LTYB Wrap - February
Hey people, check out all updates from February coming out of LTYBHQ. (Well, not all but the headlines) It certainly was fast paced.
Studio Performance- This is our number one focus from HQ. We had our best ever average workouts per day and average revenue per day, per studio. Many studios achieved their PB.. We have grown close to $800K year on Year compared to the same period that crossed over FY23-FY24.
New Website- This has been exciting. We appointed a taskforce from our Franchise Network (3 owners) and employed Matt Bishop from Superbrick to execute the project. (They have been great to work with) All going well, we will go live today without a big announcement as we have a week of cross-checking until we launch. This has been 4 months in the making, and we feel it is looking amazing.
New LTYB Studio- Yes, the final signature for the lease is dragging on but that should get done today. We have worked for 3 months on this site which is much longer than usual but we are close to announce a new open. (Perth Location)
Upskilling HQ- We had a huge focus on upskilling our HQ team with multiple development sessions per week and a trip over to Vegas (where else for a Global Convention) attending the Global Franchise Convention hosted by the IFA.
Annual Conference- We made strong progress with our Annual conference by bulking up many aspects including more sponsors, ticket sales and building the agenda. We just need 2 more speakers.?
Interest in New markets- There was higher than usual interest from potential owners to take LTYB into New markets.
Internal Sales development- We are training up another HQ sales person to work for Franchised Studios. If any brands are not offering this strategy, I highly recommend it. Happy to elaborate more but this is a game changer. In short, we deploy a Salesperson from HQ who is highly trained to work with new studios and studios who need more support. This saves Studios huge money, we succeed by seeing Franchise owners profit faster.
Career investment- One of the challenges for any Business owner is recruiting the right people and developing them. In a fitness business, staff is key for profit. What have we done? We have built a huge careers section on the site with actual listings, there is a feature to collect info, pre-screen and build our Careers arm. We also have a support staff work directly with owners in the recruitment process and lastly, we snuck in a presentation to an institute to promote trainer leads.
New Membership launch- We launched a new membership option that is a huge win-win for a certain type of member. As always, the membership option ensures all parties’ win. The idea is this option captures a small % of the member profile which will (And has already) contributed to low churn rates. (Think the AFL tiered system for members)?
LTYB Hiking Trip- This is less than 1% of the business and more of a hobby, but we do take groups to the Grampians in Vic for a Hiking Trip. This trip prep was finalised and we take a good size group away in 2 weekends.?
EOS- A huge amount of Franchise brands would know about EOS. (Entrepreneurial Operating System) ?This operating system is a must for all businesses including Franchise business, in fact our 4 best performers all use it. For those who know it, we are on track for 6 out of 7 rocks, hopefully we can achieve 5 minimum.. ?(We have been using EOS for 5 years and can’t speak highly enough about this method to operate the business)
Phew, there it is! Hope you enjoyed the read and feel free to reach out if you would like to discuss any of the above?
?
Ben Fletcher
Founder & CEO
Listen To Your Body