Published:

09/25/2014 09:35pm

Untapped Market: Are you sitting on an extra $100,000+ and don’t know it?

Is your fitness marketing as effective as it could be, or are you sitting on top of a giant, 6-figure untapped market?
Most fitness clubs, trainers, and health professionals use the same tired tactics to compete for the same customers.
But creating a bigger bottom line doesn’t happen by playing it safe.
Here are 3 crucial questions to ask yourself if you’re ready to tap into an extra $100,000 - $500,000 per year in extra revenue.
1. How much money do I really want to make? (No, really?)
We’d all love to make an extra $1 million or 2 per year – or would we? Not every small business is set up to generate hundreds of thousands in extra revenue.
Remember, it takes time, resources, and energy to generate untapped income. Does your business have the systems it needs in place to support additional revenue and the work that comes with if?
If so, be prepared to make some major adjustments to your business, such as
-Hiring additional staff
-Entering partnerships and joint ventures
-Outsourcing tasks and positions currently held in-house
Remember that “nothing changes if nothing changes.” Untapped markets are available now, as are untapped revenue streams but, you must be willing to put in the work.
2. What is my “untapped expertise”?
What skills do you have that you’re not currently using? Chances are you have knowledge and expertise that’s not currently being monetized.
If you have a marketable skill you’re not using, ask yourself how much time you can devote to it each week.
Also, see if the skills you’re already monetizing can be applied to other untapped markets. For example, you might have a popular senior wellness program that could easily be converted into a youth program.
3. What resources do I need to have in place to make this happen?
Make a list of the resources you’d need to have in place in order to take full advantage of an additional revenue stream.
You might need….
-Another business partner
-Extra equipment/upgraded equipment
-New/different certifications
-Additional staff
Finally, grab a bigger bottom line by investigating the untapped markets your competitors are missing. What needs do these underserved markets have that no one is fulfilling? How can your business solve their problems in a way no one else can?
Fran Dean Bishop is an award winning business coach and CEO with 20 years in the health management industry. She founded Aerobodies Fitness Company, (now AFC Management Services), in 1994. To request Fran for a speaking engagement or workshop, contact her at franb@afmsco.com – 703-402-8477.
Join Fran at the Club Business International Conference October 22-24, where she’ll speak more on this exciting topic at her one-of-a-kind workshop: Finding Hidden Revenue Streams - Grab the BIG $$$ your Competitors are Missing.