An Insiders Look
An Insiders Look
Goal Setting for Your Fitness Franchise
There’s no better time to refresh your business strategy and set new goals than the start of a new year. For fitness franchises in particular, the new year often brings on an uptick in membership. Your business should be prepared to capture potential customers who are searching for the perfect studio and workout regimen to help them achieve their goals. Gear up for a great year with our tips for setting goals and sticking to them.
Review the Data
To determine what kind of goals to set for the future, you first need to understand your fitness franchise’s past. No one knows your year’s successes and hardships like you do, but reviewing the data with your management team will help you figure out how to make improvements in the new year.
We suggest gathering data for important KPIs like number of new members, membership retention, monthly revenue, PNLs and anything else that can be boiled down to numbers, percentages and graphs. You may want to review this information quarter by quarter before looking at the data as a whole.
Some of the questions you may ask yourself and your team are:
- Which months were more profitable than others?
- Did we initiate new campaigns or change procedures during those periods?
- Did our business growth match what we forecasted in the beginning of the year?
- Did we maximize equipment sales?
- Which months are the busiest at our studio?
Use the data as a baseline to guide your future goals. Even if your previous year was a huge success, there are always opportunities for growth.
Think Big Then Get Granular
When setting business goals, the first things to come to mind are often generalized and lofty aspirations like “increase membership count” or “invest in a second location”. While these are good places to start, it’s important to get specific about how your team will achieve those goals.
Let’s say your goal is to improve member retention. Consider what exactly that means to your business. What percentage of your membership base can you reasonably expect to retain each month? Let’s say, on average, you retained about 68% of your customer base per month. In the first quarter of the new year, you may up that to 72% and continue to increase the percentage each quarter you reach your goal.
Once you’ve identified quantifiable goals, you’ll need to develop strategies to help you reach these objectives. As the owner of a fitness franchise, you’ll be able to lean on your franchisor for support and guidance.
P.volve franchise owners will be assigned a dedicated business coach who act as their go-to point of contact for support in all areas of their business. To learn more about the support P.volve offers studio owners, head to this blog.
Get the Team Involved
Leaders who are able to motivate and inspire their teams will yield better results than those acting alone. From your studio operations manager to receptionists, every member of your team has a pivotal role to play in your business’s success. Team members that are given responsibility and made to feel like their opinion is important are more likely to grow with your business. So, make sure each employee has a say in your growth strategy.
Those who work in the front lobby may have ideas on how to better market locally in your area. Trainers may have insight as to why some members have left the studio. These individuals are your boots (or should we say sneakers) on the ground and can provide valuable insight into your business.
Each team at your business should be accountable for certain goals. It’s also important to reward great work to ensure that each employee feels recognized and appreciated.
Start a Fitness Franchise
To get more tips on how to grow your fitness franchise and view more articles like this, head to this page. Ready to chat with our team? Reach out now.