This week is all about finances and most of all making sure we’re ready to go when we are allowed to re-open
Yesterday was our Guest Interview with Daniel sharing his knowledge on the Profit First Formula 🙌🏻
Today I’m sharing financial tips to get you set up and make sure you’re making the most of your gym or business when you re-open
1️⃣ Multi-purpose Equipment
Today I’m at the gym as we’re having our new rig installed
On this new rig we will be able to have 6 people on it at once
And it’s multi-purpose 😎
So, if you are setting up your own gym or purchasing new equipment make sure you go for multi-purpose equipment
Something like a leg press is super expensive and only has one purpose
2️⃣ Staff
For us we will only ever take on full-time staff
We’ve tried the part-time route before but we find we are never a priority
So for full-time staff we have to get our finances in check and figure out exactly what salary we will pay them ➡️
Remember, you’re paying them to coach your clients
You still have to pay to run everything else and market your business
You aren’t paying them to chase the leads and make the sales ❗️
So figure out a fair wage 💸
3️⃣ Subscription
Think about everything you pay for
Click funnells – $97, Leadpages – $35
Active Campaign vs Mailchimp
All of them have your benefits…so make sure if you’re paying more you’re using those extra features
Head over to your subscriptions and make sure you aren’t over-paying or still paying for things you don’t use! 💸
4️⃣ Facebook Ads
I need you to be in control of what you’re spending and the actual cost of everything
cost per lead, cost of application, cost of sale
This cost per sale is KEY 💸
If your programme is £100 and it’s cost you £100 to get that sale you’ve broken even
Doesn’t matter how many leads you got❗️
Sure, if you have a lot of leads coming in the chances of you making more sales is higher
But that isn’t a given ❌
On the flip side, if you put your price in the advert you may get less leads but still make more sales because they are more serious about applying as they already knew the cost
So understand your numbers!!
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I hope these tips are helpful for you
David 🙂
