
So, would you rather get immediate cash from a bunch of new clients or have a gym full of members who have been part of your gym's family for years? Seems like a no brainer.
Want to learn more about long-term benefits of recurring revenue over the quick gains from paid-in-full sales?
Tune in for this week's episode!
Key Takeaways:
- Intro (00:00)
- Announcement of partnership with InBody (00:51)
- Recurring revenue vs. paid-in-full payments (03:08)
- Focusing on client retention (06:58)
- The benefits of semi-private training (12:29)
- Consistency in service delivery (18:25)
- Success stories from coaching (19:15)
Additional Resources:
- Win an InBody 380 body composition scanner!
- Join the waitlist for tickets to the 2024 FitPro Growth Summit
- ProFit Accelerator: Helping Training Gyms Grow to 30K/month and Beyond Facebook group
- An app designed for semi-private training - Semi Private Pro
- Reserve your spot for our 2-day experience in Scottsdale, AZ, May 30-31. Click to join.
- Business Accelerator Program winninggym.com/call
- Learn more about The Iron Circle
- Jump on a call with Randy
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