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50% Facts

What do you need to know when starting a gym (or any business)?

50% Facts

Jim McDonald

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

4.92.1K Ratings

🗓️ 18 March 2021

⏱️ 58 minutes

🧾️ Download transcript

Summary

This started out as a question asked on Mike’s Instagram: What did we learn in starting a gym? It quickly evolved into a larger discussion of the challenges associated with starting any business. We cover some of our previous experiences (this is not our first rodeo) and how they informed our approach to what we’ve been working on for the last year. It’s fair to say that we’ve learned at least as much about ourselves and each other as we have actual business knowledge. Some of the topics: If you can’t come up with a succinct pitch for your business, should you even start one? How critical is your broader business description or even “brand story” in developing every part of your business structure, product offerings, etc.? What type of people make good partners, collaborators, or employees? Is it actually a bad idea to go into business with friends? How much alike (or different) should you and your business partner be? Subscribe for updates about our new gym (Third Street Barbell) and apparel line at 3sb.co! Local memberships and international fresh fits! Get early access to our next drop! Hosted by Mike Farr (@silentmikke) and Jim McDonald (@thejimmcd). Produced by Jim McDonald Production assistance by Sam McDonald. Theme by Aaron Moore. Branding by Joseph Manzo.    

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Transcript

Click on a timestamp to play from that location

0:00.0

This episode is brought to you by Slack. With Slack, you can bring all your people and

0:05.9

tools together in one place. It's your digital HQ where you can increase productivity,

0:11.1

enable flexibility and automate workflows. Plus, Slack is full of game-changing features

0:16.7

like huddles for quick check-ins or Slack Connect, which helps you connect with partners

0:20.9

inside and outside of your company. Slack, where the future works. Get started at

0:26.9

Slack.com slash DHQ.

0:48.9

I'm just going to start out by shouting out Jordan Herrett, who is a fan in the place where

0:55.3

a big chunk of my family lives in my son and his kids and wife in the Halifax Nova Scotia

1:02.8

area who is a member of the Canadian Navy who is sending us some Canadian Navy-related goodies

1:11.2

here. I just sent me a message. It's probably very cold up there. I'm sorry, friend.

1:15.3

He's a Tinge of Ginge on Instagram, which is a great name. Tinge mean a little bit of

1:23.8

a ginger. Tinge ginger. On the topic today, we just actually got out of a meeting with

1:34.3

our CPA, which was a blast. I love taxes. I can't live without them. Yeah, pretty much.

1:44.6

So fun. Yeah. This stuff is complicated and I am kind of Mr. Do it yourself about everything.

1:52.9

I would like to just have control and do stuff myself all the time. But it's too much.

1:58.8

It's literally too much between personal taxes and my wife has a side business and I've

2:04.0

got a couple of businesses going on here and you've got a couple of businesses going

2:07.6

on over there. I've probably picked up more Do it yourself being around you, but I'm

2:16.2

do as much as I can. But when I don't do something, I like to just not think about it.

2:21.2

Yeah. What do you mean? That's how we're structuring our employees and our business too.

2:26.2

We hate or don't want to do. I want to block it off. Yeah. R CPA is really smart and

2:34.2

really good so far. That's nice because yeah, you ask a question. You give me an answer

...

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