Right now we’re embarking on several new business ventures, some of which are existing businesses that we’re getting involved with to take them to the next level.
Here are a few thoughts I use to develop the plan to grow our businesses:
1. What attracted our clients in the first place?
Sometimes you start with a really good marketing strategy but change it over time. You might have abandoned something that really worked without realizing it. Sometimes businesses plateau often comes down to the business stopping to provide the value they once did.
2. What is the primary process for generating revenue that this business is built on?
Identify where most of your clients are coming from. You should direct the bulk of your efforts on that answer.
3. What do the clients really want?
Understand what benefit the client is seeking and give them more of it.
4. Where do the clients comes from?
Know the demographics of your clientele so you can go after more of them.
5. Who else serves these clients?
Clients don’t buy in a vacuum. Who else do they buy from? What will they be more likely to buy after working with you?
6. How can we reduce the risk of transaction and reduce the hurdle to make is easier to do business with us?
The simpler you make it to do business with you the more people will do so. Free trials, payments and downsells. Lower the barrier of entry.
7. What is your vision for your business over 6 months, 1 year, 3 years & 10 years?
You need to have a clear picture of your goal.
These are just a few of the questions I ask while I work through a business looking for opportunities to grow. If you get an idea from one of these that you think will grow your business, I’d love to hear about it below.
Dedicated to your success,
Pat Rigsby
Pat Rigsby is a Co-Owner of the International Youth Conditioning Association & the youth fitness franchise Athletic Revolution as well as a fitness industry consultant serving thousands of personal trainers and fitness entrepreneurs. Sign up for his fitness business free newsletter to discover proven marketing, sales and business strategies, along with blog updates, news, and more! While you’re at it, follow him on Twitter.
Pat,
good stuff here. I also happen to know an existing business you could get involved in! hahaha
Jason
Thnx Pat
i apperiate your sharing the thoughts. it helps one who are seroius about the business.thnx
Raj
great stuff Pat, keep it rolling…….Happy New Year!
Mike Hanley
http://www.hanleystrength.com
I think the last point on having a vision for your business is really important. Many trainers don’t know and thus have a hard time growing their businesses. While they may do well when the start out, gaining momentum and growing the business becomes a challenge because they don’t take the time to understand where they are going.
good stuff as always keep rolling happy new year
Pat,
The last point was really important for me because my wife and I are planning to start a family. I don’t plan on spending my kids’ formative years hustling in a gym from dusk till dawn. Nor do I want to be hunting down new prospects for the rest of my life! My exit strategy is underway NOW!
Pat,
Thanks for your tips. This will help me as I am writing out my 2010 goals. Also, one thing that I also like to do with my business is every year go through the strategic planning process and refine and develop my plan for the year that will help keep me focused.
Great post Pat, I definitely agree with #10 as well, it’s all about planning for the future so we don’t have to work 6am to 6pm every day like most broke trainers!
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