Don't Buy That Gym: Horror Stories, Red Flags and Real Tips
37m
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Run a Profitable Gym
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When should you not buy a gym?
In this episode of “Run a Profitable Gym,” host Mike Warkentin dives into this question with Nick Habich, Two-Brain mentor and owner of Shark Bite Fitness and Nutrition in Cape Coral, Florida.
Nick has bought a couple of gyms and passed on several others, and he’s acquired a few horror stories along the way.
Some of the red flags he’s learned to look out for include high expenses—such as a ridiculously costly lease—and mismatches between financial data in the gym’s billing software and its profit and loss statement (P&L).
A lot of gym owners look to acquire businesses because they want to make more money, but they can often find opportunities to generate more revenue within their existing businesses. That’s not to say you should never buy another gym, just that the best plan is to optimize your existing business first.
Nick’s biggest tip? If your gym can’t run without you, don’t even think about buying another one. Start by improving your current gym with mentorship and then pursue other endeavors from a position of strength.
Links
Gym Owners United
Book a Call
0:51 - The buying-and-selling experience
6:52 - Buy a gym that’s unprofitable?
12:57 - Verify the numbers
18:46 - Rates that are too low
27:01 - Temptations and business decisions
The episode Don't Buy That Gym: Horror Stories, Red Flags and Real Tips from the podcast Run a Profitable Gym has a duration of
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More episodes from Run a Profitable Gym
Don't Buy That Gym: Horror Stories, Red Flags and Real Tips
When should you not buy a gym?
In this episode of “Run a Profitable Gym,” host Mike Warkentin dives into this question with Nick Habich, Two-Brain mentor and owner of Shark Bite Fitness and Nutrition in Cape Coral, Florida.
Nick has bought a couple of gyms and passed on several others, and he’s acquired a few horror stories along the way.
Some of the red flags he’s learned to look out for include high expenses—such as a ridiculously costly lease—and mismatches between financial data in the gym’s billing software and its profit and loss statement (P&L).
A lot of gym owners look to acquire businesses because they want to make more money, but they can often find opportunities to generate more revenue within their existing businesses. That’s not to say you should never buy another gym, just that the best plan is to optimize your existing business first.
Nick’s biggest tip? If your gym can’t run without you, don’t even think about buying another one. Start by improving your current gym with mentorship and then pursue other endeavors from a position of strength.
Links
Gym Owners United
Book a Call
0:51 - The buying-and-selling experience
6:52 - Buy a gym that’s unprofitable?
12:57 - Verify the numbers
18:46 - Rates that are too low
27:01 - Temptations and business decisions
The Big Exit: Selling Your Gym the Right Way
When a gym owner sells or closes a business, it’s often because they’re burned out, broke or forced to sell for some reason.
But what does a “good exit” from gym ownership look like?
In this episode of “Run a Profitable Gym,” Two-Brain founder Chris Cooper talks with two former gym owners who had successful exits—Taryn Dubreuil and John Franklin.
Both entrepreneurs explain why they opened gyms in the first place and detail how successful their gyms were at peak.
Then they share what helped them make the decision to exit and exactly how they sold.
Two things they had in common: knowing what their gyms were worth and having a clear next step.
Links
Gym Owners United
Book a Call
3:28 - Why did Taryn open a gym?
9:05 - Selling your gym
20:02 - Was it all worth it?
22:33 - Why did John open a gym?
29:14 - What should I sell?
From Facebook to 8 Figures: Mike Doehla's Marketing Approach
Using mostly unconventional marketing methods, Mike Doehla built a nutrition company that sold to Anytime Fitness for eight figures.
In today’s episode of “Run a Profitable Gym,” host John Franklin chats with Mike, former owner of Stronger U Nutrition.
Prior to its sale, Stronger U had over 50,000 lifetime members, and about half of those members were in its Facebook group, where Mike focused on sharing knowledge and building community.
Outside the group, Mike’s marketing tactics ranged from sticking business cards inside nutrition books to sitting in coffee shops with a giant laptop sticker that read “Hi, I'm Mike. Ask me nutrition questions.”
If you’d like to ask Mike nutrition questions—or business questions—you can reach him on Instagram: @mikedoehla
Links
Gym Owners United
Book a Call
3:30 - Creating community
9:00 - First 100 clients
23:04 - Getting traction with groups
35:12 - Generating buzz for small gyms
48:59 - Removing unnecessary boundaries
Get More Gym Members Without Paid Ads
Conversations equal conversions.
If you’re a gym owner who’s tried running social media ads, blogging and posting reels without seeing a bump in your member count, it’s time to start initiating more conversations with potential clients.
“But how do I do that?”
In this episode, Two-Brain chief marketing officer John Franklin shares proven strategies for having more conversations and getting new members in the door with zero ad spend.
His tips involve reaching out to leads on platform, looking for referral opportunities in local social-media groups, creating your own fitness-focused community group, hosting events like bring-a-friend day and—as uncomfortable as it may sound—going out into the real world.
You’ll walk away from this episode equipped with tried-and-true tactics you can use to accomplish a goal: Talk to five new people about your gym every day.
Links
Sell-by-chat cheat sheet
Kieran O’Dwyer on creating free guides
Gym Owners United
1:34 - Getting clients today
3:28 - 6 ways to have more conversations
16:04 - How to find inspiration
20:06 - The real world
Exactly How to Boost Revenue With a 55+ Program
Specialty programs can significantly boost a gym’s revenue—if they’re set up properly.
The key? Don’t run every specialty program under the sun. Determine which option might serve your current clients and local market better, then test it with several six-week blocks before putting a full, ongoing program on the official menu.
Today’s guest on “Run a Profitable Gym,” Brian Foley, is an expert when it comes to running successful programs for older adults—often called “masters” or “legends” classes. His gym, Activate, in Kerry, Ireland, generates about 10 percent of its gross revenue with its 55-plus program.
The program is at capacity, its length-of-engagement stats beat the numbers from Brian’s other programs, and its average revenue per member numbers equal those of his core programs. So it's a clear winner.
Early retirees have time and money to invest in their health, but it isn’t all about the cash for a gym owner. Brian and host Mike Warkentin agree that this is the most rewarding demographic to coach in a gym. Masters clients are generally vibrant, energetic and open to coaching—and they get great results that improve their quality of life and longevity.
Listen to hear some of Brian’s top tips for starting a 55-plus program in your gym—and if you want the full, step-by-step plan, he’ll share it at the Two-Brain Summit on June 8 and 9 in Chicago.
There are only a handful of tickets left, so act fast and get them via the link below.
Links
Two-Brain Summit
Gym Owners United
Book a Call
2:44 - How Brian got clients
9:33 - How did Brian identify his market?
15:03 - Raising rates and keeping clients
21:00 - Program must-haves
25:07 - Tailored personal training