5 Barriers Slowing Your Studio’s Growth
There are natural ebbs and flows throughout our lives and our businesses are no exception. We see the ebb and flow of clients as the year progresses, and we also experience this fluidity in the way clients attend classes. Yet there are some factors that we can control to help take some of the ebb out of the equation. At Telomere we’ve found these five barriers tend to be the most common limiting factors for a studio’s growth and ultimate success. Read on to learn how you can lessen their impact.
Failing to Prepare.
This seems like an obvious one, but it’s often neglected. Take for instance the “summer slump” that so many studio’s experience. Often, we see a studio owner just waiting it out until client’s return in the fall. But there are steps you can take proactively to make your summer more vibrant. We understand you can’t make people come to classes, but you can create additional revenue streams to help the summer feel less impactful on your overall bottom line. Take for instance, a yearly sale on memberships. If you offer this sale twice a year, place one of the purchase months in June. Clients might not necessarily attend more classes in the summer but the additional sales will infuse your business with some additional cash flow. Or, alternatively you could run a late summer retreat that will draw client’s back into the community and again, bring in some additional income. Either way the message is: Instead of waiting it out, plan ahead.
Not prioritizing social media.
Your social media channels are vital to your business. Most clients rely on social media to know what is going on in the community and any new offerings you might be hosting. Try to include both event posts as well as authentic footage/content to create a sense of the breadth of information one might receive by following you. In addition, don’t be afraid to try a few different social media strategies, especially if you’re promoting something in particular. Try a graphic post, fun captions, a poll and a reel. You’ll immediately start to see your engagement numbers grow.
Letting leads slip away.
We’ve said it before but once you have a client in the door it’s much easier to retain them than to acquire a new client. But what are you doing to keep them coming back? Do you have an email funnel in place to encourage them to try new classes, check out your intro offer and sample your membership? We often think of a “drop-in” client as only their initial value, i.e. $25. But if you can convert the drop-in to the intro and to a membership, the overall lifetime value of this client could be in the thousands.
Forgetting to utilize the power of referrals.
When you ask a new client how they heard about your business, we find that an overwhelming number have received a personal referral. Clients do not often need motivation to refer their friends, but incentivizing them to share can’t do any harm. Many students don’t realize that you’re looking for new members to join the studio or don’t realize they could personally help you out (and once they do they are more than willing!) So, create a proper referral program. Reward your loyal clients with perks, events, etc. and offer special promotions and dates when they can bring a friend. What do you have to lose?
Flying solo.
This is a hard one when you’re a solo-preneuer, but one that you eventually have to recognize. Trying to wear all of the hats is not only exhausting, it’s limiting. You’re not able to grow any portion of your business or put in the proper energy required to do something in the way you truly want to. I know it can feel like an added expense at first, but if you start to see the growth from having a second or third set of hands you’ll quickly realize the gain you’re making over the expense. If you’re not sure where you could delegate, think of the various aspects of your business and which parts you love and which parts you’d love to hand off! A few to think about:
Client management/interaction
Daily studio tasks
Fitness email marketing and lead management
Social media
Advertising
At Telomere, we’re here to help support you and keep you on track with your goals and vision. So if you’re feeling like you could use some help getting organized and motivated, please reach out. We offer business fitness consulting services, email marketing management, social media management and more.
Telomere Consulting provides business consulting and marketing services to studio owners in the boutique fitness and yoga space. The Telomere team helps you navigate business strategy from conception to implementation. We provide end-to-end marketing support and would love to hear from you. Click here to book your free intro call. We want you to treat your business the way you treat your body – making the right choices now to optimize its potential for a long and healthy life. Visit us here to learn more.
