zingfit is excited to share this article about how to grow your fitness business written by Core Collective, one of our partners in Singapore. Check out our blog for more boutique fitness thought leadership and curated content.
The thought of embarking on a new venture or expanding your existing fitness business can be both exciting and intimidating. You’ll be relieved to hear that with the rising trend of health and fitness, and as businesses, governments and organizations begin to recognize the importance of keeping employees fit and healthy, statistics from Statista expects an annual growth rate of 8.3% in the Fitness segment in Singapore by 2023. What does this mean for fitness professionals like you? Plenty of opportunities for growth!
Whilst it’s clear that the fitness industry is rapidly blooming, growing any business comes with several challenges. Core Collective is located conveniently within Singapore’s Central Business District. It is a fitness and wellness hub that houses the best trainers and health professionals under one roof. At Core Collective, our vision is to help fitness and wellness professionals on our platform grow their businesses and expand their horizons. Here are our 3 ways to drive you towards success as you grow your fitness business.
Acquire More Clients
Whether you’re preparing to embark on your journey towards being your own boss or you’ve already set sail and are looking to expand. You should constantly be thinking about how you can build upon your business by acquiring more clients. Ensure that you’re building a business with a brand that fits your values, strengths and personal story. Ask yourself questions like “what does my business offer to its clients that other businesses don’t?” or “what are 3 unique adjectives that people associate with me or my business?”. A strong personal branding is key to being truly remarkable and differentiating yourself from the millions of other fitness professionals out there. It’s what will make Mr. or Mrs. Client choose you over any other business.
Starting and growing a business requires a lot of time, effort and knowledge in different areas. Additionally, generating leads and acquiring customers is one of the greatest challenges for entrepreneurs who struggle to market their business effectively. Finding a good mentor or team of people who can assist and guide you in this aspect can be of value.
Core Collective’s goal is to make our residents famous. With this in mind, we put efforts into guiding and empowering our fitness and wellness professionals with marketing knowledge and skills in order for them to understand what makes them unique. We provide marketing support by assisting in the creation of content such as videos, articles, Instagram posts and client testimonials. These are shared across the professionals’ as well as Core Collective’s social media platforms to result in client acquisition. We also focus on building a collaborative community for all our professionals. This gives each and every one of them the opportunity to cross-refer each other with their complementary services.
Gain More Profit
Put very simply, the formula for profit is revenue minus cost. Based on this formula, it’s relatively obvious how you can generate higher profits; by driving up revenue and lowering costs. Once you have a steady flow of clients using your service, the revenue portion of your profit formula is likely to be in check. Following this, finding more cost effective ways of running your business can keep your expenses at bay and boost your returns. This tactics may include minimizing operational, marketing and administrative costs.
At Core Collective, we don’t operate on a revenue or profit share model. Nor do we fix the professional fees that you charge your clients. In fact, we encourage every professional to develop their own packages that are in line with their unique approach to running their services. This gives business owners the freedom to decide what their services are worth, and maximize earning potential. The costs for our professionals are also kept to a minimum as the rental of our space includes top-notch ready-built facilities, along with other fitting-out costs. We also offer our professionals shared support services, such as formal mentoring programs, marketing consultations. As well as administrative support at no additional cost!
If you’ve mastered customer acquisition and maximized profit, your business is most likely thriving. This means you have a steady positive cash flow and more inbound business than you can currently handle. Once you’ve reached this point, it’s probably about time for expansion to a new location.
Our space is conveniently located in a prime location of the CBD in Tanjong Pagar, Singapore. If you’re looking to expand into an area that effectively targets the working crowd, Core Collective provides fitness and wellness professionals the space and facilities they need. We take pride in our exquisite-looking, well-equipped gym and fitness studios. These facilities have profoundly impacted the results and engagements of our existing clients-base.
Ready to take your Singapore-based fitness business to new heights? Click here to book an appointment with Core Collective and view the space!
Want to know more about accelerating your boutique studio growth? Learn more about zingfit’s marketing & studio management tools.