260. Owning a Gym vs. a 10X More Profitable Alternative
The Fitness Business Podcast with Erin Dimond and Jordan Dugger
Erin Dimond and Jordan Dugger
4.9 • 670 Ratings
🗓️ 2 September 2021
⏱️ 17 minutes
🧾️ Download transcript
Summary
As someone who opened and closed a gym along with being in the online space since 2013, I think this is one of the topics I (Erin) am most suited to discuss. A gym had it's perks at times but to truly be profitable in this space, online is where it's currently at and where it's heading. The online space isn't as saturated as you think if you do it right.
Time Stamps:
(1:00) Why People Open Gyms
(2:08) Why the Gym Model is Broken
(6:30) Free 5K Course
(11:13) Online Expenses
(12:38) Profit Margins
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | All right, what is up FitBiz Podcast? I am really excited to talk to you today all about the difference between owning a gym and online training from somebody who has done both. |
| 0:11.1 | So I owned and operated a gym for five years. |
| 0:15.0 | And so often I talk to people who want to make fitness their career and they say, you know, I want to open a gym. |
| 0:22.3 | My immediate response is why. And in this podcast, I'm going to kind of break down the difference |
| 0:28.3 | and expenses, revenue, where your revenue is capped and just kind of how the gym model as we |
| 0:35.1 | know it is fundamentally broken, right? And I'm not saying |
| 0:39.9 | you can't open a gym and be profitable, but you're not going to do it in probably the way that |
| 0:43.6 | you've seen others do it. Well, here's the thing. The way that you're seeing others do it, |
| 0:48.0 | they're not actually making a profit. And I can say that from someone who owned the gym for |
| 0:51.5 | five years and never made a single profit. So why do people |
| 0:55.4 | do this in the first place? I think a big reason. I know a reason that I did it was I didn't |
| 1:00.6 | think online training was a real job. I didn't think you could actually make money doing it. |
| 1:05.0 | And if you need some evidence around that, you can go back through pretty much every single |
| 1:09.9 | podcast episode. You can go to through pretty much every single podcast episode. |
| 1:11.5 | You can go to our Impact Fitness Coaching Academy, Instagram, or our FitBIS Secrets, |
| 1:16.5 | Facebook page and just see tons of evidence that really that's not true. |
| 1:21.4 | But for me, it was, it was kind of an ego thing. |
| 1:24.0 | I remember to have having to leave my full-time job, you know, my job where I had my |
| 1:29.2 | degree, it was safe, it was secure for a medical software company. And I told them when I was leaving |
| 1:34.8 | the job, hey guys, I'm leaving to open a gym. Although I had an online coaching business at the time |
| 1:40.4 | that was way more successful, even at that time than the gym ever was. I didn't feel |
| 1:45.9 | like I could say to them, to my peers, to my family, hey, I'm going to go make money online because |
... |
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