Know your limitations. For anything in business that you are not knowledgeable on, find a professional to help you. I have an a tax professional help me with my taxes, a web designer to help me with my website (www.hawaiifitnessacademy.com), etc. You want people to come to you for help with their fitness, right? Well, why wouldn’t you go to someone to help you with your business?
As a club owner myself, the best advice that I can give you is to find a way to set yourself apart and above the competition. Find something that your competitors do not have and market it to death!
Also, once you find your niche, you must keep in mind that “what gets measured gets improved.” Even if you have the absolute best accounting team and system in the world, traditional accounting just isn’t set up to answer many of the most pertinent questions for our industry. Even when we invest the time and capital to set up world class accounting, we still must wait until the end of a reconciled period to really know how we did.
Now, what if you knew when you were in danger of posting a bad week, month, or quarter way before the numbers are crunched by accountants?! This is the most powerful tool a business can have. I know if my club is slacking on personal training sales way before any accounting period ends and every person in the company sees these numbers every single day.
What is the result of this knowledge? ACCOUNTABILITY! Constantly measuring and showing the results to every person (including yourself as the owner) in the company is accountability. The practical take-home is that my club has not missed a goal ever since I started measuring and our growth. Now our profit margins look amazing.
It’s nearly impossible to miss a goal when every person in your company is focused on that goal and sees the progress several times a day.
So you can start measuring by having a “weekly” billing company (which I have developed) and incorporate a gym management system component! All this is possible with Insight!
Please visit my site (http://www.gyminsight.com/insight) to learn more.