The most complicated part of owning a gym in 2023?
50% Facts with Silent Mike & Jim McD
Jim McDonald
4.9 • 2.1K Ratings
🗓️ 11 August 2023
⏱️ 15 minutes
🧾️ Download transcript
Summary
Owning any business is complicated. Which complications are specific to gyms? Our own Avi Lieu join us for this one. You can find her on IG @avi.lieu.
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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)
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Transcript
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| 0:00.0 | This episode is brought to you by Shopify. |
| 0:03.0 | That's what I hear when I make another sale on Shopify. |
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| 0:12.0 | Shopify is revolutionising millions of businesses worldwide. |
| 0:17.0 | So sign up for a £1 per month trial period at Shopify.co.uk |
| 0:23.0 | Ask podcast 23 all lowercase and take your business to the next level today. |
| 0:30.0 | Ladies and gentlemen, welcome back to one good question on Friday episode where we answer questions from y'all on Discord. |
| 0:45.0 | If you want to get involved, good company discord.com. There's a tab on the left that says one good question. |
| 0:50.0 | If there's anything and you will be featured on the show today, the question is to kind of business related. |
| 0:57.0 | But Abby's been here long enough to dig in. What is the most complicated part about owning and running a gym? |
| 1:08.0 | I get this question so much. I've been doing Instagram lives and I get so many questions about how hard it is and how unprofitable it is. |
| 1:15.0 | But I think the truth is you hear that from people that own gyms. |
| 1:19.0 | And if you were a florist and you hung out with floral people, they would be saying the exact same thing. |
| 1:25.0 | Running any business is hard. There's a lot of steps. |
| 1:28.0 | A margins are different in fitness for sure. |
| 1:33.0 | Maybe better. |
| 1:35.0 | It's recurring. It's not a product you got to restock. |
| 1:41.0 | If you're running a supplement store, you got to buy a hundred protein, take a risk that you're going to sell a hundred protein. |
| 1:46.0 | At a gym and you still have rent and overhead and whatever. |
| 1:50.0 | Here, you just need people to show up. |
| 1:52.0 | I think the most complicated thing for me is we're talking about this before we start rolling is projections. |
| 1:59.0 | Projections are, I mean, I fucking have an MBA. I should be able to make financial projections. |
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