Podcast Summary
Running a successful side business with determination and effective time management: Determination, effective time management, and joining Entrepreneurs University can help grow a successful side business despite challenges like time management and expanding presence on social media platforms.
Starting and growing a successful business, even as a side hustle, is possible with determination and effective time management. Laura Baxter, a guest on the Business Broadcast podcast, is an excellent example. She runs a PT business and generates revenues of 8-9k a month while juggling a full-time job and managing her business. She faces challenges like time management due to school closures and the need to expand her presence on other social media platforms. Her goal is to have 1,000 members in her business and go on a lavish holiday. To help her achieve her goals, she's seeking advice from James Sinclair, the podcast host. For anyone serious about growing their business, James recommends joining Entrepreneurs University, an online training platform with affordable monthly membership that offers modules on various topics, such as selling on Amazon and buying businesses.
The Entrepreneurs University: A Resource for Business Growth: Access the Entrepreneurs University for business knowledge, coaching, and tools, including modules on writing for sales, property investment, and preparing businesses for sale. Try it free for two weeks with a money-back guarantee.
The Entrepreneurs University, as described by James Sinclair, offers entrepreneurs access to a wealth of business knowledge and coaching, including modules on writing effectively for sales, property investment, and preparing businesses for sale. The University, which provides weekly coaching, swipe files, blueprints, and cheat sheets, comes with a monthly fee of 49.99 GBP. James invites listeners to try it for free for two weeks and promises a money-back guarantee if they don't see growth in their business. During the podcast, James congratulated Laura on her success with Instagram marketing for her fitness business, LKD Fitness, and asked her about her experience using the platform to grow her business. Laura shared that she found Instagram to be a powerful tool for reaching a large audience and creating engaging content. She also mentioned that consistency was key to growing her following. Laura, a mom of two from Essex, started LKD Fitness during lockdown and built a following on Instagram by offering free workouts. She now has 500 members in her online membership group, Fit, Fab, and Focus.
Investing in a full-time videographer for business growth: Hiring a videographer can significantly enhance an online business's reach and growth, particularly for fitness entrepreneurs looking to build a personal brand on YouTube.
Laura, a personal trainer, has built a successful online fitness business with a Facebook group where members pay £20 a month for live workouts three times a week, nutritional guidance, and guest appearances. She collects payments through Stripe and aims to create compelling transformation stories to build her personal brand, particularly on YouTube. My advice to her is to invest in a full-time videographer to further amplify her business's reach and growth. Despite the challenges, Laura has been consistent and dedicated, which sets her apart from many aspiring entrepreneurs.
Finding a passionate videographer for your niche saves costs and benefits business: Investing in a passionate and skilled videographer or software can lead to cost savings and long-term business benefits.
Finding a videographer who is passionate about your specific niche, such as fitness and personal training, can lead to cost savings and long-term business benefits. This passionate videographer could become an integral part of your team, learning from you and potentially even expanding your business to new locations. Additionally, utilizing an evergreen content platform or customer relationship management software can help provide value to your members and simplify business operations, respectively. The cost of such a videographer or software can vary greatly depending on their experience and expertise. For example, a young, eager videographer starting out could cost as little as £162,000 over a few years, while a more established videographer or software solution could cost significantly more. Ultimately, investing in a passionate and skilled individual or tool can lead to significant returns in the long run.
Grow your fitness business with an online membership platform: Creating an online membership platform can help build relationships, upsell services, and franchise your business model. Understanding audience preferences and providing valuable content are keys to success.
Creating an online membership platform through tools like Customer Hub and Infusionsoft can significantly grow your fitness business by providing valuable evergreen content to your members. This not only helps build relationships but also allows you to upsell additional services and even franchise your business model. Although it may require an initial investment, the potential for increased revenue and a competitive edge makes it a worthwhile consideration. Additionally, understanding your audience's preferences and catering to their needs, whether it be face-to-face training or an online platform, is crucial for business success. As the speaker shared, even those who initially dislike exercise can eventually come to enjoy it with the right approach and support.
Maintaining personal relationships and scalability in business growth: Focus on personal relationships, adopt scalable systems, understand key business metrics, and view business growth as a long-term endeavor.
Building a successful business, especially in the personal training industry, requires a combination of personal relationships and scalable systems. The speaker shared his experience of growing a membership base through network marketing and personalization, but as the business grows, it becomes harder to maintain those personal relationships. Franchising and outsourcing are solutions adopted by larger businesses to maintain that local touch and focus on personal relationships. The speaker also emphasized the importance of understanding key business metrics like average customer value, average transactional value, and average lifetime value to ensure long-term profitability. In the initial stages, it's essential to focus on producing a monthly profit and loss statement and hiring outsourced staff to help manage various aspects of the business. The process of building a successful business takes time, and it's crucial to view it as a long-term endeavor.
Transitioning from a profitable job to a business: To grow a business, keep less of your revenue in the beginning but hire a team for exponential growth.
Growing a business involves transitioning from a profitable job to a boutique business, and eventually to a larger business or investment. The key difference between these stages lies in the percentage of revenue kept after expenses. In a profitable job, you keep the majority of the income. In a boutique business, you keep a smaller percentage, but as turnover increases, so does your profit. To reach the next level, consider hiring a full-time employee and expanding your team. This commitment will shift your mindset and allow you to focus on growth, potentially leading to exponential progress.
Monitoring Key Performance Indicators for Customer Engagement and Value: Focus on monthly profit and loss, labor to turnover ratio, and average customer value to increase customer engagement, transactional value, and loyalty. Engage customers through events and additional offerings to build a strong and loyal customer base, as exemplified by Disney.
Creating a strong customer hub and engaging in regular events are essential for increasing average customer value and lifetime value in a business. The monthly profit and loss, labor to turnover ratio, and average customer value are key performance indicators that should be closely monitored. By focusing on these metrics and providing more value to customers, businesses can increase their transactional value and create loyal customers who engage frequently. Disney is an excellent example of this, as they have successfully increased their customers' average transactional value and lifetime value through various offerings beyond their initial product or service. By understanding and focusing on these key performance indicators and engaging with customers through events and additional offerings, businesses can build a strong and loyal customer base.
Transforming Customers into Mega Fans: Regular interaction through a closed Facebook group is a good start, but hosting boot camp weekends can turn average customers into mega fans, leading to increased lifetime value and valuable marketing content.
Building a strong relationship with your customers can significantly increase their lifetime value to your business. The speaker suggests that regular interaction through a closed Facebook group is a good start, but to truly transform average customers into mega fans, consider hosting boot camp weekends. These events not only provide an opportunity for deeper engagement but also generate valuable content for marketing purposes. The investment in such an event can lead to a substantial return, as attendees become more committed to your brand. Remember, the goal is to turn your customers into fans who want to spend more with you. To learn more about implementing this strategy and other growth tactics, explore the Entrepreneurs University free trial. Laura, keep up the great work, and for those interested in LKB Fitness, follow @atlkv.fitness on Instagram, like the Facebook page, or sign up on the website, lkb fitness.co.uk, to join the waiting list.
Importance of KPIs and engaging platforms like Clubhouse for business growth: Successful businesswoman Laura Bannister stresses the significance of KPIs like average customer value and monthly profit and loss. She also recommends employing a full-time videographer and using Clubhouse as a valuable tool for growth and engaging conversations.
Laura Bannister, a successful businesswoman, emphasizes the importance of key performance indicators (KPIs) such as average customer value, monthly profit and loss, and employing a full-time videographer for business growth. She also recommends reading her books for personal development. Despite her workaholic nature, she acknowledges the need to switch off but finds it challenging. Regarding Clubhouse, she believes it will continue to influence small businesses by hosting more niche rooms and becoming a platform for mini radio shows or podcasts. Despite her previous obsession, she now sees it as a valuable tool for business growth and engaging conversations.
Finding Value in Podcast Engagements: Laura found value in podcast conversations, despite some inefficiencies, and looks forward to continued engagement for business growth.
The platform being discussed offers valuable conversations and opportunities for growth, despite some inefficiencies. The speaker, Laura, found the experience of being on the podcast to be enjoyable and beneficial for her business. She appreciates the opportunity to engage in meaningful conversations and learn from others. Despite some confusion about introductions earlier in the conversation, she looks forward to continuing her engagement with the platform and community. The podcast as a whole aims to help people grow their businesses and encourages listeners to support its mission by rating, reviewing, and subscribing.
