Chris is a Personal Trainer who operates his own gym and has years of experience in the industry. He is looking to increase his annual revenue without sacrificing more time away from his family.
Chris has tried to increase revenue in the past by acquiring more clients and upselling packages, but this resulted in longer working hours and less time with his family.
Chris partnered with Dan Williams from Range of Motion Business Mentoring to find ways to leverage his time and facility better. Dan helped Chris implement two strategies:
- Increase in hourly rate: Chris increased his hourly rate, which resulted in a pay increase and more profits. Despite initial fears of clients leaving, the price increase was well received.
- Subleasing the warehouse space: Chris and Dan staged the unused warehouse space for several different uses (Physio, Pilates, Massage, Yoga etc) to help potential lessors visualise the space’s potential. They eventually sub-leased it to a Physiotherapist. This resulted in an additional $15,000 in revenue from an initial investment of $3000 (on building works).
With these two strategies, Chris was able to increase his annual profit by 30%, or $30,000.
This case study shows the importance of considering alternative methods for increasing revenue instead of just working longer hours. By leveraging time and facilities, Chris was able to boost his profits and maintain a good work-life balance.