1. EachPod

135: Is Your Gym A Business Or A Hobby

Author
Tim Lyons and Randy Angsten
Published
Thu 09 Jul 2020
Episode Link
https://built-to-grow.simplecast.com/episodes/135-is-your-gym-a-business-or-a-hobby-uaNFElxY

The first thing you need to understand if you are to run a fitness business is who you want to serve. To understand the type of client you want to train, you have to look at the bigger picture of who is in your market and how many people you can attract with your model.  This is a business decision that you make early on.

Some gym owners do not want to look at the accounting side of the business. You have to understand the balance sheet, P&L, income versus expenses numbers in detail. This is the health of your business and ultimately your score. It shows how well or bad you are doing.

Another thing that determines if you are running a business or a hobby is whether you, as a gym owner do everything yourself. To run a business, you need systems. You need to automate, delegate, and eliminate tasks. Your business should be able to run without you. You also need to prepare job descriptions for your staff. Lastly, you need an effective business model. 

Listen in to this episode and learn more about running a profitable gym business ad how we can help you with this. 

Key Takeaways

  • Knowing who you want to serve in your fitness business (05:34)
  • Why gym owners deserve to make a profit while serving people (08:04)
  • If you want to run a gym business, you have to understand the accounting side of it (09:48)
  • Spending money to make more money (10:25)
  • Gym owners should automate, delegate and eliminate tasks (14:35)
  • Creating job descriptions and systems for your gym staff (16:13)
  • Having systems and a solid business model to run your fitness business (20:36)

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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If you don’t already have my book, get your copy FREE here.

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Connect with Tim:

Connect with Randy:

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