1. EachPod

103: Are You Ready To Become A Business Owner?

Author
Tim Lyons and Randy Angsten
Published
Tue 17 Mar 2020
Episode Link
https://built-to-grow.simplecast.com/episodes/103-are-you-ready-to-become-a-business-owner-ts6bOcHL

In this episode, Tim and Randy will dive into what it means to be a business owner versus being self-employed. Being self-employed is not the same as being a business owner. For example, a business owner has an ownership stake in a business but may not be involved in its day-to-day operations. In contrast, a person who is self-employed both owns the business, but they are also the primary or sole operator of the business. 

Figuring that out is critical for every gym owner, because it determines whether they own a business or a job. Tim will base their discussion off of Robert Kiyosaki’s Cashflow Quadrant which categorizes people into four categories, namely employee, self-employed, business owner, and investor.

The employee has to go to work to get an hourly wage or salary while a self-employed person owns a business, but they must be involved in the day-to-day operations of the business for it to generate revenue. If a self-employed gym owner left their gym, it would cease to operate. A lot of gym owners are in this category. Business owners own their business, and they have systems in place that ensure the business runs even in their absence, and this is the category where a considerable number of gym owners aim to be. Have you been wondering how not to be as involved in the operations of your gym? Well, you’ll have to listen to this episode to find out how. Enjoy!

Key Takeaways:

  • Are you a business owner or self-employed? (01:54)
  • Applying the wisdom in the Cashflow Quadrant (02:20)
  • The way you get to become a business owner is to have the systems in place (08:13)
  • Having the gym running without being chained to it every single day (09:57)
  • The difference of “I have to be here” versus “I want to be here” (14:36)
  • There is value, efficiency and effectiveness when everything happens in a system (16:25)
  • Identifying the reasons why you're not where you want to be with your gym (19:12)

Additional Resources:

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If you are interested in a free audit for your gym, visit http://bit.ly/free_gym_audit

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You can find out more about Tim and the strategies covered in this episode by checking out our website.

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Would you rather watch the video version instead?

Head over to our YouTube channel to watch this episode by going here

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