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And these are all tiny little tweaks that you should do that will make you significantly more money

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Welcome to the gym secrets podcast where you talk about how to get more customers

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How to make more per customer and how to keep them longer and the many failures and lessons that we have learned along the way

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I hope you enjoy and subscribe

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Good morning, everyone. Hope you guys are having an awesome start today

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I actually slept the longest I slept in a really long time and I feel like a newborn child

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Um, anyways, but I wanted to

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Give you four billing taxics to maximize margin you may have heard of two of them already at different times throughout the podcasts

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But I think it is worth repeating because if you haven't done them then you should

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All right, and so I'm going to start out with something different

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That of the four the one that you have not heard me say and these are all tiny little tweaks that you should do

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That will make you significantly more money

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All right

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The first one is and this is going to sound tiny

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Is adding 99 cents to all of your memberships and purchases

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Okay, so everything that you sell in your business whether it's t-shirts whether it's

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membership fees whatever

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Challenges doesn't matter right adding 99 cents to every single one of those things

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You're doing hundreds of transactions a month right if you just add that extra dollar like overnight

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You have two hundred three hundred four hundred dollars a month that just appears magically to you all right

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And like I realized this one time when I I had done a big launch

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I'd signed up

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It was whatever it was. I don't know. It's like a hundred and um does number one the second one is I go for the the uh the

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99s instead of the 97s we're like it's 4.97 right versus 4.99

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I had signed up almost 200 people in a challenge and I realized that by giving up that those three dollars

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I was given up 600 bucks

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For that month and I was like why'd rather make an extra 600 dollars and so I charged everyone 4.99

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At the time that's when I was charging 500 bucks and so um

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All that to say uh those little those little pennies and sevens and 99s actually add up when you look at the fact that you're doing high volume

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Right you're doing hundreds of transactions

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And so if you're at 167 bumping to you know 16999 for all of your stuff

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We'll instantly add a lot like real money to your backyard and may sound completely insignificant

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um

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You can probably I'll bet you could probably even sneak it in and be like hey guys just because I want to standardize everyone

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Um some people are kind of all over the place everyone's just it's gonna be 16999

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Hope it doesn't bother no no mind, right?

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It's not even it's not even a sale right um and just like that you can generate six six hundred dollars a month now

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If you're like huh Alex

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I don't know why I would care about that. It's like well

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Considering the average gym owner makes 30 grand a year if you could add

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$7,200 a year to your your paycheck by not adding anything that sounds like that would be a good idea

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right

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So uh that billing tactic number one uh use the

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Use your sevens tournament of nines and then make sure you add the 99 cents on every transaction that you're doing

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And it will add up pennies that up right so number one number two um

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I give it to you uh yesterday, but it seemed uh just

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Like make sure you get the backup parts

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So make sure you get a backup card on the people who you are um selling

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Because it's just gonna decrease your turn

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So if you can decrease your turn from 10 to 5 simply by having the card on file

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You'll make way more money. You just cut your turn in half through an administrative

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Task rather than having to implement all of these operational systems to save people

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It just adds another way for you to collect more money and literally like one you know a card if you think about it

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If if you had 10 people were supposed to cancel and five of those people you had the card on file and you bill it

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You know whatever 170 a month you just made $850 because that month and maybe that every month thereafter

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Because of something you added on the front end and so it's like okay

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Billing tactic number one got a $600 a month billing tactic number two got us $850 a month now. We're up 1450 all right

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Let's see if we can find some more pennies here. All right, so that's number two

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Real quick guys if you can think about how you found this podcast somebody probably tweeted it told you about it

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Share it on Instagram or something like that the only way this grows is through word of mouth

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And so I don't run ads. I don't do sponsorships. I don't sell anything

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My only ask is that you continue to pay it forward to whoever showed you or however you found out about this podcast that you do the exact same thing

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So if it was a review if it was a post if you do that it would mean the world to me and you'll throw some good karma out there for another entrepreneur

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Number three is the one that I've said a zillion times over and so people don't do it because they paid money or whatever

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They don't hate having hard conversations they hate change is that if you switch from a

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Uh a weekly billing cadence a monthly billing cadence to a weekly billing cadence and it doesn't have to be weekly

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It can be every every week every other week every 28 days as long as you run a weekly cycle

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There are 13 four week blocks in the year and there are 12 month blocks in the year and because of that

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You get one extra full billing cycle per year

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Then you would otherwise if you're on a monthly schedule and dollars to donuts most people

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Actually do their payroll every other week and yet they bill monthly

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So what ends up happening is that by the end of the year you had 13 payrolls and you had 12 inflows

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So 13 outflows 12 inflows, which means that one full month of payroll by the end of the year

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Just gets stomached by you, right?

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You're just the nice boss and you're just taking that one on the chin, right?

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So if you switch to that cadence, you're going to get another

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Whatever 7.8% per year now again, you have to think about what like everyone

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Everyone scoffs at these Martin things, but it's like I was just making 12 and a half right percent

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per year

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So if you add

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Almost eight percent to that you're almost doubling the profit of the facility, right?

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Like it's kind of a no-brainer

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Except I had a I had a high-level business guy who showed up at one of our masterminds

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And I asked to say who hears on on the weekly billing cadence

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And he said to like he looked around after I had just given that explanation

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And he saw that it was like 10% of the room and he's like what the fuck is wrong with these people?

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He's like why are they not doing this this makes no sense to me

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He's like I immediately used it in my business and so um, I don't know

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So if you're not knowing it, I don't know all right

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So first billing tactic turn your sevens into nines and add the 99s

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second one

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Get the backup cards third one switch the billing cadence and then the fourth one

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And this is a this is a smaller one you can also

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Use ACH so if you've noticed maybe you have or haven't noticed but

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Jim much is actually almost exclusively run on ACH

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So our clients are that like we actually don't run a ton of credit cards. We run mostly

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um

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ACH and we do that because

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There's lower processing fees and when I'm billing a lot of money an extra two percent actually is a significant amount right

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Um, and everything's relative, but it's still it's still material

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You know if you're doing a million dollars a year

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Two percent is 20 grand right so like you want to have all these little things that up so we added a

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$600 a month so that's

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$7200 a year from the first tactic. We added $10,000 a year from the second tactics and now we're up 17

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The third tactic gives us a whole another month of billing which will probably be about 20 right so now we're up

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37,000 okay

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Just from these just little little changes

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$37,000 that we just found and that's all bottom line

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It's my point here is that these little bottom line tactics sound like small money

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But the thing is is that if you're making 12% and you make $37,000 more than it's just like you make it an extra 240

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right

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Because 240 right to get an eighth of that right or whatever it is eight times eight times 37 so more

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Whatever that would be 32 anyways 300 grand is what that would be the equivalent of making for you to get your 37

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So it's a very big difference in terms of how much money you make right um and then obviously the fourth one

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If you can get your backup card or you can make it standard for most of your people to have the ACH on file

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Then you're going to save a ton in your payment processing. So most people have

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Most people process through their CRM gateway typically most people don't know this either

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They're CMGightways making the majority of their money on their processing not on their fees

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So the fee is sort of

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Additive but the majority of the money is made and they have partnership deals

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On the actual processing where they're going to getting they're getting 1% you know back or one and a half percent back on your account

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When normally if you if you're a local business and you go to a business that just as payment processing you might process for 50 basis points. So

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Now again, if you're looking at how much you make per year 2% and you're making 12% normally

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It's just giving you another 20% pay raise

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So all of these things are for kind of billing tactics to maximize your margin

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I would I could I could really get into like actually just like raising your prices on things

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But I won't for the time being

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You should raise your prices by the way, but that is it. I hope those were a tactical for you

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If you are not using them you should use them

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Like each of these little things add up, you know what I mean?

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And then when you have 20 or 50 of these little things that you do better

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All of a sudden at the end of the month at the end of the year you're like wow there's more money there than I expected

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And that's only if you have the discipline to not just blow money when you look at your account and see that you have money

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And then go spend it all right

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So as long as you have that that discipline that character trait in in place

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Then all of these tactics will make you more money and help your gym grow