When you’re starting a business or launching a new product these days, most entrepreneurs are inpatient. Their business strategy is “Ready!” “Fire!” “Oh shit … I forgot to aim!”
In 2017, it is easy to start a business. It is even relatively easy to launch a new product but building one is harder than ever. And this week I’m going to talk about when do you stop flogging a dead horse – a business or a product?
I’m also going to share FIVE takeaways on Facebook ads after attending a Facebook Ads Training program this week run by Greg Cassar. Greg was a guest on The Fitness Business Podcast show 111 – click here to listen.
Today is relevant to anyone in business! So stay tuned!
Welcome #JTInTheRaw show 58, where I chew the thin on business. I have been running my own business for 25 years, so I guess my PE degree actually now stands for Practical Experience. In fact, my mum, my mum’s dad and his dad all ran their own business – so I guess entrepreneurship is my blood.
I’m standing today as I tweaked my back training yesterday. How many times did you train this week?
Question of the week: how many times did you training this week?
Thanks everyone last week for sharing your first job! There were some classic jobs and most way better than my boring flyer dropping!!
Last week’s show has been viewed over 1200 times making it one of the highest rating shows! If you missed last week, you missed my rant on inactivity across the globe, you can watch the show here.
I did issue a challenge last week, to text, email or call a friend you didn’t think was active enough and organise a 30 minute walk with them in the next 7 days. If you did this challenge thank you!
On with the show this week . . .
Facebook Ads Tips
This week I went to a fantastic seminar on Facebook ads and in just 2 hours I realised how much I did not know!!! Here are some bit size chunks of information I learned:
67% of people start their shopping experience on one device but finish it on another device. That’s why Facebook is a media channel for you. Because by using a pixel on your website you can remarket to your prospects multiple times on any device.
In essence, the customer journey is they visit your website to ‘learn’ about your products. And so long as you have the Facebook pixel on your website, then you can retarget those website visitors with Facebook ads. Your goal is you would like your prospect to think “I see you everywhere!”
When designing your on-line marketing strategy, the key to designing your sequence is “If they did this action, what do I want them to do next?”
I also learned that you should never turn your Facebook ad campaign off. This has an impact on how Facebook sees your ads. You should just reduce your ad spend but not turn it off.
And just remember, if you are advertising on Facebook to a “cold” audience, then ensure your ad shows credibility statements and be aware almost no offer to buy or try will work with them. People need to know you are trust worthy business before trying or buying. But in all honesty, Facebook can be so targeted that there really is no need to do market to a cold audience.
The real lesson for me was how much I don’t know! Stay tuned to #JTInTheRaw and I’ll share what I learn over the next few months.
How Long Do You Flog A Dead Horse?
This year, I have noticed that fitness business coaches are multiplying faster than rabbits during mating season! Every week a former gym owner or manager or personal trainer is now telling the world they are a business coach.
Which got me thinking.
How hard is it not to start a business . . . fucking easy!
With the several taps on a key board, a change to your Facebook status, adding a new job on LinkedIn and voila you’re a business coach.
And potentially category in the fitness industry it is also just as easy to open a fitness business. When I opened my gym back in 1994, to be competitive you were spending 750K+ but these days with functional training, I could open a facility and compete with you for 15-20K. It is that simple.
Without a doubt it’s easy to start a business but building a business is when it gets really tough!
And we can extrapolate, that it’s easy to launch a new product or service but making it successful is harder.
What are the steps we need to go through before stop our new project/service/product or business?
Step 1 – Separate your new service or business from people. If you or someone in your team is emotionally invested in the new product/service/business then they may keep pumping fresh blood into a corpse that should have been laid to rest just so they keep or justify their job. As the leader communication at this point is critical – the success or failure of the project will not impact your role.
Step 2 – Let your team raise red flags. If your team fear that speaking ill of your idea or new service will irk you, they will keep quiet and you will have no idea of the true position of the business or service. It is critical to encourage honesty from your team rather than keeping bad news under wraps.
Step 3 – Define a finish line. Just prior to launching we must set objective assessments. We often get emotionally tied it but we must remain pragmatic and make a business decision. You need clear numbers to determine what success looks like? What is your budget and what are your ROI expectations?
Why am I speaking about this today?
I have spoken to several fitness business owners this week who have asked me at what point do I stop trying to make my personal training department work.
In many fitness businesses, we roll out:
- Personal training
- Small group training
- Nutritional services
- Life coaching
And other services to build secondary income but they simply do not provide a profit. They are supposed to be profit centres but in fact cost the business.
As the business leader, you have to have discipline in your objective evaluation of your new service/product or in deed business if you want to be successful. Being a leader can be tough, you cannot be emotional you have to be objective.
My goal today is having you stop, analyse and think!
Before opening a new business or rolling out a new service I want you to do your appropriate due diligence. Remember starting a new service or business is easy but building that service or business is where the hard work really begins!
How long do you flog a dead horse? The answer until you know it has passed away and then stop instantly!
What’s On This Week?
Over the next 7 days there is SO much happening for Active Management and me, so I’m going to run through them quickly:
- Show 118 on the Fitness Business Podcast is Bedros Keuilian & its cracking show, click here to listen.
- Show 3 on the retention series from Paul Brown is now out on the Fitness Business Podcast and I think it has his best tips – click here to listen.
- I have 5 coaching clients in the next few days – including 2 new clients!
- Catching up with JP from Tribe Team Training North America on Monday, Tony de Leede from Fit n Fast on Wednesday and Julz from ExerciseNZ on Thursday.
- Briefing a client with his 12-month marketing plan.
- To coincide with the launch of my latest ebook “The Hottest Tips for Video Live Streaming” I am guest on show 120 of The Fitness Business Podcast, with a special giveaway! This comes out Wednesday and you do not want to miss this show so go to www.FitnessBusinessPodcast.com and subscribe to the show notes and you won’t miss my giveaway!
- And as you know I am mad about rugby! This Sunday my club plays in the qualifying final for the Grand Final, so good luck to the Norths boys!
It’s going to be a big week!
And then next Friday I’ll be coming to you live from Smeaton Grange, just before the NSW Personal Trainers Industry Leaders Roundtable.
And just before I finish, let me finish with Quote of the Week:
Quote of the Week
Starting a new service is easy. Building that service to success is where the hard work really begins!
Do you want to work one on one with JT?
Check out all previous shows here: https://www.activemgmt.com.au/category/jt-in-the-raw/
Justin is the Managing Director of Active Management, which he began January 2004. He offers coaching to businesses worldwide in everything from start up and design to marketing and sales systems. Justin also facilitates four Australian and New Zealand ‘fitness industry roundtables’ events, which allows him to see a huge cross section of business models.