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50% Facts with Silent Mike & Jim McD

The lowdown on what we spent to open our gym? | One Good Question

50% Facts with Silent Mike & Jim McD

Jim McDonald

Fitness, Entrepreneurship, Tv & Film, Business, Health & Fitness, Film Reviews

4.92.1K Ratings

🗓️ 17 May 2024

⏱️ 14 minutes

🧾️ Download transcript

Summary

This week’s question comes from Mike’s Instagram: “

Would you ever be able to talk about overhead and planning from when you opened 3SB (our gym, Third Street Barbell)?”

So yeah, we can…and we do! The financial part is definitely not the hardest part, but it’s important for sure.

Sebastian Brambila (@sebastian_brambila) ran the board and chimed in on this one.

Do you have a question for one of our Friday “One Good Question” episodes? Share it with us on social media using the hashtag #onegoodquestion.

Join our Discord for free at goodcompanydiscord.com!

Check out our gym (Third Street Barbell) at ThirdStreetBarbell.com https://www.thirdstreetbarbell.com/ and subscribe for updates about our apparel line at goodcompanyapparel.com https://3sb.co/! Local memberships and international fresh fits! Get early access to our NEXT DROP!

Check out our podcast website: 50percentfacts.com https://www.50percentfacts.com/

50% Facts is a Spreaker Prime podcast on OCN – the Obscure Celebrity Network.

Hosted by Mike Farr (@silentmikke) https://www.instagram.com/silentmikke/ and Jim McDonald (@thejimmcd). https://www.instagram.com/thejimmcd/ Produced by Jim McDonald Production assistance by Sam McDonald and Sebastian Brambila. Theme by Aaron Moore. Branding by Joseph Manzo (@jmanzo523).

Become a supporter of this podcast: https://www.spreaker.com/podcast/50-facts-with-silent-mike-jim-mcd--5538735/support.

Transcript

Click on a timestamp to play from that location

0:00.0

Ladies and gentlemen welcome to Friday's episode of 50% facts one good question where we take

0:15.2

questions from y'all we answer them in five to ten minutes best we can today we're

0:20.2

opening up the P&Ls.

0:27.0

Says, would you be able to, oh shit, I just clicked it wrong. No.

0:28.0

Would you ever be able to talk about overhead and planning for when you open 3SB-B and I think we can talk a little bit about

0:35.6

money opening gyms or businesses. There's a million factors when you look

0:40.6

into opening a business obviously location plays a very big role.

0:44.8

If you're talking about startup costs, we can go over that, which is different than your

0:48.8

overhead. Overhead is typically what you consider to keep the business running and moving, something like rent,

0:55.4

lights, employees, etc, etc.

0:57.8

Start up costs is typically the big old chunk of some money and work to get it going and moving and how you like to go.

1:06.6

So for a gym that's equipment, lease, startups, plates, front desk, security cameras, music, etc.

1:14.6

You know, when you're, we're in the dead middle of the capital of California.

1:19.7

California is, I think, the most expensive state now from some of the data I've been looking at.

1:25.0

It depends on who you are.

1:27.0

And what metrics obviously, but I think top the bottom I think it's beating New York, but either way we're one of the top three most expensive states in America, which means

1:34.8

we're probably top five or ten most expensive states in the world.

1:40.5

And so obviously that raises rent. We're in a warehouse style building where you're going to look anywhere in California at least again it depends on where you live but a dollar to two dollars per square foot is what you're looking to pay monthly.

1:55.0

You know, if you're in Arkansas and some 10,000 person town,

1:59.3

you could probably cut that by 90% for all I know or even Vegas is a little cheaper

2:05.5

different parts of Sacramento if you go to the suburbs a little cheaper.

2:08.4

Conditioned versus unconditioned? Yeah there's a million things does it have a

...

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