What’s your exit strategy?
Guest article from fitness business expert Alwyn Cosgrove.
Here is a simple but important question for you:
What’s your exit strategy?
Do you plan to train clients until you’re 85?
No, probably not. At some point, you plan to get out.
If you can’t step out of your business then you don’t own
a business, you own a job. There’s nothing wrong with
having a job but there’s your reality.
You’re just hoping that somehow it will all miraculously
come together. One day, you’re like ‘Oh shit! Look at all
the money I have. I don’t have to work anymore.” That
doesn’t happen. You need to have a plan.
And a plan with a goal in mind. You need to know where
you want to go before you create a plan to get there.
Create your 10 year plan of where you want to be. Seriously,
take a few minutes and write it down.
Now create your 5-year plan. After you write that down,
make your action steps.
From that 5-year goal, what do you have to get done one
year from now to be on track?
Now, you actually have to do some work and put some
thought into this (which is why most people don’t do it). So
that’s the idea – you have to figure out your plan if you want
to make a hundred grand next year or whatever your goal is.
For some, that it’s just may be an absurd number. At one time,
that was just a life goal for me. Now, my gym had started in
probably six weeks. We just execute our action steps and do
I want your goals to be what you want. They may change along
the way but if I don’t know specifically what you want, if you’re
like “I want to make more money.” Okay, how much more? Here’s
a dollar, now you hit your goal.
Is it 500 bucks? That’s not going to get you up in the morning,
Just make sure you don’t put limits on yourself. Who knows
what you can get done? So make the goals big but make sure
you have action steps. How are you going to get that done?
Let’s think about this.
If you want to make $50,000 extra next year in personal income,
that’s just an absurd amount of money, right? How are we going
to do that?
Well, that works out to be $1,000 more per week next year. To be
on track to hit that, you have one year to get up to a thousand
more dollars. And right now, to be on track you only have to
make 20 more dollars next week when you break it down.
Now, could you make $20 more next week?
Could you do one more training session?
Could you sell somebody a t-shirt?
Yeah, you could do all that stuff. You just got to keep doing
that stuff every week.
Obviously, there’s a point where you can’t just do more stuff.
As I’ve said, you cannot make your six-figure income by just
doing more of the same. It doesn’t work like that.
How do you hit your goal numbers?
When you start breaking it down, we’ll put a number on the
board for our staff to hit, and you look at the number and
“How are we going to hit that?”
“Well, it’s $2,000 a day plus $1,000 a shift.” And there are
four trainers on each shift. That’s $250. Each trainer sees
10 people. That’s $25 per client.
Well, that might be more doable when you break it down. So
you start and just chunk things down.
When we start to strategize on how to hit our monthly goals, one
of the places we look at is our marketing.
One of the things we do at the gym in order to have a number
of new sign-ups each month, is that we need the phone has
to ring 50 times for inquiries.
Now, we’ve tracked this. If we get 50 inquiries, based on the
number of steps, we will get our new members sign-up goal. In
order to get 50 inquiries on the phone, we need to do x amount of
advertising to these houses, in this these publications, with this
direct mail, this website stuff. It sort of all fit together.
The idea of hoping that I’m going to make $70,000 this month
at my gym instead of knowing how to actually hit $70,000 is
how you start taking your business to the next level. If our goal
is to do that $70,000 again next month, we’d better have a plan
as to how to do it because it just doesn’t happen by itself.
Start creating your own plans on how you are going to reach
your goals. Your action steps have to be a measurable system
I hope you have a better idea of your exit strategy and what level
you want your business to get to.
If you ever want to retire and grow your business to level you
expect it to be at, you need to put systems in place, from
marketing to operations.
If you want the proven systems that we use at Results Fitness,
the most profitable gym in the country, then register for the
Counting Reps to Counting Revenue course right now.
P.S. – I can’t give you the passion; that comes from you, but I
can give you the business knowledge to help you grow your
fitness business. The Counting Reps to Counting Revenue
Course will be closing soon so go now and claim your spot: