As many states begin to allow gyms to re-open it’s a great opportunity to take note of the lessons we’ve learned during this time.
Many gyms are closing up for good.
Many more have challenges ahead.
Many others are doing great.
One important lesson that has been further emphasized during this time is this:
Running a profitable and stable business is crucial to taking care of our students.
The majority of lives we have changed, were in our facilities.
On our mats.
To do that, requires paying rent, utilities, payroll, legitimate living wage, budgeting for expansion, and much more.
It requires building a savings and emergency funds for life changing events… Such as a global pandemic that closes our facility for two months or more.
I vividly remember one of the first lessons I was taught when opening a business was to have three months of overhead in a savings account just in case something crazy happened.
I doubted the “need” of that for many years.
How could life have been different for gym owners if they were comfortably sitting on three months of overhead in a savings account?
As instructors in this industry, we often get into this to help people.
We rarely look at what we do as a “business.” How many times I’ve heard owners say something along the lines of “I’m not in this to make money, I just want to help people.” If you really want to help people, that financial stability is a massive service to your students.
So as we venture into these next few weeks of Reintegration, what steps are you going to take to build that stability for the future of your community?
Does this speak to you? Reach out. Let’s talk.