The $1 Million Gym Built by Two Guys Who Once Rationed Paper Towels
Run a Profitable Gym
English - January 23, 2020 05:00 - 48 minutes - 33.2 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
What would it be like to own a million-dollar gym? Would you be rolling in dough? Sleeping in every day, never having to worry about another bill again?
Not quite—but it's still pretty awesome.
Peter Brasovan and Jared Byczko opened NapTown Fitness in a tiny space in an ex-FBI building for $500 a month's rent. In the early days, they kept the lights off and the heat low, and they posted a sign on the bathroom: "No more than two paper towels, please." Today, NapTown has multiple locations, several intrapreneur-operated core offerings, 44 staff members and $1 million in annual revenue.
In this episode, Peter and Jared talk with Chris Cooper about how they did it: the lessons they learned, the strategies implemented and the mindset it takes to go from Farmer to Tinker.
Links:
NapTown Fitness
"Founder, Farmer, Tinker, Thief"
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Contact:
[email protected]
Timeline:
2:09 – From childhood friends to workout buddies to business partners.
4:16 – NapTown’s first location: a space in an ex-FBI building for $500 a month.
5:32 – Defining roles from the start.
6:51 – Honing the early picture of success.
10:06 – Does a million-dollar gym make them millionaires?
11:16 – Growing ideas into core services.
15:45 – The key: start small.
17:16 – Before you diversify, prove your concept.
18:49 – To identify “champions” of your core services, mentor your staff.
21:07 – The security of being a $1 million gym: The freedom to take on the best clients for the gym.
22:51 – “Loves and loathes.”
24:55 – Replacing themselves in lower-value roles, but doing so strategically.
28:04 – The challenges of being a $1 million gym.
28:29 – Which programs get the money?
31:26 – The pressure and responsibility of needing to make $83,000 a month to make payroll.
35:08 – A look at the books: NapTowns’ profit ratios.
38:50 – How NapTown keeps its expenses under control.
41:26 – Long-term strategies for building wealth.
43:20 – What’s next?