The thought of embarking on a new venture or expanding your fitness business can be both exciting and intimidating. But with the rising trend of health and fitness, statistics from Statista expects an annual growth rate of 8.3% in the Fitness segment in Singapore by 2023. What does this mean for you? Plenty of opportunities for growth!
Whilst it’s clear that the fitness industry is rapidly blooming, growing any business comes with several challenges. At Core Collective, our vision is to help fitness and wellness professionals on our platform grow their businesses, expand their horizons and achieve incredible results. Here are our 3 ways to drive you towards success as you grow your fitness business.
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, so finding a good mentor or team of people who can assist and guide you in this aspect can be of value.
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 such as minimising operational, marketing and administrative costs can keep your expenses at bay and boost your returns!
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 maximise 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.
If you’ve mastered customer acquisition and profit maximisation, your business is most likely thriving with a steady positive cash flow and more business than it can possibly 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. If you’re looking to expand into an area that effectively targets the working crowd, Core Collective provides fitness and wellness professionals and entrepreneurial business owners, like yourself, the space and facilities to operate. We take pride in our premium and well-equipped gym and fitness studios.
Ready to take your business to new heights? Click here to book an appointment with us and view our space.
