Business is a Game, and Getting Rich is a Team Sport
September 19, 2011
Business is a Game, and Getting Rich is a Team Sport
Jeff Sherman here with Boot Camp Underground
Hey, hope you’re doing great. Jeff Sherman here with Boot Camp Underground. Today I am going to tell you about how business is a game, and getting rich is a team sport.
Business is a game, no numbers equals, no business. So if you are not keeping score it is highly unlikely that you will find a way to win or succeed. Did you know that 50% of small businesses fail the first year and 95% fail within the first five years? The numbers are actually worse than that for small businesses that start up with just the owner and no employees.
Most people start their business without a plan. They just have an idea, run with it and hope something good happens. They have the “build it and they will come” mentality.
That’s exactly what I did a little over 10 years ago. I struggled and worked ten times harder then I needed to just to break even. It wasn’t until I started keeping score that my business actually started making money.
When I say you need to keep score, what I am talking about is all the numbers in your business. You need to know every penny that is coming in and every penny that is going out.
How much money you are spending on each marketing campaign and how much each one is actually making you. Like Joe Polish said “All Marketing Should Be Free, if not, Then Your Marketing Sucks!” What he means by that is if you don’t track where all of your leads are coming from, how do you know if you are wasting your money or not?
You need to know how many new leads are coming in, how many 1 week trials you are getting, how many people you are converting to new members and how many old members are canceling their memberships.
You would be surprised how many trainers and boot camp owners don’t even know how many new members they got this month and how many old members canceled.
Without knowing theses numbers it is impossible to know where the weaknesses in your business are and what systems you need to put in place to fix them.
For example, if you are getting a lot of cancelations then you know you need to work on your retention systems. If you are not getting very many new leads or one week trials then you know you need to work on your marketing and lead generation systems.
I created a simple flow chart that you can download for free (no opt in required) that will show you exactly where the weakness in your business is so you know what you need to do to fix it.
Have you heard the quote “whatever can be measured can be improved?” It’s like telling your clients to fill out a food journal. Without knowing exactly what they are eating it is almost impossible to help them come up with a plan to get them the results they want.
So the bottom line is “Business is a game. No numbers, No Business!”
That one simple lesson took me about 5 years to learn really well and after that my business started to really take off. If you only learn this one little thing, it will jump start your business by at least 5 years.
The other lesson I want to share with you is how getting rich is a team sport. You see, I used to be the kind of person that likes to figure everything out on their own. I never asked for helped and I never trusted anyone to do it for me.
And I can tell you from experience, that is not a good thing. It cost me a lot of time and my business could be much further along if I would have learned this lesson a long time ago.
Now, the more I surround myself with positive and successful people, hire the right staff to get things done and outsource all the things I suck at, the more money my business makes.
A good quote that I truly believe is that, “Your success will be in direct proportion to, the thoughts that occupy your mind and the people you surround yourself with.” I believe that the people you surround yourself with will control a lot of those thoughts that occupy your mind and that will help determine the amount of success you achieve.
The first thing you need to do is find a coach or a mentor. I waited almost 10 years before deciding to do this. I can tell you that hiring a coach/mentor was by far the best business decision I have ever made!
My business tripled in less than a year and my workload was pretty much cut in half. If you don’t have a coach or a mentor, and you want to take your fitness business to the next level, then that should be the very first thing you do when you are done reading this blog post.
The second thing I did was join a mastermind. I wanted to increase my network of like minded friends that I could bounce ideas off of and get great feedback from. I don’t know about you, but where I’m from, there are not very many trainers with the same mindset or that are as motivated as I am to grow my fitness business.
It is definitely an investment for both. But I can tell you that by doing these two things and then taking action I have already received at least thirty times my investment. Plus the relationships you build are priceless.
The next thing you need to do is replace yourself with the day to day $10/hr tasks that are eating up all your time. You can’t get rich doing $10 an hour tasks all day long. Hire a good assistant. A good assistant can make or break your business.
Make sure you systemize everything you need your assistant to do so it is easy to train them and get things done right. If you skip this step you will have to micro manage them and it will still eat up your time and cost you more money. So get your systems in place.
Next is finding a good trainer that you can trust to take over the trainer aspect of your business. Don’t worry; you can still train when you want to and not because you have to.
You have to market for trainers the same way you market for clients. I let all my trainers know that it is an open competition and they need to continue to get better or risk being replaced.
At this point there should be three things as a business owner you should be focusing on. The first is generating new leads, second is making sales, and third is educating yourself on how to generate more leads and make more sales.
I have finally learned that the more I can replace myself, so I can work on the high profit generating things in my business, the more money I make.
The more you can automate and systemize your business, the easier it will be to keep replacing yourself while continuing to grow your business. And that is how getting rich is a team sport.
Leave me a comment below letting me know what you think or if you have any questions, I am more than happy to answer them. Just leave them below so everyone else can learn from them too.
Thanks and talk to you soon,
Jeff and Justin just made their Underground Bootcamp Systems
LIVE and you can take advantage of it here:
Jeff and Justin are the real deal and I give this product my
HIGHEST REGARD and believe you should invest in it to
help you and your business.