Pandemic Tempting You to Cut Owner Pay? Listen to This First!
Run a Profitable Gym
English - April 26, 2021 04:00 - 33 minutes - 23.2 MB - ★★★★★ - 61 ratingsEntrepreneurship Business Health & Fitness fitness coaching crossfit business gym marketing ceo Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Gym owners: Stop cutting your own pay to make ends meet. It doesn't make your business stronger.
Still skeptical? Take it from Ashely Coffey, owner of Get Fit in Bridgewater, Massachusetts.
When she first opened her gym, it was a struggle just to pay her coaches, much less herself. She was working 14-hour days and wearing all the hats, but her business wasn't growing.
Then she tried Mike Michalowicz's Profit First method, which teaches business owners to pay themselves before paying any other expense. The result? Ashley's gym has grown, she's off-loaded lower-value roles, and the business is profitable.
Links:
Get Fit
AGuard
Chalk It Pro
Gym Owners United
Timeline:
1:07 – Horror stories.
7:02 – Starting mentorship in the middle of the COVID-19 pandemic.
9:19 – Discovering “Profit First.”
11:34 – Starting small.
13:44 – Eating the sandwich.
14:38 – The snowball effect.
16:10 – Climbing the value ladder.
20:24 – Concentrating on high-value roles.
23:03 – Dealing with bumps along the road.
25:11 – You can’t help others if you’re not OK.
26:44 – Setting goalposts to drive revenue growth.
27:49 – You are a legitimate business expense.
29:10 – Life on the Profit First plan: stability, confidence, and growth.
31:12 – Success breeds success.