This email could save your business.
The answer to the question…
“Should you reduce your rates?” is…
Yes. No and maybe.
There is no way I could give you that advice without knowing your business…the service you’ve been providing and the response you’ve been getting from your members.
But there is one thing I can be sure of.
If you DO decide to reduce your rates…
DO NOT reduce everyone by a certain percentage in the same month.
Here’s what I mean.
If someone is paying $400/month and you want to give them a 25% reduction this brings them down $100.
If you do this with everyone your total revenue for that month gets chopped by 25% over night.
This will have a big impact on cash flow, something you don’t want right now.
Here’s a better way.
Give them the 25% reduction…
But spread that 25% out over several payments (i.e. 5 months).
So, in the example above you’ll be giving them a $100 reduction.
Take that $100 and divide by 5 months and now you only reduce by $20/month.
Cash flow is the name of the game for small businesses right now and this strategic decision makes it happen.
While a reduction may or may not be necessary, preserving your cash is essential.
The decision is a tough one and depends on many factors.
Please do not take this as you should reduce your rates.
In fact, I always prefer to heap the value in every possible way before I touched the price and I would honestly go toward this first.
But in this very weird situation the longer this goes the tougher it gets.
P.S. Next month I’m taking on a few clients through a mini coaching course to help gym owners with these kinds of decisions.
Reply Back with “Coaching” if you’re interested.
[P.P.S.] …Whenever you’re ready here are 6 ways to work with me…
1. Get Instant Access to My Covid-19 Special Edition Podcast Episodes
Want gobs of free advice to help your business navigate this pandemic?
Check out this special edition podcast page that’s solely built to help brick and mortar gym owners survive and thrive during Covid-19.
Click link below to access to all the episodes:
2.Get a Free Website Audit
Does your website just sit there ugly, incomplete and not deliver you any new clients?
You probably need to get some eye balls on it.
Reply to this email with “Website” in the subject line and I’ll point you in the right direction.
3.Get a Free Digital Copy of One of My Books
Want to beef up your library with money making advice from the trenches?
· The Ultimate Guide to Marketing your Gym
· The Ultimate Guide to Sales for your Gym
· Vince’s Hiring Book
· The 4 Stages of Fitness Business Success
Send an email to firstname.lastname@example.org and tell her which one you want.
4.Join My 6-Week New Client Surge Program
Want to start making more money now?
Get instant access to my flagship sales and marketing course so you can finally be the master of your marketing which means you’ll have a steady flow of new clients moving toward your business.
Reply to this email with “Surge” in the subject.
5. Work with Me 1-1
Want to work directly with me 1-1?
Whether you want to become a better leader, systemize your business or simply get out of the day to day, I’ll help you get there…fast. I take very few clients for this program and have 2 open spots for 2020.
To get more info reply to this message and put “1-1” in the subject line…
6. Chat with Me About Being Accepted into My Mastermind for Gym Owners
Need ongoing coaching and accountability?
Join a super motivated group of gym owners that meet 3x/year to make more money so they can have more free time with their family.
There is so much more you get with this but the only way to apply is through a call with me and I unpack everything for you.
To apply just send me an email, email@example.com, with “Mastermind” in the subject.