The power of creating leverage within your business is generally untapped.
What exactly is leverage? Remember the old saying, “Kill two birds with one stone”? That’s leverage!
Simply put, creating leverage is the process of getting more output in the same time.
So how does this apply in a business sense? It applies in many ways, but first let me give you an example.
Last week I was having a business coaching session with one of my clients who is starting his fitness business.
Like many others, he had a very similar thought pattern towards generating revenue.
In his case, it was trading his time for “one-on-one” personal training sessions for $60 an hour.
Now, on the outside, there is nothing wrong with that; many people have earned an honest income that way. However, I wanted more for my client.
This is where leverage comes in.
After running a few ideas by him, we decided to focus on two revenue streams. They included:
Group Fitness Subscription Model: In this model, he would sell a monthly subscription for $99 to anyone looking to have unlimited access to his daily morning group fitness classes. Whether they attend 3 or 30 a month, they pay a fixed price.
This allows him a stable income, while only having to work 1 hour each morning. It also removes the lack of security from lost income due to cancellations, etc.
Once he hits 100 subscriptions, that hour each morning is now worth over $300 rather then the $60 he previously was aiming for with “one on one” personal training.
Corporate Fitness Model: The corporate fitness model again allows major leverage in the sense that he can train multiple staff at the same time for a larger fee per hour.
In this model, we have set a target to get 5 corporate fitness clients (Monday-Friday – one each day) that he can service mid morning.
His target is sales or customer services teams of up to 20 people and through this model he will generate an additional $10,000 a month for again, only an hour of his time each day.
Taking leverage to the next step…
So you might be thinking, whats next? The next step in creating leverage is to duplicate.
In this example, duplicating would involve hiring additional trainers to supplement the supply and demand from their marketing and sales efforts.
To do this, it requires the creation of multiple business systems, which is all part of my business coaching program.
So, how can you leverage your business?
Wondering how you can further leverage your business?
If you would like my personal assistance helping you create leverage in your business model, click on the FREE Consultation button in the black box below.
However, I only work with 10 clients at any one time, so be quick!
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