In this series we have been discussing the differences between fitness business millionaires and middle class fitness professionals. Today’s blog can transform your fitness business instantly if you can open your mind and heart to the truths and facts that we will be discussing today on a deep core level.
Although I have been in the fitness industry since I was 14, I took a brief sabbatical when the housing market was doing so good to open a construction business. Prior to deciding to open a construction business, I had hit rock bottom. I was living in my car and waiting tables and living in Destin, FL. There wasn’t much of a fitness industry there for employment so waiting tables was the only thing I could find at the time. It’s not important how I came to live in my car, but for about 3 months that is exactly what I did. In my early 20’s I was too full of pride to ask for help and too immature to understand that the process I was going through was shaping me into the man I have become today.
On top of all that, I was a drunk. I used Jack Daniels and the occasional “wacky weed” to numb the pain of my living circumstances which only led to more of the same.
Around that time I met a friend that encouraged me to go to church and I heard a pastor talking about testing God. No matter what your religious beliefs are, you can find value in this information. There are certain truths and principles that if you can open your mind to receive it can make all the difference. The pastor that day was preaching on Malachi 3:10 – Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this,” says the Lord Almighty, “and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it.”
The concept of testing God was new to me. I remember as a young kid in Sunday School hearing a Bible story where Satan tempted Jesus to jump off a cliff, and Jesus said you should not test God. So when I heard this pastor say that he caught my attention, if for no other reason so I could judge him as an idiot and get up and walk out. But what I discovered shocked me.
The only time in the Bible that God says to test Him, is in the practice of tithing. So when I left church that Sunday I made a decision that I would take 10% of my tips each night and put it aside to give to God the following Sunday. You won’t believe what happened. Not only during that week did I make more money in tips than I did in previous weeks, but even after I gave 10% of my tips to the church, I had more left over than I did the previous weeks.
So what does any red blooded American male that enjoys living life on the edge do? I kept giving. And within 3 months I was no longer living in my car, but in a nice house. I also had a construction company that went on to pay me several million dollars over the next several years. And that leads to our 4th distinction that we will discuss today.
Distinction #4 – Fitness Business Millionaires Believe They Must be Generous, Middle Class Fitness Professionals Believe They Can’t Afford to Give
After learning this valuable lesson I continued to be generous. Not only obedient to my giving, which my faith instructs me to, but also as a human with employees, customers, friends and family. The saying goes, “It is better to give than to receive”, and that is SO true.
When you give something away on a subconscious level you are radiating abundance. You are saying to yourself and the people around you and to the universe that I have more than I need and I choose to give. As a result, God or whatever universal power you believe in, along with the people that surround you, begin to give you opportunities and situations that continue to prosper you.
Let’s try an experiment. Grab a pen. Now, take that pen and hold it on both ends…the left hand holding one end of the pen and the right hand holding the other. Now go try to pick up a cup without taking your fingers off the tips of the pen. You see it’s pretty difficult to pick something up or to gain something when your hands are full. You have to open your hands to receive something new.
This is why people like Bill Gates, Warren Buffet and other successful business people give away so much money. They understand that to continue receiving they must continue to give. Not only that, but it makes you feel like a good person. And when you feel like a good person deep down on the inside, other people can tell and are attracted to you. This continues the cycle of blessing and receiving from others.
To sum it all up…being generous is a witness to others of kindness and love. It brings the giver as much, maybe even more, than the receiver.
Fitness Business Millionaires Believe They Must be Generous, Middle Class Fitness Professionals Believes They Can’t Afford to Give
Distinction #3 – Fitness Business Millionaires Have Multiple Sources of Income, Middle Class Fitness Professionals Only Have One or Two
Let’s compare dollars to fishes. Would a fisherman catch more fish if he had 2 lines in the water? Of course. There are greater possibilities that he would. What if he had 5 lines in the water? It’s easy to see that the more lines he has in the water the more fish he has a possibility of catching.
Money is just like that. The more sources of income you can develop, the more likely it is you will become a fitness business millionaire. All the fitness professionals that I have met working in the fitness industry over the past 18 years have made their money primarily off of multiple streams of revenue. Although there are some exceptions where they’ve made all their revenue off one stream.
“The more sources of income that you can develop, the more likely it will be that you will become a fitness business millionaire.”
The trick to developing multiple sources of income is to focus on making them passive sources of income. By “passive” I don’t mean you won’t have to work. I mean they require little maintenance or management from you personally. Fitness business millionaires are great at building teams that in return help to build passive income for their fitness business.
They understand that they can’t do everything themselves, so instead of trying to do so they find like-minded coach-able and committed people that they can duplicate themselves in.
On the other hand, middle class fitness professionals have a difficult time with multiple sources of income because they think they must do everything themselves. The belief that you have to do everything yourself puts extreme limitations on your financial potential. Having a belief that no one can do it as good as you is arrogance. Plain and simple. The world is full of talented people.
Fitness business millionaires have a different belief. They believe they can find someone that can do it as well as them, if not better. What a contrast.
Many fitness businesses struggle because the owner doesn’t understand team building. Team building is not finding all the best sales people, all the best front desk people, all the best personal trainers, and hiring them. It is understanding and identifying different strengths and personality characteristics and then filling individual positions based on those strengths and qualifications so that when the entire team is together it is running with singleness of mind and purpose, without clashing personalities or talents.
Put simply, most fitness businesses have the wrong person in the wrong position. The key here is to hire people that will compliment each other. Example: let’s say that you want to build up your P.T. department so that it can be a substantial additional stream of income for your fitness business. You are going to need 2, possibly 3 positions:
- Head Trainer – responsible for managing other trainers, writing workout of the day, P.T. sales, and training department. DOES NO TRAINING PERSONALLY.
- Floor Trainers – responsible for training clients, asking for referrals, & cross selling nutritional supplements.
- Nutritional Coaches – responsible for meal plans, meal program sales, nutritional supplement sales, & asking for referrals.
Let’s say for sake of an argument your head trainer is unorganized and is afraid to talk to people, and your floor trainer is outgoing and super organized. The head trainer is going to do very poor at his job which is going to aggravate the floor trainer. So your P.T. department will never take off because there is not synergy between the positions.
Let’s say that your head trainer has a great sense of humor and is a great sales person, but is afraid of telling people what to do, and your floor trainer has a type A personality and is always serious. Do you see how these scenarios would limit your ability to be able to provide top notch clients from paying a premium price and would result in a low P.T. department income?
To build a good team you have to have the right people and then you have to develop trust within the team. A code of honor if you will. This code is simple. Do the job you are responsible for, be honest, give 100% effort, don’t make excuses, and protect each other. If a team can do all of these items and do them well, then the income potential is limitless.
So now that you have a good team built, it is time to focus on creating passive income through multiple streams of revenue. If you’re going to create passive income, you first have to identify the ways you can create this income in your fitness business. Now there may be many more out there, but the ones that we have seen work the best for our clients are as follows (along with percent of suggested revenue share for a successful fitness business):
- Membership Sales (40%)
- P.T. Sales (25%)
- Nutritional Supplement Sales (25%)
- Done for You Meal Plans (10%)
Most people understand membership sales and personal training. Hardly anybody in the fitness industry understand the income potential with nutritional supplements.
Did you know according to a national study that 80% of your current members and p.t. clients spend on average $50-$100/month on nutritional products? Don’t believe me? Survey 10 of the next few members that walk through the front door of your facility. Ask them this simple question: “Hey Mr. or Mrs Gym Member, may I ask you a simple question? In your house do you have any multi-vitamins, Omega3’s, energy supplements, weight loss supplements, or protein powders?”
The answer for 8 of those 10 people, if not all of them, is going to be yes. What is my point? Well, as a fitness professional that is providing a service in the health and wellness industry, don’t you think it makes sense to provide health and wellness supplements? Or are you from the school of thought that losing revenue on a daily, weekly, monthly, and yearly basis to GNC, Body Building.com and other suppliers makes sense for your business long term.
In my opinion it is more difficult to build a successful p.t. department than it is to build a successful nutritional supplement center. Why do I say that? Well, here are a few reasons.
- Price Point. Personal training in the nation averages $400-$800/month. That’s a lot more money than people spend on supplements on a monthly basis. Which is between $50-$100.
- Market Awareness. All you have to do is turn on your t.v. or look in a magazine and you are bombarded with people trying to sale supplements. That means that most of the hard work has already been done for you. Your members have been “pre-sold”. Now all you have to do is put a safe and proven product that comes with a 100% satisfaction guarantee in front of them and they would much rather buy from you than the local vitamin store.
- Your the Expert. In the eyes of your members or p.t. clients you are the foremost expert in health, wellness, and supplements. That’s why they are your customer in the first place. They are not looking to make decisions for themselves, but would much rather allow you to make the decision for them. Not only telling them what to take, but where to get it based on safety, quality and a satisfaction guarantee.
- Staffing. To have a successful p.t. department if you are a gym, means you have to find the right people for the right price at the right time. Which is difficult. If you own a personal training studio, you have the same obstacles, but you also are limited in the fact that you don’t sale gym memberships for general usage of your facility.
So as you can see, if nutritional supplement sales is not one of your passive streams of income right now you are not only losing revenue from your customers, but your also losing respect because you are not operating the type of one stop shop that they deserve. In a nutshell, you don’t have intentional congruence in your business.
Intentional congruence: doing something on purpose or something that is planned that is connected to your primary business and is aligned agreement so that everything works better together.
As a fitness professional you understand that there are 3 main parts to achieving results for a lifetime. If one of these components are missing you will have reduced results if you get any results at all. Here are the 3 main components to health and wellness:
- Fitness. (Gym membership, personal training, group fitness, etc.)
- Nutrition. (Nutritional supplements, meal plans, done for you meal ordering programs)
- Mindset. (Mind body connection, positivity, affirmations, education, etc.)
If you aren’t providing all 3 components to your members and clients, then just know somebody else is, or will be soon. That’s why it is so important that you understand intentional congruence in your fitness business.
Middle class fitness professionals believe if they try to create an additional stream of passive income that they will spread themselves too thin. Fitness business millionaires understand that if it’s the right system that’s marketed in the right way for the right reasons, other people are going to do a majority of the heavy lifting once the program is implemented.
If you focus on PASSIVE sources of income, build a team, and practice intentional congruence, it is impossible to spread yourself too thin. You must be careful however not to let the middle class mindset keep you from trying new things. Passive income, teams, and intentional congruence are the 3 strand cord that isn’t easily broken. They build a strong financial life for your fitness business.
Fitness Business Millionaires Have Multiple Sources of Income, Middle Class Fitness Professionals Only Have One or Two
I hope you enjoyed reading this blog as much as I enjoyed writing it. I get really excited thinking about how over the next 5, 10, 15, 20 years people will read this blog and something will click inside of them like it did for me so many years ago.
If you’re a fitness professional and you realize that there is room for improvement in your fitness business and you want to start to practice intentional congruence by offering supplements, then check out a program we have that will help you do just that at www.GymManagers.com
This program has helped me personally earn around $30,000 in 2 years, which is going to continue to double every year because it is passive and I have a team working with me. Don’t allow a middle class mindset make you miss this opportunity.
In the next blog we will cover our final 2 points, which are going to be very exciting. Fitness business millionaires focus on increasing their net worth, middle class fitness professionals focus on increasing their paychecks. And, fitness business millionaires ask themselves empowering questions, middle class fitness professionals ask themselves dis-empowering questions.
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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