You did read the headline correctly!
This is the Holy Grail of a fitness business.
Let me first come out and answer the question in your head right now…
“Is it truly possible to create a million-dollar fitness?”
Come a little closer…
The short answer is…
In fact, we have already helped fitness professionals earn a million dollars per year.
It can be done!
Throughout this article, I’m going to share with you how the business looks from a bird’s eye view and exactly how the numbers stack up to achieve this.
But first, I want to make it crystal clear for you that this is totally possible.
You absolutely can create a wildly successful million dollars business.
You see, when we work with our students at the Coaches Cartel, it’s amazing to see the transformation of our student’s vision over time.
When they first join, quite often their goals are nowhere near as big as they could be.
However, after immersing themselves with other coaching students, it’s amazing to see how their goals are transformed over time and they start to achieve even bigger goals.
That’s one of the goals of this article is to make it clear to you what is totally possible for your fitness business.
This is in the realm of possibility for you.
And the best part?
This can be achieved without a massive social media following, without “selling out” and producing crappy programs and it doesn’t require a massive team either.
Take my business for example.
All my staff work remotely, I don’t need to pay any expensive office rent or anything like that.
You also don’t need to be working all the time running something like this.
In fact, I work 4-6 hours per day.
How can I do that?
I have my team operate a lot of the business.
I have systems built into the business and my staff operate those systems.
You see, this is a big part of getting to a million dollars or more is that you need to be able to create systems for others to operate.
These systems make running your business as efficiently as possible.
Now, before we go any further, let’s take a look at some of the key differences between a business that does 1 million dollars or more and a business doing less than that.
The Ignition Phase: $0 to $6,000/month revenue
WHAT TO WORK ON:
1) Build authority content
2) Appointment funnel that will get leads coming in
3) Hero program to avoid the time for money trap
The Acceleration Phase – $6,000 to $25,000/month revenue
WHAT TO WORK ON:
1) Paid and organic traffic – start increasing how many people see you
2) Sales system – convert leads in a proven fashion
3) Signature system – get your clients the best results, minimize your time in your fitness business and maximize your profit
The Domination Phase – $25,000 to $1,000,000+
WHAT TO WORK ON
1) Build a pit crew – your team that’ll take care of running your business
2) Sales domination system – sales that aren’t reliant on you
3) Recurring income so your bank balance grows!
Now, let’s show you a real-world example of how this is put together.
Let’s break the numbers down for you to see.
One thing I want to mention that I alluded to earlier is “systems”.
One of the most important systems you can have in your business is your marketing system.
I remember hearing Dan Kennedy once said that “a lot of businesses have operating systems but very few businesses have marketing systems”.
He went on to tell a story about the casinos in Vegas and how the house always wins because they know their numbers inside out…
You MUST have this type of accuracy with your marketing systems.
At the million-dollar mark, you will need to be using paid advertising to grow your business.
You MUST have a predictable and reliable system for consistently generating leads.
This is without question one of the key reasons that separate the fitness businesses that do a million dollars per year or more and those that struggle.
You see, every month, you must know within a certain degree of accuracy how many leads you are bringing in each month.
Without this system and this knowledge, you’ll never get to a million dollars or more.
The great thing is, once you have this system in place, this is where the fun starts.
Your business can become like a slot machine.
This sounds crazy but it’s true.
When you truly know your numbers and you have this system in place.
You can spend a ton of money on ads and you can have the knowledge that you are going to see a healthy return on your ad spend over a period of time.
That’s the power of having a system to generate leads and a powerful follow-up system to convert those leads into buyers.
What’s more, the next big shift you need to think about is the lifetime value of your customer.
You see, most businesses think about their businesses as a very transactional operation.
Client or customer comes into today, they buy, and they leave.
Real businesses focus on lifetime customer value.
THIS IS VERY VERY IMPORTANT!
Because this is one of the big reasons why a fitness business will do a million dollars per year or more and those that don’t.
You see, the finesses businesses that do a million dollars per year or more think completely differently about their customers and clients.
The two most important numbers you need to know in your business are:
1-How much does it cost you to acquire a customer.
2-The lifetime customer value.
You see, acquiring a customer is the most expensive thing in any business.
Once you have done that, you want to nurture that relationship and offer them more goods and services that they want.
This increases lifetime customer value.
You can do this with: membership programs, other higher ticket coaching programs, fitness retreats, supplements etc.
Anything your customer needs, you can offer it to them.
And the best part?
Once you have sold to your customer/clients once, it is so much easier to sell to them the 2nd/3rd time etc.
A lot of people do not know this, but the real business is after the first sale.
As mentioned, the first sale for any new customer or client is the most expensive.
After that, that is when the real business starts which is nurturing that relationship with your customer/client and making more and more offers to them.
This increases the lifetime value of each customer and in turn, helps to grow your business.
Once we know the lifetime value of our customer, and the cost to acquire a customer.
We can then spend money to acquire as many customers as possible with the knowledge that each customer is worth a lot more than the cost.
This is how my students are able to scale to a million dollars or more extremely fast.
The business who can spend the most to acquire a customer wins.
Yes, that is right.
I was fortunate to learn this along time ago.
You see, to get to million dollars + per year, you need to understand that you are going to have to use paid traffic to get to this point.
You also need to realize that ad costs are continuing to go up.
You need to also realize that these ad platforms are an auction set-up.
This means that the business who can spend the most to acquire a customer as a HUGE advantage because they can buy all the best traffic.
Therefore, the business with the highest lifetime value wins.
This is so so important and it’s one of the reasons that you need to keep working at increasing lifetime value so you can continue to compete and buy more and more traffic.
This brings me nicely onto my next point, which is how to increase lifetime customer value.
I have alluded to this already, however, one of the big differences between a fitness business that does over a million dollars per year compared to one that doesn’t is the number of products and services available.
Additionally, another key part of this is having more higher ticket offers as well as continuity part of their business as well.
Let’s go through some of the options available to you.
Remember, the name of the game for getting to a million-dollar + is increasing lifetime customer value.
This can be achieved by offering more products and services to your existing clients.
Let’s first discuss a membership model.
I typically recommend this to people who already have a high-ticket coaching program in place.
Once they have this in place, they can then offer a lower-priced membership option.
This would essentially not be as customized as your one on one coaching service.
However, it allows you to work with a lot more people and still offer great service at a lower price.
The great thing about this model is that it adds continuity income to your business.
This makes a huge difference.
Knowing you have money coming in every single month from this is a gamechanger.
It adds a lot of stability when it comes to cash flow.
It also increases lifetime value, which increases your revenue and profit.
But also, as mentioned above, it gives you more money to go acquire new customers.
The next option is the fitness retreats.
You can charge a big, big premium for this.
You see, in every business, there is always going to be a percentage of people that want more from you and they are prepared to spend more to get the very best from you.
That also means that these people, if they are not spending this money with you because you do not have any higher ticker programs, they are going elsewhere.
I remember Dan Kennedy once say that 20% of buyers will buy a 5x multiple of the front end offer fee within 30 days and 5% will buy a 20x multiple of the front end offer fee within the year.
THIS IS VERY IMPORTANT.
Because if you do not have these higher priced back end offers available…if these buyers are not buying from you, then they are buying them from someone else.
This is one of the reasons why fitness retreats are so good, because they can literally change the economics of your business overnight.
They increase the lifetime value of your customers significantly.
This means profits go up and you can spend more to acquire customers.
Another option is supplements.
The key to this is getting inside your client’s minds and thinking of all the things they are going to need to achieve their goals.
They are more than likely going to need supplements to get the best possible results.
Instead of sending them elsewhere to get their supplements.
Why don’t you provide the supplements yourself and help your clients get better results, while you continue to grow your business.
This is not as difficult as you would think either.
You can outsource this.
Again, the two big shifts that help my clients earn a million dollars per year is a lead generation machine using paid ads that is consistently bring in a ton of leads each and every month.
Next, they focus on selling other back end products and services to increase the lifetime value of each customer.
It really is as simple as that.
Finally, the next shift is building out a team and building systems and automation in your business.
You can hire other coaches to deliver amazing results to your clients.
You can hire sales staff to do the sales calls.
You can hire other assistants.
The great thing about these team members is they can work remotely for you and you don’t need to rent office space.
These team members would then operate the systems within your business.
That, therefore, means the business runs itself without needing you there all the time.
PLUS: Whenever you’re ready… here are 4 ways I can help you grow your coaching business:
1. Grab a FREE Copy Of My Book: “Your First 100 Clients”.
Before you do ANYTHING else…
I want you to get your FREE copy of my book “Your First 100 Clients” — Click Here http://www.coachescartel.com/100clients
2. Watch the NEW Documentary: The Business Of Fitness.
This 60-Minute Documentary Is Groundbreaking, Gutsy & Refreshingly RAW…
A MUST-SEE For Every Fitness Pro.
Get your free access pass and watch the film by clicking here — https://fitprodocumentary.com/
3. Join our Implementation Program and be a Case Study.
I’m putting together a new coaching case study group at Coaches Cartel this month… stay tuned for details. If you’d like to work with me on your client-getting and scale plans… just send me a message HERE and put “Case Study”, and I’ll send you the info.
4. Work with me and my team privately.
If you’d like to work directly with me and my team to earn over $100K each year… just send me a message HERE and put “Private”… tell me a little about your business and what you’d like to work on together, and I’ll get you all the details.