So, how’s business?
Unless you answered, “Perfect,” this post is for you. (If you DID answer “Perfect!” skip ahead to the Gym Checkup just to make sure.)
Most gym owners have a ton of ideas to improve their business. Some of them have EXCELLENT ideas. But most simply don’t have time to execute; or they’re too busy scrambling for cash flow; or they need someone to say, “Do this by Tuesday.”
To help you best, we’ve broken your gym down into seven measurable Areas of Excellence. They are:
Metrics That Matter
ARM (Average Revenue per Member), LEG (Length of Engagement), Profit Ratio, Fixed Costs and Net Income. These are the important ones. Stop working for free, and stop trading coaches for membership. You can keep clients for over 10 years…but you have to track.
How close are you to your “Perfect Day”? How much time are you working? What’s the value of your time? Are you building assets or have you bought yourself a job?
Coach Education and Opportunity
Research shows the best way to keep staff is to provide them with ongoing education and the ability to feel entrepreneurial (without the risk.) A salary is best for some staff…and worst for others. Are you putting people in their best positions? We built UpCoach to train staff, and teach Intrapreneurialism to keep staff long-term.
Measuring culture is subjective (we know it when we see it.) Is it really the best hour of the client’s day? Is your community really as strong as you think? When all else fails, we can send a mentor to your gym as a “secret shopper.”
Net Promoter Score, client surveys and coaching feedback forms are good tools. Knowing how to use that data to improve the experience requires a high level of emotional intelligence (EQ.) One example is our super-popular Intramural Open.
How robust is your business? What percentage of your gross revenue comes from group training? What would happen if your coaches quit today? What if 30 new people joined this week–could it break you? Resilience scores tell you how likely you are to survive disaster.
How will you retire? How will you stop working 60 hours every week? How will your kids go to college? For me, these were the biggest questions of all. We aim to build cash-flow assets for the long term. If you can set these in place today, you can retire tomorrow (literally.)
Identifying your strengths is important. Identifying your weakest links is even MORE important. I wrote about this in Two-Brian Business 2.0, but here’s a tool that can help right away:
How do you stack up? Take our FREE Gym Checkup HERE.