From Coach To Business

We dive into the question of when you should take the leap from working for others to starting your own business.  We also outline the rest of the season and share our origin stories.

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] Todd and Brandon’s experiences owning brick and mortar CrossFit gyms as well as online coaching - and our frustration with the random tactical advice as well as the head in the clouds “inspirational” content. Structure of the season: Nuts and bolts, Sales and marketing, Operations - and when should

[09:57] When should I “take the plunge” and start my own business? What are Todd and Brandon’s stories about starting their own fitness business journey?

[26:26] Shady leases, shady landlords and crazy, chaotic environments and sacrificing your own health and wellness for the success of your business

[32:43] How should someone decide when to “take the plunge”? Should you just “go for it?” What is the opportunity cost of starting your business? What is the opportunity cost of not starting business?

[40:07] Do you know what your burn rate is? Do you know what your runway is? “Burn the boats” isn’t necessarily great advice. And - do you actually like running a fitness business?

Finding your market isn't about having a complicated business plan or doing a bunch of demographic research - it's about understanding who is paying for your services and where they came from. Then, once you understand that, you can try to find more people like that and tailor your services so that you are helping your clients solve actual, burning problems.

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] What are you going to sell? And who are you going to sell to? How do you actually get your first clients?  

[08:35] What should coaches be thinking about in order to start their business? How do you actually solve a real problem for people? Are you noticing any patterns that are showing up in the people who you are working with?
 

[19:28] Do people need a business plan? Why would you actually create a business plan? Should you affiliate with an organization like CrossFit - or open a franchise? 

[28:34] How do you create your offer? What do you charge people? How do you deal with the negative emotions surrounding money relative to what you charge for your services? 

[38:07] How high touch is your service? Do you want to have a lot of clients paying a lower rate? Do you want to have fewer clients paying a higher rate? 

It's time to lawyer up. We have Todd's business partner Kevin Slaughter on this episode. Kevin is a partner and Levenfeld Perkins in Chicago, and he gives us answers to many of the common questions about employees vs contractors, if it's ok to offer nutrition coaching, and whether or not waivers actually do anything. We also lay out many of the things that business owners need to think about when getting started. Even though you may think that you will always be best friends with your partners, that you will never need to raise money, and that you will always want to own a fitness business, things change. And, if you don't have a solid corporate structure in place with a clear operating agreement, you can find yourself in a nightmare scenario.

Check out more from Kevin, Levenfeld Perkins and South Loop Strength & Conditioning here: www.lplegal.com | www.southloopsc.com | @southloopsc

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] What kind of corporate entity should you create? A sole proprietorship? An LLC? An S corp?  

[06:44] Brandon’s story of selling his CrossFit gym and Todd and Kevin’s story of buying out a partner. Why does an operating agreement matter? 

[13:12] What about using LegalZoom or downloading an operating agreement off of the internet? Also, don’t just let your friend who is a real estate lawyer draft your operating agreement. 

[16:12] How should a business think about taking on funding? How is equity split amongst people who are contributing to the business? Even if you don’t think you will ever need to raise money and you plan on bootstrapping, you will probably still have times when you will take on debt to cover cash flow issues. 

[24:14] Do you need insurance? Do you need waivers? Do you need membership agreements? 

[37:19] Can you provide nutrition coaching? 

[40:06] Are coaches employees or contractors? 

[44:25] Should I trademark my gym name or my logo? 

[49:03] How should partners be paid? What if one partner is working full time on the business and another is not? 

Accounting can be opaque and confusing: Are coaches employees or contractors? Should you form an LLC or another type of corporation? What if you have partners? And what the heck is a "pass-through" entity anyway? It's ok if you don't know the answers to these questions, but - if you just push them off and say you'll "figure it out" later - you can put yourself in a pretty bad position. We talk with Joe Morad from Miller Cooper to understand what the key things are that a fitness business owner needs to set up from the start so that they have a solid system surrounding the finances for their business.

Check out more from Joe and Miller Cooper here: www.millercooper.com

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] The bad way to track finances in a CrossFit gym: on a public whiteboard. Get started anyhow - but be aware that you will probably have to change what you’re doing. 

[06:52] Why you should create a business bank account so you can separate your business and personal finances. And why you should plan as if you are going to raise or borrow money at some point. 

[14:52] How to set up an accounting system. Does it need to Quickbooks? 

[21:58] Do you need an accountant? Or can you handle your books on your own? 

[27:50] What actually counts as a deductible business expense? 

[32:22] Are coaches employees or contractors? 

[42:00] What’s the difference between a taxable entity vs a legal entity? When do taxes pass through? When does the corporate entity pay its own taxes? 

[46:44] How does sales tax work? 

[52:01] How should you pay yourself as a business owner? 

[01:01:25] What should you look for if you’re trying to hire an accountant? 

Marketing is the juicy stuff, right? Most fitness business owners need to "get people in the door," and having a solid marketing strategy is a surefire way to do so. But, it's not just about Facebook advertising or having sick professional photos on your Instagram. How should you think about what marketing strategies to pursue? And, how do you align your marketing strategy with the product you're delivering in your business?

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] Marketing isn’t about tricking people. Nor is it about a bunch of random tactics. It’s about having a strategy to communicate to potential clients 

[06:58] Why different strategies are appropriate for businesses at different scales - and why the things that you some businesses doing may not be appropriate for yours. 

[15:32] It can be tough to tell what’s working when you don’t know what it feels like when something works. It’s important to track your numbers so you can lean into things that are starting to get traction. 

[24:40] What is a lead funnel? Where are your customers coming to you in their journey to solve their problems? 

[41:21] Recognize that what you see other businesses doing may not be applicable to you - there’s a good chance that they’re playing a different game than you or that they’re also just trying random tactics and are successful in spite of themselves 

People can get caught up in marketing tools and can bounce between them without having a plan - but that doesn’t mean that you shouldn’t be aware of all of the different options out there. We give a framework for thinking about how to prioritize things like networking, strategic partnerships, social media, email marketing, and advertising. And, we explain why different business models and different niches may have success with certain strategies that are not appropriate for your market.

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] People can get caught up in marketing tools and can bounce between them without having a plan - but that doesn’t mean that you shouldn’t be aware of all of the different options out there. 

[06:59]  “Just doing a good job” and praying for referrals is not good enough. Is there a way to systemize asking for referrals during the client onboarding process? Is there value in partnering with other local businesses? 

[19:30] What about networking at groups like BNI, etc? 

[22:55] Should you be focusing on content creation like blog posts? Does this actually make sense for your target market? Are you actually good at this? Are people from your market actually searching for content?

[32:25] How important is social media? Folks who are “influencers” on social are often not playing the game that you think that they’re playing. It’s actually really difficult to transfer people from a social platform onto a website or into an in-person session, so make sure you understand what you’re actually trying to do on social. 

[41:10] Does anyone actually check their email or is email marketing dead? Basic nurture sequences, newsletters, upcoming events, etc. 

[45:55] What about advertising? Social media advertising vs Google ads vs print advertising, etc. And, the differences between direct marketing and branding. 

[52:23] Start with a simple website - you should always have something that you own that isn’t dependent upon someone else’s algorithm, etc. Focus on one channel at once. Recognize that the success that other people have may come from them playing a different game than you realize. 

Copywriting is one of the highest leverage skills that any business owner can have, as it helps you communicate with potential clients in language that they understand and that speaks to problems that they're actually trying to solve. Writing doesn't need to be like your expository essay assignments in high school. Nor should it be in the weeds with all of the features and bells and whistles that you love about your program. Instead, it's about deeply understanding what your clients want from your services - and what fears and hesitations they have that will make them stay home rather than coming to check you out.

We brought on Will Hoekenga to discuss the details of copywriting. Will has worked with many big names in the online business space (you can hear him regularly on the Growth Tools podcast here), and has also created a bunch of really valuable content over the years on his blog.

Check out more from Will at his website and blog: www.copygrad.com

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] Why should a fitness business owner care about copywriting? And how should a coach think about developing the skill of copywriting? People often don’t want what you think they want, so how do you zero in on what clients’ pain points are? 

[10:17] The process of getting client feedback - and understanding how they think about their pain points and their struggles to solve their problems. 

[19:47] Understand the benefit of solving the problem to the client - what people actually care about may not be what you think they care about. How do you read between the lines of what people say and understand what their actual desires are? 

[27:32] How do you actually use the data and the information that you’ve collected from your clients? How do you translate this into positioning your business? And how does that help with building trust in an industry like fitness where people are often more skeptical and hesitant to trust? 

[34:12] How do you actually create a landing page - and where is your customer coming from to get to the landing page? How should you approach copywriting in order to get someone to book a consultation? 

[43:03] How can copywriting be done in an ethical way? Are we tricking people?  

[46:48] Long copy vs short copy, features vs benefits, Copywriting frameworks like Attract, Interest, Desire, Action and Problem, Agitate, Solve 

[54:54] Writing can be intimidating - how do you write in a way that is conversational and “sounds like you”? 

[01:02:54] How to read Will’s stuff 

Sales can be an uncomfortable process, and Todd and Brandon both have many shameful and awkward experiences with attempting to sell their coaching services. However, if you think of sales as a conversation where your goal is to deeply understand your client's problems and guide them to the services that will help them solve those problems, sales can move from an "icky" feeling to an opportunity to connect and truly help someone.

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[00:39] Lots of people have some discomfort with sales. If you align your marketing material, your pre-qualification process, and your sales conversation, you should be able to create “win win” situations rather than adversarial selling scenarios. 

[12:41] The goal of the sales process is to understand what problem a client is trying to solve. The goal is not to “brag” about the gym. 

[22:34] You should be able to recommend a variety of services to a client and help them find the best option for their needs - not just “upselling” them 

[25:00] The process of initial consultations at South Loop Strength & Conditioning 

[29:52] How to close the sale and pre-emptively “handle objections" 

[35:11] The importance of tracking your process. And, how consultations in the online coaching space add value and build trust. 

Just like anything else worth learning, mastering sales takes a lot of reps. Lachlan Rowston from The Mind Muscle Project and Creature Fitness has been in the trenches selling gym memberships for awhile, and he's had many different sales mentors throughout that process. We get the breakdown from Lachlan on how his sales process has evolved over the years, and what the most important things are for coaches to focus on when selling.

Check out more from Lachlan here: The Mind Muscle Project | Creature Fitness | @lachyrowston

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[2:45] The evolution of the sales process at Creature Fitness 

[9:50] The difference maker of talking to people in real life   

[16:20] Common mistakes coaches make when converting prospects to customers 

[22:45] The 3 things that drive growth for any gym business. 

[27:15] Aren’t money-back guarantees scary? 

[36:50] The sales funnel when you’re getting started. 

[44:00] Sales process tweaks for online coaching. 

[46:00] Common sales advice that is terrible and should be avoided 

[51:50] Never over celebrate a win or be too hard on yourself with a loss. 

[52:30] Benchmarks for your sales conversion rate. 

It doesn't matter how much you're getting done if you're not getting the right things done. While everyone loves to-do list apps and neat little time-saving hacks, the hard work is figuring out what to actually work. In this episode, we break down how to think about your priorities and how to make sure that you're constantly moving the most important work forward.

If you're enjoying the show and want a breakdown of many of the strategies, tips and tactics we recommend - as well as some of the recommendations from our expert guests - head over to www.fromcoachtobusiness.com to download our cheat sheet on starting and growing your fitness business.

[0:45] Why priorities are more important than productivity. 

[5:10] A framework to think about prioritization in your business.  

[9:00] Lead measures and lag measures. 

[14:10] Do you feel like you’re always busy, but not accomplishing much? 

[15:50] Limiting factor analysis. 

[21:40] How we identify the limiting factors in our business. 

[34:00] Zooming in and zooming out with your priorities. 

[38:00] Todd shares how he uses the OKRs (Objectives and Key Results) framework at his gym to get the right things done.