In Part 1 of this series, we talked about the importance of residual income. That is, income that will come in whether you are around or not, income you work for once and keeps producing. We also talked about the importance of getting a web site and writing your first e-book. I gave you a simple formula to follow, and by now, you should all have an e-book written and for sale on your new web site. If you don’t, it would be extremely beneficial for you to do so as soon as possible!
In this article, I will discuss the importance of multiple streams of fitness income (MSOFI).
We touched on MSOFI in the first part of this series, and in Part 2, we will set up your five lines to have in the water. It is important to remember that your five streams of income should fit as closely together as possible. This allows for back end loaded sales. When you have back end products and services, you open yourself up to multiple streams of income from each person you touch. For example, when you buy a new car, you are offered an extended warranty. That is a back end sale. You may make 15 percent profits on the car but 100 percent profit on the extended warranty. I will lay out a plan for you to make five streams of income AT ONCE. Not only will you have the capability to make huge profit from one event, you will have the opportunity to make that income residual.
I discussed this in my article on self promotion (see "related articles" at right). Please read that article for a full description because this is the backbone for your residual income streams.
This is easier than most people think. A good sound card and a CD burner can produce a professional quality informational CD. Every top professional should have some kind of an audio program that people can purchase that contains valuable information. Besides the fact that it provides a stream of income, it positions you as an expert.
Fitness, Nutrition and Program Manual
Having a manual is cruical. It allows you to reach those who cannot afford personal training as well as those who feel uncomfortable due to lack of knowledge. Educate them with the written word. People are different and, thus, respond to different medium. While some can take in and understand a spoken presentation, others need to read it for themselves. Why not offer both methods?
I know you might be thinking that it is too hard to write a manual and there is no way you can do it. That is not true. Here is a method you can use to do it. Imagine an average client from the demographic you are trying to reach. Go through his educational process step by step and write down every little detail. Write your notes as if you were consulting with a client four or five days a week. Progress him through his 12-week program while making careful notes along the way. You do this all of the time in real life.
Now that you have all of your notes and an imaginary client has reached his goal, split up your notes into categories. These categories will have headings like "Eating," "Muscles," "Types of Exercise Methods" and so on. These will be the sections for your manual.
All that is left to do is write the first draft of the manual as if you were writing it for one client. Check it, correct it and print it. Design a cover using Microsoft Publisher and get it spiral bound for $2 to $3. Now it looks like a professional manual.
You have an audio CD and you have a fitness manual. All you have to do is package them up as a six, eight or 12 week fitness program. If it sounds like you are giving the same information over and over, you are. But if you read multiple books by the same author, you will notice it is basically the same information disseminated in a different way. One of my heroes, Tony Robbins, has built a huge business with this premise.
By selling fitness equipment, you can make 100 percent profit on anything you offer. This does two things. It gives you the opportunity to educate the attendees at your seminar on how to train in home with things such as bands and balls. Basically, it adds another topic to your talk, and if people can buy the equipment right away while it is fresh in their minds, it is beneficial for them. It is also beneficial for you for the simple fact that they buy it from you.
As with the fitness equipment, the selling of supplements adds another stream that may not be as lucrative as it will be educational for your attendees and clients. Personally, I educate on the truth about fitness and fat loss. This means that I teach the importance of supportive eating with the supplement being the “addition” to a proper eating plan. I also educate on the fact that there are a lot of companies that cut corners when it comes to the manufacturing of their products.
This has not been a traditional stream of income for fitness professionals but can be a rather profitable one. There is absolutely no shortage of clothing wholesalers, and eBay even makes a great option for bulk orders.
I recommend starting out relatively simple. Start with long sleeve t-shirts, golf shirts and tank tops for women. You don’t want to have too much of a selection as it only serves to confuse people, especially when you want quick sales at the back of the room.
Once you have your clothing, you need to find a good embroiderer and screener. I suggest screening t-shirts and tank tops and embroidering golf shirts on the left sleeve. You can create any t-shirt design you like and then have the shirts screened to sell or give away as promotions. Get creative, and if you are giving the shirts away for free, be certain there is some kind of advertising (web site, phone number, etc.) on the shirts.
For the golf shirts, I recommend embroidering your logo on the sleeve for the simple fact that, if you put it on the chest, it is seen as more of an employee uniform. If it is on the sleeve, it is seem more as the name of your clothing line or the design logo rather than a company one. This way, they are more likely to sell.
This can be an amazing back end sales opportunity for you as you run your workshops.
We’ve been talking a lot about back end sales in this article. Now it is time to go over your profit monster master plan.
The first step, again, is to read my article on self promotion and plan the informational seminar or workshop. You will make little to no profit from the admittance to the session. This is the front end and gets qualified prospects in front of you. Other than “wowing” all of the attendees with information, your job is to obtain personal training clients. Obviously, it is not realistic to expect everyone to sign up and train with you (if everyone does, even better), so you will need back end products. And you should now have that aspect all taken care of if you have done what we discussed.
Your information session should somehow involve every one of the products you have at the back of the room. Do not make the presentation a sales pitch. That is not what it is. You are first and foremost educating your attendees.
When your information session is over, you can invite people to stay seated for personal training options (whatever your practices are), and the others are free to visit the product table at the back of the room. By inviting them to stay for personal training options, you are left with qualified prospects that WANT to hear about your training programs. It eliminates any perception of high pressure tactics. As a little added bonus, all attendees can fill out an entry form to win a prize (likely from the back of the room). Now you have all of their information for your mailing list. This also draws more attention to the products at the back of the room without a sales pitch.
If you have 20 people in an information session, you can make a nice profit, position yourself as an expert and gain a lot of customers for life. They may not ever train with you, but you now have the power of word of mouth on your side. Think about it: you have 20 very satisfied and impressed people who just learned a large amount of great information, were never pressured to buy anything and see you as a resource for the fitness truth. You will be the first one they think of should they need ANYTHING you offer (which is quite a bit).
Let’s look at some realistic figures for your session.
|Price of admission (front end) - 20 attendees X $10.00
|| $200.00 (for charity)
|10 people spend $50 on products
|| $500.00 ($250 profit)
|4 people buy a consultation with you @ $50
|2 people buy 10 training sessions @ $50
|20 mailing list names
|Total Profit (less cost of products and charitable donation)
This is a pretty good profit for just a couple hours of work. Add all of these products to your web site, and you have a nice residual income stream. Make sure you get a short testimonial from everyone in attendance to be used in future sessions. You can take those testimonials and offer your information sessions to groups and associations for free in exchange for the opportunity to sell products. It is a win/win/win situation.
Follow the strategies outlined in this article, and you’ll be well on your way to getting off of the down escalator and taking the easy trip to the top.