Over the last several years, we’ve been tracking the best microgyms in the world. Their success led us to build the Two-Brain Growth ToolKit. In this series, I’m sharing the six things they all have in common—The Six Habits of Highly Successful Gyms.
I started the series in the previous post, and I’ll wrap it up on Jan. 24 with a free webinar on the topic.
The first two habits of highly successful gyms are Focus and Metrics.
The best gym owners in the world ask themselves this question:
“What can I do better than anyone else in the world?”
Then they do that thing only and sell that thing only.
The average Orangetheory is 2,800 sq. ft., has 751 members and does $1 million+ in revenue.
The chain sells “the best one-hour workout in the country.”
Compare that to New York Sports Clubs (NYSC). NYSC has tens of thousands of square feet, 202 different types of classes and over 1,500 instructors across 101 locations.
But the average revenue per square foot at NYSC is $149 per month. The average revenue per square foot at Orangetheory is $384 per month. In 2017, NYSC lost $300,000+ per club.
Orangetheory doesn’t have to beat NYSC in every category. Instead, it needs to beat NYSC at one thing and focus on delivering that thing.
Successful gym owners don’t fall prey to “shiny object syndrome.” They don’t run 30 different types of classes. Instead, they sell exercise and nutrition coaching. They sell them with a unique prescription for each client. Because you can’t be the best in the world at selling group classes; you can be best in the world at making an effective plan for the client in front of you.
Every popular business book, every consultant and guru, and every podcast guest tells us to “know our numbers.”
But highly successful gym owners don’t know every possible metric of measurement in their gyms. Instead, they focus on the few metrics that matter.
For example, “How many members does your gym have?” is an irrelevant question. The answer doesn’t matter because a gym can have 300 members and not be profitable. As you’ll hear on Two-Brain Radio with Jared Byczko and Peter Brasovan from NapTown Fitness, profit is what counts. A profitable gym with 20 members is a better gym than an unprofitable gym with 200 members.
Off the top of your head, you should be able to answer these questions:
– How much revenue came in this month?
– How much revenue you can expect next month?
– Is your business profitable?
– How much can you afford to pay yourself as the owner?
– What are your expenses?
We teach you how to get these metrics—and then how to take control of them—in our Incubator and Growth programs.
And we built the Two-Brain Dashboard to give you clarity. Gym-management systems like Wodify and Arbox are building their business dashboards to match ours. When you know the metrics that matter in your business, you can make informed decisions. You’ll have less stress and more confidence. You won’t feel tired all the time. You’ll have control.
How do you get focus? Mentorship. My personal mentors have cost over $200,000 in the last three years. Their primary benefit is immeasurable: They give me the focus that I can’t create for myself. An objective eye that allows one to say “this is the thing to do right now” is the most powerful force in the world. That’s why we’re a mentorship practice and don’t just sell online courses.
Want a mentor? Book a call here to get one.