by jimthomas | Oct 12, 2019 | fitness center business, gym broker, gym business, gym consultant, gym equipment, gym sales training
Many people dream of owning their own gym, being the boss, setting the rules, controlling their lives, and earning for themselves. Starting a gym can be difficult. You have to spend a lot of time and money coming up with an idea or service; testing it; developing its production or operation, marketing and selling it; hiring people; finding a location; sourcing equipment and vendors, and attracting new members. Many of these start-up frustrations are bypassed when you buy an existing gym. There is no better time than today to pursue your dream of owning your own gym.
Why should you buy a gym?
1. The gym has immediate cash flow from day one.
You start earning as soon as you sign the purchase contract.
2. Existing membership base is already in place.
Start-up ventures sometimes fail because new members do not come for some time despite the initial investment and the work you put in. Contrast this with an established gym that has a loyal member base. You should keep your members by maintaining the status quo for some time before introducing any changes.
3. The risk of the gym failing is lower.
Buying an established gym with ongoing cash flow, proven systems, a known brand, existing members, and a good reputation is less risky than starting a new gym.
4. People know the gym brand and logo.
You do not need to introduce the product or service because the public is already familiar with the brand or image of the gym. The gym name and logo are integral to the value of the gym.
5. The gym has a reputation in the market place.
A gym with a good reputation and a popular product or service is a good buy. A positive reputation in the market is a product of years of work.
6. Customers know the gym location.
It is to an advantage to buy a gym in operation for some time in the same location.
7. There is less need for training of employees.
The current employees are familiar with the internal workings and systems of the gym. Make sure that the key gym employees who are well trained and knowledgeable in the operations of the gym will remain after the sale. They will guide you through the transition.
8. Marketing, sales and operating systems are already in place and working.
It took trial and error and many months or years to fine-tune the sales and marketing, order of procedures, accounting, payroll, operations and inventory systems that are behind the success of the gym.
9. Financial assistance is available.
An established gym is usually offered better financing terms by banks and by suppliers. Even family or friends may be willing to finance part of your new venture, or the expansion of a gym that has proven itself over time. Existing gym purchases are considered safer investments whereas start-up gyms are deemed risky.
10. Interest rates are low.
Most financial institutions offer low interest rates now that the dollar is weak. Established gyms with good credit are getting good terms.
Achieving financial independence and pursuing your passion are two more reasons why you decide to start a gym. However, buying a gym requires capital, time, hard work and handling some risk. Are you ready to own a gym?
Are you ready to buy a gym? Click here.
An Outsourced CEO, Jim Thomas is the founder and president of Fitness Management USA Inc., a management consulting, turnaround and brokerage firm specializing in the gym and sports industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars, webinars and workshops across the globe on the practical skills required to successfully to overcome obscurity, improve sales, build teamwork and market fitness programs and products. In addition, his company will buy gym equipment from gyms liquidating or closing. Visit his Web site at:www.fmconsulting.net orwww.jimthomasondemand.com.
by jimthomas | Aug 4, 2019 | gym consultant, gym equipment
It’s easy to control the costs you can see, but what about those you can’t? Errors on your freight invoices are draining profits from your company.
Freight carrier billing systems are prone to errors. We excel at finding those errors and turning them into refunds for our clients through our freight bill audit services.
No matter the carrier or transportation mode, we’ll take your transportation invoices, both paid and unpaid, and work our mistake-detecting magic.
FREIGHT BILL PRE-AUDIT SERVICES
Before you submit shipping invoices for payment, we’ll scrutinize them for
· Rating errors
· Duplicate charges
· Incorrect product classifications
· Incorrect weights and accessorial fees
· Incorrect bill-to party
Our freight audits make sure you pay only for the services you actually received, and only the rates you agreed to pay.
FREIGHT BILL POST-AUDIT SERVICES
We can also save you money on freight bills you’ve already paid. Transportation invoices are too complex for most accounts payable staff to evaluate. The thousands of transportation companies each have their own base rates, incentives, discounts, accessorial fees and ancillary service charges. We check freight invoices for conformity to contracts, identify billing errors and file claims to recover these overcharges.
Over 95% of the claims we file get paid. That money boosts your bottom line.
Don’t leave money on the table. Contact us today and we’ll show you how we can boost your bottom line with our FREE Freight Bill Audit. Call/text 214–629–7223 or fmconsulting.net/contact
An Outsourced CEO, Jim Thomas is the founder and president of Fitness Management USA Inc., a management consulting, turnaround and brokerage firm specializing in the gym and sports industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars, webinars and workshops across the globe on the practical skills required to successfully to overcome obscurity, improve sales, build teamwork and market fitness programs and products. In addition, his company will buy gym equipment from gyms liquidating or closing. Visit his Web site at:www.fmconsulting.net orwww.jimthomasondemand.com.
by jimthomas | Jan 24, 2019 | fitness center business, gym broker, gym business, gym business plan, gym consultant, gym equipment, gym marketing, Gym Marketing Promotion, Gym Sales Help, gym sales training, Member Retention, New Gym Start Up
Several years ago, I received a call from a gym owner with several facilities. He called me in despair. He knew that his gym was failing because membership sales had been declining steadily.
The club owner had just received a major wake-up call. In addition to the loss of some long-term key personnel, his business has just lost a major corporate account that made up a significant part of his overall sales.
Fortunately, he had some good cash reserves. From our conversation and initial evaluation of the gym, it was clear the gym could be saved. The cash reserves would give us enough time to fix the business.
I explained the drastic action that we would need to take in order to save his gym business. It was too much, too quick and too much heartache for him. (Significant layoffs of club staff were going to be required.)
He decided not to retain our services. He looked for a miracle and hoped everything would work out in the end.
Unfortunately, he was wrong.
Approximately 4 months later, the gym owner called me again and he was very down as he spoke on the phone. Membership sales had continued to decline (which caused other sales to decline), long term members and key staff had left the club and he was now almost out of cash. He was literally down to his last $1,000 with hundreds of thousands of dollars in debt.
His gym chances for survival were gone. Within a week of his last call, he closed his business. Even worse, his home backed-up the personal guarantee on his business loan.
The saddest part of this story is the gym owner sent me an email a few weeks later. He knew that he could have avoided all of this if he had acted sooner…back when we first spoke. By failing to act quickly, he had lost his gym, his livelihood and his home.
Do not become paralyzed and fall in the trap of hoping for a miracle. You need to take immediate action to get a handle on your existing circumstances and get your business turned around.
Are You a Candidate for a Gym Turnaround?
Conducting a gym turnaround is all about reversing a gym’s decline and restoring stability to the business of the gym. There are some key factors that will help determine if your gym is a good candidate for a successful turnaround. Here are some questions you should ask yourself?
1. Is your gym still a viable business? If you were going to open this club today…what would you need to know to make an informed decision?
2. Is there still enough time left to get this done? Are there any hard deadlines looming that could stop you in your tracks?
3. Is there enough available cash to get this done? If your cash flow is good enough, many times you can use a simple float to get it done, if not, you will need outside funding.
4. Do you have a clear vision on how your gym should operate? Have you done this before? Do you know how this should look?
5. Do you have the proper management team and leadership in place? Are your key people truly committed to the success of the gym?
6. Do you have the confidence and belief of your stakeholders? Of course, your stakeholders will see you as the person who got them into this mess. You will need to win these folks over…again.
7. Do you have a structured and proven approach to get out of this mess? Go with what’s known and proven…no guesswork here.
Key Steps for the Gym Turnaround
The first step is critical. You must recognize the need. Most gym owners wait until it’s too late. If you have a problem…face up to it now! Speaking from my consulting experience, don’t wait to admit the need until the patient is on the operating table. The longer you avoid what’s happening, the worse it will get and the more difficult the turnaround becomes.
You must get an immediate grip on your finances. Only pay what will keep you in business. Everything else can wait.
Next, you must take an objective look at your situation and develop short term and long term priorities. Don’t let emotion rule your decision making. Be willing to make the difficult decision.
You will need to determine what has caused the underperformance. If you don’t know why this happened, you are doomed to repeat the mistake. Be sure and re-establish discipline.
Establish a marketing plan and get the entire management team on board for the planned objectives. Do your research. Now is not the time to be testing new marketing ideas. Go with what’s proven.
You will need supplier and vendor support to ensure your plan can happen. Don’t ignore these folks. Meet with each of them and let them know your situation and your intentions. The key here is good communication.
You need to become an expert at health club management, particularly sales management. Start surrounding yourself with people who are better than you are at what you are asking them to do. Get your system in place. Assume nothing.
Keep everyone involved in the process. Communicate, don’t keep anyone guessing. Communication is the key to most anything, but it’s the foundation when trying to keep everyone on the same page during a gym turnaround.
Manage the process. Let people know what needs to be done and why. Then follow up. Train. Train. Train.
Know your numbers. Don’t let the process of change distract you from the need to manage your gym. Track everything that is done in your gym just like you normally would.
Manage with a cautious optimism. Know the risks moving forward and be prepared to deal with them. There are many elements that can stall your turnaround progress. Make a list of these potential setbacks and then a have plan if this were to happen.
Keep your foot on the accelerator. Don’t let up. Ever. Don’t take success for granted. It’s hard work. Be on the lookout for success apathy.
Benefits of Turning your Gym Around
• You will save your investment and that of your investors.
• You can keep your well-paying job.
• You will get rid of any criticism that you have been receiving.
• You can continue to have the good things in life, such as a big house, vacations and a college fund for your children.
• You will give your gym a fresh start.
• You will increase the cash flow, the profitability and productivity of your gym.
• You will gain valuable experience that will keep you from trouble again.
• You will be able to sleep well at night.
• You will save many of your employee’s jobs.
• You will be a hero to your family, your board, your investors and your employees.
• And most importantly, you will have the personal satisfaction of knowing that you saved your business.
Learning Experience
The difference between winners and losers is that winners take responsibility for their actions and learn from their mistakes. This will be your key to bouncing back and taking the necessary steps forward. High achievement usually only comes after having a failure.
With this done, put the past behind you. Nothing good comes from lingering on the past. You need to look forward and figure out how to save your gym business.
In the end, you and your gym will survive. You will save many jobs and increase your investors’ stake in your business. Most importantly, you will have revived an important business for your community.
The key to getting out of your rut and moving forward is having very specific and defined goals. Your key goal now is to fix your gym. However, you must balance this goal with compassion since your goal will affect many lives negatively.
In addition, you must make time for family and friends and all that’s important to you.
This will give you the strength to go into the gym the next day and continue the honorable work of saving your business.
You must start immediately to give your gym its best chance to survive.
Now, go turn around your gym!
An Outsourced CEO, Jim Thomas is the founder and president of Fitness Management USA Inc., a management consulting, turnaround and brokerage firm specializing in the gym and sports industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars, webinars and workshops across the globe on the practical skills required to successfully to overcome obscurity, improve sales, build teamwork and market fitness programs and products. In addition, his company will buy gym equipment from gyms liquidating or closing. Visit his Web site at:www.fmconsulting.net orwww.jimthomasondemand.com.
by jimthomas | Jan 23, 2019 | fitness center business, gym broker, gym business, gym consultant, gym equipment, gym marketing, Gym Marketing Promotion, Gym Sales Help, Member Retention, New Gym Start Up
Fitness Management & Consulting and 3 Elements Gym Licensing Announce Strategic Partnership to help provide gym licensing programs for new gym start ups at a fraction of the cost.
DALLAS — Jan. 23, 2019 — PRLog — Fitness Management & Consulting and 3 Elements Lifestyle Gym Licensing Announce Strategic Partnership to help provide gym licensing programs for new gym start ups at a fraction of the cost.
With experience providing functional fitness and certification programs for boutique and big box fitness operations, 3 Elements Life Style Gym Licensing offers new gym start up solutions for entrepreneurs across the USA. 3 Elements Lifestyle Gym Licensing delivers a business plan and consulting services for all new licensees. “As a longtime fitness industry professional, I understand the importance of creating a business opportunity that allows the entrepreneur to make money and not have to be at the gym 24/7,” says Dave Gilbertson, President.
The extensive background and experience of 3 Elements Lifestyle Gym Licensing helps to maximize productivity and eliminate all of the guess work of a new gym start up. Their philosophy of treating the licensee like a partner makes 3 Elements Lifestyle an ideal business associate. “Any person or company dealing with Dave Gilbertson and 3 Elements Lifestyle can be confident they are getting the best possible information to make an informed decision on a licensed new gym start up,” says Jim Thomas, President of Fitness Management & Consulting.
Whether you operate a health club, fitness center, gym or other type club, Jim Thomas and Fitness Management & Consulting have a sales, marketing and operations program to fit your need, expand your market base, and keep your staff productive and enthusiastic.
About Dave Gilbertson and 3 Elements Lifestyle Gym Licensing
3 Elements Lifestyle was founded to help fitness entrepreneurs to open a licensed gym without all of high costs normally associated with gym start ups. The 3 Elements Lifestyle program offers men, women and youth the results they are looking for in a high energy, fun environment. 3 Elements Lifestyle is a privately held company based in Thousand Oaks, CA. For more information on 3 Elements Lifestyle, please visit www.3elementslifestyle.com.
About Jim Thomas and Fitness Management & Consulting
Jim Thomas is the founder and president of Fitness Management USA Inc.(http://www.fmconsulting.net/), a management consulting and turnaround firm specializing in the fitness and health club industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars and workshops on the practical skills required to successfully build teamwork and market fitness programs and products. Fitness Management & Consulting is a privately held company based in Dallas, Texas. For more information on Fitness Management & Consulting, please visit www.fmconsulting.net.
Media Contact:
Jim Thomas
Fitness Management & Consulting
jthomas@fmconsulting.net
www.fmconsulting.net
Call/Text 214–629–7223
Dave Gilbertson
3 Elements Lifestyle Gym Licensing
daveg@3elementslifestyle.com
www.3elementslifestyle.com
Call/text 310–422–6289
by jimthomas | Jan 8, 2019 | fitness center business, fitness management webinar, gym broker, gym business, gym business plan, gym closing, gym consultant, gym design, gym equipment, gym marketing, Gym Marketing Promotion, Gym Sales Help, gym sales training, Member Retention, New Gym Start Up
Owning a fitness center or gym can be a great investment and career choice as they can be very profitable in all economies. While a fitness center can be successful and profitable, it does count on sales and other efforts to drive enrollment and overall revenue. I continue to work with many gyms that continually say, “I thought it would be easier than this.” When evaluating their business, it will many times come down to simply a failure to properly understand and implement sales and marketing strategies. When you are looking to improve your sales efforts at your gym, there are a few tips that can be followed that will provide an immediate return.
1. Regardless of circumstance, be sure that everyone gets a presentation. So many gyms owners work so hard and spend so much money to get someone walk in the front door and then many prospects never get a presentation. Prospects will come in wanting to work out with a friend, they just want to take a class, and they have ice cream melting in the car…you name it. If you can master this tip, it will have an immediate impact.
2. Treat everyone like a buyer. This is easy to say but very difficult for many people to follow. Don’t prejudge your prospect. Treat them like they are there to buy, you’ll be amazed at the difference. Us this tip with everything, telephone inquiries, gym prospects, follow up, corporate accounts, marketing efforts, etc.
3. Sit down with every prospect. Many personal trainers will make this mistake, but I see it across the board. Solving problems for customers is what you want to do and the customer does not know what the desired outcome is. Guide them through the process.
4. Use a pre-printed price sheet. Now, it’s my suggestion that you decide on two programs you would like to sell and that’s what you show your prospect. You want to keep this simple for your prospect AND your salesperson. Don’t show your customer a menu of options, you’ll just create objections.
5. Be agreeable. This is another tip that will take some practice for many folks. I hear and see too many salespeople trying to sell from a standpoint of disagreement. Be agreeable, it will draw people to you. Now, this doesn’t mean we lay down or anything. “Mr. Customer, I understand, it seems like everything cost more these days, what do you say, can we get you started.”
6. Ask for the sale. Of course, this is the biggie. If you do nothing else, be sure you do this one. Of everything I teach, this is consistently the most difficult one for everyone — new and even experienced. It will take practice and regular training. The big mistake everyone seems to make when they are covering price…is when the customers offers and “objection” we have a tendency to go back to selling when in reality we need to be asking for sale.
7. Follow up. This is another one that offers a significant opportunity if it’s done properly. I won’t bore you with the statistics, but most leads don’t get properly followed up on. Learn how to do this properly and you’ll always have a full pipeline. The key here is to nurture your prospects and members — in other words, work to help maintain interest and desire.
One of the big problems I continually see is how we choose to view membership and personal training sales. In the end, you’re really not selling a membership or training, but rather, you’re solving problems for people and providing solutions. You gym will need a process that allows you to do this and you’ll have be sure and snag that first sale. Where do you find that first sale? We’ll it’s you. That’s the first sale you’ll need to make before to start talking to customers. YOU must be sold. Can you solve your customer’s problem? Do you have the best gym to sole their problem? Is now the best time to solve their problem? It’s easy to say “yes” on all of this, but it will take work, regular training and accountability.
Now, go improve your sales!
An Outsourced CEO, Jim Thomas is the founder and president of Fitness Management USA Inc., a management consulting, turnaround and brokerage firm specializing in the gym and sports industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars, webinars and workshops across the globe on the practical skills required to successfully to overcome obscurity, improve sales, build teamwork and market fitness programs and products. In addition, his company will buy gym equipment from gyms liquidating or closing. Visit his Web site at:www.fmconsulting.net orwww.jimthomasondemand.com.
by jimthomas | Dec 12, 2018 | fitness center business, gym business, gym business plan, gym consultant, gym equipment, gym marketing, Gym Marketing Promotion, Gym Sales Help, gym sales training, Member Retention, New Gym Start Up
Reposted from www.abcfinancial.com
The topic of fitness member delinquencies is like a tug-of-war. As gym owners and managers, you know that member dues are critical to the revenue stream of the business, but how can you approach the situation to ensure that members pay on time?
These three tips can help you and your team master managing your billing and collections and prevent future delinquencies.
1. Be Personal When Handling a Fitness Member Delinquency
Understand that there is a definite psychology around delinquencies that your team has to master. They should understand the member’s mindset to figure out the real problem and the best possible solution. If you’re wondering where to start, begin by reminding your employees to keep these difficult conversations personal. Once your employees start having this conversation with delinquent members, they’ll start to realize what is really causing the fitness member delinquency. There are many common reasons why people pay dues late. They might be in a tough financial situation and can’t pay the dues in full, they might have thought they had paid but forgot… or maybe it’s their employer or a third party who forgot to make their payment.
Train your employees on the different options members have to make a payment. If they can’t pay it all in one chunk, advise them to set up a different payment strategy where they can pay less, more often. If they thought they had paid already, but forgot, have them use an automated payment processingsystem to automate their payments. If it’s a third party who missed the payment, have your employees give that member any necessary resources they need to discuss with that third party.
Practicing these difficult conversations one-on-one with your employees will help them become more comfortable with guiding the conversation and can help your team master the psychology behind delinquent follow-up.
2. Automate Your Follow-Ups
Waiting to address a fitness member delinquency can be a big mistake. Sending out immediate, automated follow-ups for members who are late with payments is a simple way to remind them to pay. This is often done through automated emails. You could send a single follow-up email or a series of follow-ups if they still haven’t paid in full after a period of time. In the follow-up, don’t just remind them to make their payment, but also outline how easy it is. Tell them they can pay online rather than having to make an extra trip to the front desk or how they can automate their payments in the future.
3. Reach Out for Assistance
If you or your team is not comfortable managing delinquencies, or if you’ve tried different methods that have yet to work, find a partner who is an expert at managing these situations. It takes the time and stress off of your hands and ensures that your members will pay on time. ABC Financial is a partner you can count on to reduce delinquencies and improve your bottom line by using gym management software.
Discover how gym management software can help you reduce fitness member delinquencies by downloading our “Methods to Solving Health Club Member Payment & Retention Challenges” eBook.
An Outsourced CEO, Jim Thomas is the founder and president of Fitness Management USA Inc., a management consulting, turnaround and brokerage firm specializing in the gym and sports industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars, webinars and workshops across the globe on the practical skills required to successfully to overcome obscurity, improve sales, build teamwork and market fitness programs and products. In addition, his company will buy gym equipment from gyms liquidating or closing. Visit his Web site at: www.fmconsulting.net orwww.jimthomasondemand.com.
