Protect Your Cash from the Next Crisis

Is the Gold's Gym model dead? Where you rent equipment at a low price and need a high volume of members? I don't know. Is virtual consumption of fitness the only method for the future? I don't know, but I doubt that one. I know some of you have closed your doors permanently, not because of financial reasons, but because you like the virtual-only option. I know others are interested in a hybrid model where you have virtual and a physical space. And I know that there are some who are looking forward to the day when they don't have to ever coach in front of a video camera again. I don't believe that anyone can say with certainty that they know how your members are going to want to consume fitness once the COVID-pocalypse passes. And that can leave us feeling uncertain, which means you aren't able to focus, or at least give your 100% attention, to your noble purpose, which is to empower and encourage your members. The good news is you don't have to know how your members are going to want to consume fitness to get rid of uncertainty. We don't have to let the destabilization in the fitness industry cause us any level of uncertainty. I want you to be able to focus on changing lives. So when Susie Sad Pants comes into your gym overweight with health problems, looking to get fit, you can help her take on her dreams for the first time. Let's not let any future crisis cause us any Uncertainty. How do we do that? Lisa was opening a second location when COVID hit just weeks after opening. So when her game plan of adding revenue to her new location was completely derailed, she relied on the Profit First system to get her through it. The reason Lisa didn't experience any level of uncertainty is because she took the time to make her first location financially healthy and resilient using the Profit First system. Andy has a similar story, and because of Profit First, even during COVID he has a cash reserve for his team members that he can hire a new coach and pay them for 6 months. How would you feel if you had that type of cash reserve? Both Lisa and Andy operate debt-free after meticulously paying down their credit card debt that they may have had prior to Profit First. Compare that to the gym owners that have reached out to us after the crisis has hit. Living paycheck to paycheck, their accounting systems are really confusing, which leads them to make very expensive, bad decisions. No money management system in place to stop the bleeding. They are fighting to survive and to stay open. And the reality is, they were in that situation prior to the crisis. All this crisis has done is amplified the situation. Now, are these gym owners less passionate about their gym and their members than Lisa and Andy? No. Do they have less revenue than Lisa and Andy? No. The difference between the two is the Profit First system. Overall, all of our clients who have implemented the Profit First system are enjoying financial health and resiliency during this time. They have said that if it were not for Profit First, they would be more fearful, more stressed, and more uncertain. And what's really cool is that our team member Aaron has been able to specifically mold Profit First to their individual situations. Lisa and Andy weren't without problems. In Lisa's case, they needed to come up with a rent solution because from the get-go they determined that her first location was not going to fund the second location. For the basic bills. And in Andy's case, he was able to utilize the Profit First system to build a cushion for his operating expenses and team member bucket. And when I say truly implement Profit First, they got the right accounts set up. They recognized the areas that they needed help. They got Aaron to do the allocations for them and hold them accountable. They make decisions in their business now based on the health of the business, They don't just continue to do the same thing expecting a different result. They trusted the process and now they're financially resilient. The simple difference between certainty and uncertainty for these gym owners is being financially fit or not. And the program, the workout that got them financially fit is Profit First. Old models may be dying. New models may be needed. We each may have a level of uncertainty about what our future service offerings may look like in our gym. I emphasize that uncertainty is less about the model you choose and more about financial stability, more about your financial resilience. Profit First is the solution to uncertainty. Profit First is the path to financial resiliency. No longer will you need to try to sacrifice your profit to serve your mission, because with Profit First, making Making more profit means that you can serve your mission at an even greater capacity than you are right now. Profit is a choice. Have profit. Serve more.