If you’re reading this blog, then you’re probably someone that is interested in learning more about how to grow your fitness business. It just so happens that learning is one of the characteristics that we will be covering in today’s blog.
I hope you enjoyed last weeks post: “10 Distinctions Between Fitness Business Millionaires and Middle Class Fitness Professionals (Part 2)”
This multiple part tutorial is designed to help you take your fitness business to the next level, but not only that. With the information you learn here, you will be able to improve every aspect of your life. The key is to hunger for new knowledge and growth on every level.
Distinction #6 – Fitness Business Millionaires Continually Learn to Grow, Middle Class Fitness Professionals Think Learning Ended With School
Why is it that fitness business millionaires have vast libraries, while middle class fitness professionals don’t.
Most millionaires I know read or listen to at least 1 book every 1-2 weeks. I personally consume 1-2 per month, but as I write this blog I am making a personal commitment to double my volume.
“Success doesn’t just happen, it’s a process.”
Knowing this fact should motivate you to invest in yourself, so that you can speed up the process in your journey to reach your goals.
Because I have A.D.D and a mild form of dyslexia reading books is stressful and time consuming for me. I prefer to listen to my books on my iPhone. My wife happens to enjoy reading out loud, so her and I will read several books together. She will read and I will listen. We are a match made in heaven.
Reading a book is preferable over courses because in the process of reading a book a good author is able to take you through a journey by telling you stories and teaching you, while also entertaining you. The human mind learns best when it doesn’t know it’s learning. So reading a book is a much better way of learning a new skill or principle.
One of the defining characteristics of fitness business millionaires is that they don’t have a problem paying for advice. Example: my hourly rate for consulting is $325. You may be reading this and say, “Oh my gosh, that seems like a lot of money!” But let me ask you a question, have you ever learned something in your lifetime that added so much value to your life or business that you would pay $325 for it?
Of course you have! We all have.
You’ve heard it when someone says, “That was a valuable lesson.” What that means is that the lesson you just learned either cost you a lot up front in benefit or on the back end on investment. You have to invest in your education so you can learn new ways to grow.
“Millionaires are students of life.”
You should think of knowledge as a seed. Here is what I mean: You may have the knowledge on how to train one of your personal training clients or sell a gym membership, but that is completely different than being an expert at it. The way you become an expert at anything is you plant a seed of knowledge and you water that seed with continued education and learning.
Fitness business millionaires usually only study the things they love. “The secret to being a life long learner is to study what you love.” Some may think that millionaires love their money. In some cases this is true, but more times than not, millionaires love learning the lessons that made them into a millionaire, far beyond all the zeros in their bank account.
The saying goes, “If you love what you do then you will never have to work a day in your life.” The same goes with studying, “If you love what your learning then you will never have to study a day in your life.”
The point to take away from this is to not pursue money, but rather pursue the knowledge that can help create wealth. Make sure to study the success of others that have come before you, so that you can plant seeds of knowledge in your mind and heart and not make the mistakes they did.
Fitness Business Millionaires Continually Learn to Grow, Middle Class Fitness Professionals Think Learning Ended With School
Distinction #5 – Fitness Business Millionaires Work for Profits, Middle Class Fitness Professionals Work for Wages
I won’t spend a lot of time here because chances are you understand this already, or you wouldn’t be on this site.
Trading time for dollars, i.e. working for hourly wages or otherwise, will only pay you enough in life to survive…you will NEVER THRIVE. Let’s do an experiment. Let’s say that you earn $35/hour and work 8 hours a day, 5 days a week, 52 weeks in a year, you would earn roughly $72,000/year. With this formula, the only way you can make more money is to do the following:
- Duplicate yourself by hiring an employee, in which you would pay them a percentage of your $35/hour fee for their hourly efforts
- Work more than 8 hours per day
- Work more than 5 days per week
- Create an additional stream of revenue, possibly selling supplements, like AdvoCare
- Set up some type of business in which you can make a residual income that can compound over time
The “trading times for dollars” method, in other words, working for wages instead of profits, will keep you in chains.
So how do we work for profits and what exactly is a profit? Because we have fractional ownership of several gyms across the US, and we have a personal training business locally here in Mobile I will use us as an example. We also have an AdvoCare business with team members all across the US.
Here is what our multiple streams of revenue look like:
- Fractional health club ownership – we earn 30% profit on memberships
- Personal training business – we earn a wage of $65/hour
- AdvoCare – we earn 20-40% retail, wholesale profits, plus on-going residual income from 3-19% of our business volume
So as you can see with 2 of our income streams we earn profits, one of our income streams we earn wages. With our health clubs and AdvoCare business we don’t have to get out of bed to earn income because those businesses pay us an on-going residual income. What’s even better than that is that both of those businesses pay us for work we did years ago. On the contrary, our personal training business requires that either myself or my wife, get out of bed, go into the club, and physically train someone so we can earn our hourly rate.
To be perfectly honest, if we didn’t love our clients and didn’t see the value in having a distribution platform for our AdvoCare business through personal training, we would NOT be trading time for dollars.
Because our personal training clients come to us looking for a solution, we can position AdvoCare, which we earn profits and residual income off, of as a solution to help them lose weight, increase energy, and perform better. Because AdvoCare is a consumable product, and because our clients aren’t forced to buy Advocare, but rather buy it because they love the products, each month when they run out, they re-order. This adds a residual income that has paid us around $30,000 in the past 2 years.
The best way to understand profits is like this:
You have a product that someone wants. They give you the amount of money that you’re asking for that product to deliver it to them. You then provide them that product, which you buy at a discount, and the end result is that you have profited the difference between the cost of the item and the price you sold it for.
You see when you work for wages they can only increase gradually. When you work for profits, you have the potential of increasing your income dramatically in a short amount of time. I haven’t worked for wages, as a primary source of income,in almost 10 years. And I never plan on working for wages as a primary income again. If YOU want to become a millionaire – you must work for profits.
Fitness Business Millionaires Work for Profits, Middle Class Fitness Professionals Work for Wages
To close out this blog, I would like you to consider 2 things:
- What have you learned in the past week that is currently help you take your fitness business to the next level?
- How many streams of income do you have right now? How many of those streams of income are profits vs. wages?
If your goal is to be a millionaire, then you need to seriously consider making the recommended changes you have found in these series of blogs. If you’re happy being a middle class fitness professional, then keep doing what you’re doing and you will keep getting the same results. Not everyone is cut out, nor desires to be a millionaire. And that is ok.
Here are a couple books I would recommend reading if you are interested in becoming more wealthy:
- The Top 10 Distinitions Between Millionaires and the Middle Class
- How to Win Friends and Influence People
- Strength Based Leadership
- My First Year in Network Marketing
- The Speed of Trust
- Awaken the Giant Within
- Soul Detox
- Rhinocerous Success
- Wild at Heart (for men)
- Captivating (for women)
These books will build you up both intellectually and spiritually.
If you are looking to make more profits in your fitness business, then you need to develop multiple profit center. Here are a few suggestions to help you:
Because we have been successful in many of these areas, and because we believe that once you’ve had success you have a responsibility to pay it forward and help others become successful, i would like to offer you a free 15 minute strategy call to talk about your fitness business and have a brainstorming session.
Again, there will be no charge for this call. So if you are someone that wants to learn and grow, then I encourage you to take advantage of this call.
We talked about a lot of things in this post that we are going to elaborate on in our next blog. So make sure to keep your eyes open next week for what is coming.
In the next blog, we will be discussing:
- Fitness Business Millionaires Believe They Must be Generous, Middle Class Fitness Professionals Believe They Can’t Afford to Give
- Fitness Business Millionaires Have Multiple Sources of Income, Middle Class Fitness Professionals Has Only One or Two
He's spearheaded the opening of 100+ gyms and is responsible for selling over 100,000 gym memberships and collecting over 300,000 buddy referrals in his career.
Learn more @ www.JoshuaTFleming.com
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