Barbell Business

How do you know when your business is big enough? When can you stop raising capital? Can you get out of your building's terrible lease terms?

Mike Melby is a venture capitalist who works exclusively in sports and fitness. He's overseen the inception and growth of a lot of businesses, and on this week's episode, he shares some of the common traps owners fall into.

As a functional fitness entrepreneur, you probably get a ton of unsolicited advice about how to grow your business. "You should get more investors!" "You shouldn't franchise; you'll only get a 5% royalty!" "Now that you have four gyms, you might as well open up a fifth!" And while it's a good idea to listen to all the advice you get, it's not a good idea to take all of it.

This week, Mike talks about how to know when your gym is the right size for you. Sure, getting investors means more money, but it might also mean having to report to someone when you're used to being your own boss. Franchising royalties that sound like small potatoes end can end up being big paychecks. And the difference between opening that fourth gym and opening that fifth gym might not mean 25% more work for your staff — depending on the scalability of your current model, that one location might bring 100% more work (and pain) for everyone involved.

Let's say you know you're ready to start approaching investors. Listen in for great advice on who to ask, how to ask them, and how to deal with the inevitable rejection. Plan to ask 100 or more people for money, and don't take it personally when they reject you. In fact, don't even look at it as rejection. Mike has tips for getting through the pain of our own egos.

You know you want to grow. Listen to this episode for insight on the right way to do it for your brand, your business, and your life.

Want help creating and executing strategies and systems to grow your membership, dial in your analytics and strengthen your gym's community? Learn more about our individualized business coaching program, Barbell ETHOS and get on our waitlist for the next opening.

barbellbusiness.com/barbellethos

If you want to learn how to juggle, you don't start with five balls. You become proficient with two and add from there. The same is true for gym owners. We often see gym owners take on multiple projects and attempt to create multiple revenue streams at the same time. This often leads to a lack of focus, frustration, and sub-par work as projects don't get completed on time and additional revenue streams fail to materialize. The shotgun approach seldom works. Ask yourself this… …in moments of weakness, do you take on a project or a client that is outside your focus zone? In other words, do you say "Yes", when you should be saying "No"? This is a common pitfall for business owners that have not defined their core competency and their unique genius. In this week's episode, we are chatting with Ron Wilson of Hylete. Hylete is one of the top apparel companies in the fitness industry. Ron has built a multi-dimensional business with apparel, fitness accessories, and training apps. His vision is set on doing even more, but what made him successful is the fact he started with a singular focus, what he calls his Focus Zone. For 5-years Ron lived in his focus zone, to create the best performance shorts in the fitness industry. After building trust in the community, revolutionizing the way performance apparel is purchased, and delivering the quality a demanding marketplace required, and only then, did Ron began to expand the variety of his product line. Now, Hylete has one of the most loyal followings of any apparel line in the industry. Gym owners, small business owners, and aspiring entrepreneurs can all learn what the Focus Zone is and how to identify it in this episode of @barbellbusinesspodcast. enjoy the show, Mike

Entrepreneurship is inherently lonely. Not to mention, it can be stressful. Being the only one in charge means you hold all the responsibility, which is why partnerships are often so appealing to experienced entrepreneurs.

When executed correctly, partnerships can help bring a business to the next level. At the same time, they can cause more stress, and lead to failure of a business. Like any relationship, a healthy partnership is build on trust and communication.

This week, we visited Athletics United to chat with Brian Arthur and Jake Sirokman to hear about how they are working together to build a kick ass gym. Jake and Brian, come from different backgrounds but have come together to build something bigger than they could have alone.

In this episode we discuss:

• The importance of having specific roles in a partnership
• Why it is vital to understand and respect the strengths and weaknesses of each partner
• How to make business decisions when multiple people are involved

If you have a business partner or considering partnering with one, sit down and give this one a listen.

Enjoy the show,

Mike

We say it all the time- it is important to communicate to your clients that they are paying for coaching and not just a gym membership.

On that note, it is important to charge a price for your service that matches the value you are providing. More often than not, gym owners are not charging what they are worth, and that is problem. Some say, it feels strange to charge a high price for something they are passionate about and others say they have to compete with the cheaper box down the street, but the truth is, you are setting the standard of your fitness service based on how much you are charging, and chances are, you are not charging what you are truly worth.

In this week's episode, we are talking to Aj Rivera. AJ runs a consulting business called PT Freedom where he teaches trainers and gym owners how to set up systems that provide the most value to clients, while at the same time creating more financial freedom for the trainer or gym owner. AJ also founded, operated, and sold two gyms in Chicago. We also dive into some his experience with setting up gyms to sell.

If you are currently getting members in the door but still financially struggling to make what you deserve, this episode is a must watch.

Enjoy the show,

Mike

There is a big difference between working IN your business vs ON your business. No matter what industry you are in, there is a milestone that every entrepreneur needs to hit in order to take their business to the next level. That milestone is systemization.

In this episode, we catch up with Angelo Sisco, our head business coach at Barbell Ethos, and Jason Dunbar, founder of Iron Fire Athletics & CrossFit Poway, to talk about the process of setting up systems in a gym business. model.

If you are currently in a place with your gym where you are coaching classes, doing admin work, managing finances, and struggling to find time to even think about sales & marketing, you are very much in a survival state. It is common as entrepreneurs to assume that the answer is to just work harder. That is simply just not true. In my experience, and what holds true in all business, is creating an environment where the day to day tasks are outsourced, automated, and systematized. When this is achieved, there is a shift out of the the survival state into a state of clarity where you can focus on growth, and more importantly, create the time to focus on what you enjoy doing.

Enjoy the show,

Mike

As gym owners, we are in the business of showing people the value of coaching and investing in their health. As entrepreneurs, it only makes sense that investing in ourselves is equally as valuable.

In this week's show we interview Marci Lock. Marci is a very successful coach, and you can tell why as soon as you hear her speak in this episode. She works with some of the most successful entrepreneurs in the world, and charges 1 million dollars a year to work with her.

She obviously did not start out that way, and in fact was a waitress at the Olive Garden when she got started with coaching. What elevated her success, was her willingness to invest in herself and make bold decisions even when others encouraged her to take the safe path.

As entrepreneurs we can't afford to take the safe path, and in this episode you will find some insight into how you can start on a path of growth in your entrepreneurial journey.

Enjoy the show,

Mike

If you have been watching our show, you have heard us say it many times- We are in a relationship business. With the amount of gyms in the market, that is more more true than ever before. If you want to succeed in building a strong community, you need to focus on connecting with your clients and building an experience that they value. That experience starts the first time they walk into your gym.

In this week's show, we are podcasting with Jordan Harbinger. Jordan runs The Art of Charm, a podcast focused on helping top performers build advanced social skills. Art of Charm has been around for over 10 years and Jordan has had his fair share of experience diving into the deep psychology of communication and social interaction. Not to mention, Jordan has is a member of a CrossFit gym, and shares his experience of what it was like joining multiple gyms in the LA area, and what each gym felt like from the clients perspective.

In this episode, we discuss,

• Tips & Tactics for developing higher level communication skills
• Why community is the most important aspect of your marketing
• Physical and verbal tactics for making the best first impression
• Why you need to remove negative people from your business and personal life

Enjoy The Show,

Mike

Wouldn't it be awesome if there was a process in life that could help you rapidly advance your progress?

Well there is. It's called mentorship. Just like a coach or a personal trainer, a mentor is someone who can guide you through the process and show you a clear path to your goals. That doesn't mean you don't have to do the work, it just means you have someone who has gone through the same process to help you get there faster, and with more clarity.

We visited Mycal Anders at CrossFit PHX to talk about this topic. Mycal is the founder of PHX and also the host of the Feed Me, Fuel Me podcast. Mycal has built an amazing business, and is very focused on giving back and providing opportunities to those passionate about building a career in the fitness industry.

In this episode we discuss:

• The apprenticeship phase and the value of learning from experience
• How to provide growth opportunities in your community
• How to find passionate individuals to mentor and work in your gym
• Why building a team allows you to be a better entrepreneur

If you are like most gym owners, you started a box because you are passionate about fitness. You wanted to turn your passion into a career, and you started a gym on the side in conjunction with your day job. Now if you are like most gym owners, you also noticed that running a gym and trying to work your day job was a lot harder than you expected. You hit a plateau with how your business was scaling, and you realized that there are just not enough hours in the day to have a day job, and still have your gym grow into what you want it to be. If this was you, or is still you, you need to listen to this episode. This week, we met with Christian Valencia at his office in Orange County, CA. Christian is the CEO of a company called HIIT Bottle. Although Christian is not a gym owner, his story is very similar to yours. Christian came up with the idea for HIIT in 2014 after exploding a generic shaker bottle of whey all over himself. He realized there needed to be something better, and he got to work in creating a higher quality all purpose shaker bottle. What resulted was HIIT Bottle. Since then Christian has been on a journey of shifting HIIT Bottle from a side project to a fully operational business. In his story are lots of insights and tips on how he transitioned into running HIIT Bottle full time. Enjoy the show, Mike

We are excited to share a special kind of show with you this week. We had Justin Ross of Monkey Reel Media come visit us to teach you about marketing with video. Justin creates high quality video content for gyms and in this episode we talk about why video is the most important type of content you need to have in your marketing strategy. This is a special show because instead of just an interview, we shot a live demo where Justin shows you how you can create high quality video testimonials with your iPhone. You do not need expensive equipment nor do you need to hire an outside videographer to make videos. It just takes a little know how. We are excited to have Justin on to show you how to make your content stand out. Since part of this show is a demo, you are going to want to watch this episode instead of listening to the audio version. Head over to the Barbell Business blog, or tune in via our youtube channel to learn how you can stand out in the market, and start shooting high quality videos for your gym. Also, if you are excited about creating video content for your gym, and want to step up your game, Justin has put together a training series to help gym owners learn how they can create high quality video content on their own. We highly suggest you check it out.

monkeyreelmedia.com/training-series

enjoy the show, Mike