Episode 71: How to Differentiate your Business - Multi-Modality vs Single Modality

fitSpot Guru

What We Cover In This Episode:

• What “modalities” mean in terms of the fitness business model [2:45]
• The key differences between single modality and multi-modality [3:56]
• Which type of business model is the most profitable, based on where the market is heading right now [4:35]
• What to consider when trying to decide on which modality is best for your business [5:11]
• Examples where a single modality or multi-modality could detract from a business [9:46]

Quotes:

“We’ve seen such a shift in our industry with what consumers want, but also what business owners really need to be looking at.” [Cherise, 2:49]

“10 years ago the industry was such a different place. You could open a single modality business and people were rushing through your doors because it was new. The uniqueness of a single modality [business] is the expertise.” [Cherise, 4:42]

“You’ve got to do some market research. You do not need to fear your competitors, but you do need to know what they’re doing.” [Cherise, 6:19]

“You’ve got to really figure out what you are good at. I say this because sometimes we get swayed by what people want, versus what we should be doing.” [Cherise, 7:31]

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