Generally speaking, when one speaks of building a bridge in business, it’s in reference to transitioning from a 9 to 5 to a full-fledged business owner / entrepreneur. Today, though, I’d like to use the term coming from a different angle.
If you’re currently a business owner and have taken a major hit due to Coronavirus (Covid-19), how might you look for an alternate stream of income — related to your existing business?
In other words, I’d like you to consider how to build a bridge where both sides serve your business.
Check out this message I recently received from a listener to my podcast, Build Your Tribe:
My name is Michelle and I live in Orlando, Florida. My husband and I have a personal training studio, and we have been shut down for a month. But we really didn’t skip a beat… We hopped on the live Zoom train with online programs and one-on-one sessions with everybody weekly. And it’s actually been a really really big blessing because now we’re seeing a market that we didn’t even know existed.
Michelle and her husband, by my definition, have built a bridge. Now, worst-case scenario, if her brick and mortar were not to open for another four to six weeks, or perhaps even four to six months, they’ve developed a new business model — which could survive without the actual gym as its base.
In order to make online streaming services work indefinitely, you’ve got to move beyond your:
- Warm market
- Customers who already know, love and support you
Let’s go deeper on this particular gym model…
In order to make it really explode, they’ve got to consider: expansion, the customer’s experience and how they’ll set themselves apart when it comes to streaming fitness.
Fitness facilities across the globe have closed their doors. And even as some states today are planning for a reopening, the protocols — from gym owners to members — will start to change in ways no one imagined.
Apple reports that streaming fitness and fitness apps are the number one downloads in the Apple store. This has made free and/or streaming workouts one of the most competitive spaces in the marketplace over night.
And while that might be a challenge, the upside is that consumers now realize they can get an incredible workout from the convenience of a tablet or phone.
Things to consider if you’re entering online fitness:
- Offer a variety of classes (not just the ones your local members have come to love)
- Invest in platforms built specifically for streaming fitness
- Include group classes and one-on-one personal training
I wrote this blog to illustrate but ONE example on how you might build a bridge with your business.
A business bridge or bridge business, if you will!
But there’s more where that came from. I’m trying to spark creativity with ideas for your business — in these current times — so listen to this episode of BYT for more detailed examples!
And don’t forget to subscribe to Build Your Tribe! Since the pandemic, I’ve dedicated each show to helping you out as best I can! It’s time to thrive and not just survive.