So what's like the most cliche thing that you hear in industry and business?
It's, you gotta set your goals.
It's so played out because a lot of people say it and very few people actually do it.
So, let's say that you're an academy owner and we're gonna set an arbitrary goal that you want 30% growth over the next 12 months. Let's also assume that this academy is doing, let's say, $30,000 in monthly recurring revenue.
To grow that company 30% over the next 12 months means that you need to add $9,000 in monthly recurring revenue, assuming that the average monthly account value is about $150, that's 60 accounts over 12 months.
To break that down and make sure that you understand how easy that goal is to attain, that's net five accounts per month.
Now, attrition is totally different in every single academy across the world, so I'm gonna leave that out of the equation for now.
And, if you're able to net 10 accounts per month, well now you just cut that goal in half to six month.
Big goals of growth are really hard to wrap your head around, but when you boil it down in a formula like this and you can chunk it to month to month, well that just makes things interesting.
Now, in our industry it just comes down to an equation:
- How do I get people interested?
- How do I get them to come in?
- How do I get them to pay?
- How do I get them to stay?
2023 is coming up. Start planning to succeed, today.
