Ask yourself this: Why did you begin your online fitness business? Is it to have extra income as a “side hustle” while you work your other job? Or is it to become fully dependent on this income as your full time career? Answer this question honestly in order to get the most from this article. There’s no wrong answer, but if you want to rely on this source of income for your own life, then you must set achievable revenue goals. Note, this is not to deter you from your online fitness all together, rather it is to give you clear insights and advice on how to increase your maximum profits through intentional goal setting. Below I’ve categorized how to create these goals, how to attain them realistically, as well as an attached Monthly Revenue Goal Setting Spreadsheet PDF so you can get to work on setting your own goals today!
Remember SMART Goals? It’s just like you tell your clients, setting SMART goals will help you create achievable wins in a way that leaves you feeling empowered by your goal setting rather than overwhelmed and anxious. As a refresher I will list the SMART goals along with examples for you to follow in order for you to create your own.
This is not the time to “take a shot in the dark” and set a totally random and/or outrageous revenue goal. This is the time to get specific on the dollar amount goal you want to set. An example would be $1000/month.
Ask yourself, can this goal be measured? Well of course it can be, it’s a number amount so it can easily be tracked. I suggest you keep a log of where all of your income is coming from. I’ve given you an example of how to do so in the attached PDF. You can refer back to this measurable goal at any time in order to do weekly and/or mid-month check-ins with yourself to see if you’re on track.
Are you being reasonable with the goal you’re setting for yourself and your biz? Are you shooting too low or setting yourself up for failure by shooting too high? While setting goals is supposed to motivate you to grow, it’s also important to be realistic in your projections. So if your next month’s goal is to make $10,000 but last month you made $3,000 I would re-think that projection. Instead, in order to grow your income, why not make an attainable goal of adding $1,000 more to last month’s income? Example: last month I made $3000 so this month my goal is to make $4000. Done. That’s a perfect example of creating an attainable goal you can feel both empowered and motivated to achieve.
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Is your revenue goal relevant to what you are doing? Sometimes we become so focused on earning money that we start to think of all the other ways we can earn a dollar combining things like dog walking, MLM selling, etc. etc. It is important to focus on the relevance of your goals and of your earnings specifically for your online fitness business. There are ways to make passive income that correlates with your biz. For now, make sure your revenue goal resonates with your immediate business. An example would be making your revenue goal directly from your online training service sales. This will also help you project future incomes based solely on your business rather than other incomes that are not guaranteed each month.
It’s important to have a time stamp on your revenue goals. This way you can monitor your progress throughout each week, each month, and so on to ensure you’re hitting your goals. And if you’re not, it’s also a time to reflect and make changes to your goals as needed. Personally, by setting monthly goals I am more motivated and empowered to achieve them because each four-week month is a short time in which I can mentally take incremental steps to growing my yearly income. I suggest you also start with monthly goals so you can set the pace and consistently grow your income rather than feeling overwhelmed by an end of year goal.
It’s your turn! Download my Monthly Goal Tracker Spreadsheet here!
Using my SMART goals template, set your own revenue goal(s) and place them somewhere you’ll see every day! (I keep them in my daily planner).
Now, let’s quickly talk about both your immediate income and your passive income for your fitness business. Remember, these incomes must correlate directly with your fitness sales in order to maximize the efficiency of your goal setting. Here are a few examples of immediate income and passive income pertaining to your online fitness business:
- Online Personal Training
- Nutrition Coaching
- Habit Based Coaching
- On-Demand Services
- Affiliate revenue (can be from supplements, sports brands, etc.) Pro tip: this is a GREAT way to earn more income with little to no work as you are simply promoting other companies with your affiliate link.
Think of your immediate income as your higher ticket services that require more work. Then think of your passive income as a smaller stream of revenue that requires little to no work to obtain.
Time for you to get to work armed with your SMART revenue goal and understanding of different streams of revenue. Take advantage of this Goal Setting Monthly Income Spreadsheet so you can also feel excited to create and achieve these goals for yourself. TIME TO GROW!