You know, it’s very rare that I speak in absolutes when it comes to success as a training gym owner.
But this is one of those moments.
Virtually all members of the Unicorn Society have made or are making this change.
I promise you, this is a move you need to make ASAP. After the logistical pain-in-the-butt-of-change is over, there’s only massive upside.
Change your membership billing from monthly to weekly (or bi-weekly).
(Cue laughter from our Australian training gym owners who’ve only ever done weekly billing.)
By moving to weekly billing you will:
- Improve conversion by making the price point feel smaller at the point of sale
- Improve your cash flow with a steady drip of cash
- Increase total yearly revenue with a “13th month”
- Solve the 5 Mondays problem (where clients pay for sessions or classes in multiple of 4 that leave leftover days in months with 30 or 31 days)
- Match weekly or bi-weekly payroll with revenue
- Make future price increases feel smaller
Now, in the spirit of turning over the rock from all the angles, you could point to these items as downsides of weekly billing:
- You may see a modest increase in the amount of declined credit card chasing
- Most merchant services charge a (super) small fee per transaction, so you’ll pay slightly more in transaction fees
But honestly, neither of these are a big deal. And they certainly don’t offset the advantages of weekly billing.
The biggest barrier for most training gym owners is that it’s a lot of work to change your billing. But on the other side is a better business.
You can do it!
Your fit biz pen pal always,
PS Need help implementing this in your business?
Want some proven plays for how best to communicate this change to members?
For more about business coaching with BFU, go HERE.
PPS Early bird pricing is over, but it’s not too late to snag a spot in our 2-day deep dive behind the scenes of Mark Fisher Fitness.
Learn more about Inside the Unicorn HERE.