How will you handle debt recovery in your health and fitness studio?
Eight out of 10 businesses fail within the first 18 months. That’s 80% of all entrepreneurial visions smashed to pieces before the ink on the business license has barely dried.
What is the number one reason for business failure? Cash flow. It doesn’t matter if you’re in a business that everyone needs, such as health and fitness. These organizations provide services that should see a high volume; industry stats say global sales for any type of fitness facility, whether a karate dojo, a dance studio, bodybuilding supplements (click now for more info) or even a coach or personal trainer will exceed $87 billion this year.
One big problem for these small health-oriented organizations is that they struggle to collect on past due balances. What are the challenges of keeping a healthy A/R in these businesses? How can a professional online collections service like Rocket Receivables help?
Debt Recovery for the Fitness-Centered Business
Here’s a secret that the majority of fitness-centric companies won’t tell you; managing receivables is a full-time job. Setting up a system of renewals which could include monthly fees, as well as handling equipment maintenance, class schedules, and of course finding new members, all amounts to your own personal triathlon – and this is a race that you run seven days a week, especially in your first few years.
Rocket Receivables guarantees ROI on debt recovery.
The escalation of missed payments by members can happen fast. Many times, especially if you are a personal trainer, you have one-on-one relationships with members. What will that do to the relationship with the client if you’re frustrated because their payment is late? How can you keep the relationship intact while ensuring the problem is resolved? Even more important is that issue of cash flow; having the pressure of escalating days in A/R at a time in your business when every dollar counts, can add pressure that you probably don’t need.
Here’s one last worry to add to the mix: Do you understand the myriad rules governing collections on past due balances? Failing to comply with local, state, and federal laws, even because you simply didn’t know the rules, can make you a target of regulators, or, even worse, damage your reputation on social media.
What you may not realize is that there is an economical cloud-based service that can handle collections for you. Rocket Receivables was designed to help the small to mid-size business by providing them with the same debt recovery tools that big companies use. One of the industry segments we specialize in is health and wellness. We know your business and have designed a service to help get you what you’re owed.
Affordable Debt Recovery for Fitness and Health Studios
Debt recovery with Rocket Receivables is a web-based self-service process that helps health and fitness studios keep the cash flowing. Our process is guaranteed to earn you double the money you invest in our service. To request info contact us today – we’re here to help.