Millionaire Mindcast Why Bootstrapping Your Company Will Set You Up For Success And Wealth Creation | Peter Taunton
In this episode of the Millionaire Mindcast, we have an extraordinary guest, Peter Taunton, who shares his knowledge and insights about building a real wealth, how to turn a failing business into an empire, how he built his first 3 clubs and expand it into 6,000 locations, why it’s essential to understand your numbers as a business owner, how to make your employees loyal, and what’s the good thing about bootstrapping a business!
Peter Taunton is a serial-entrepreneur, a pioneer in the fitness industry, an expert in building a franchise system, international franchising, bootstrapping a startup, expansion, and roll-out strategies both domestic and international, the CEO of Lift Brands, and the founder of Snap Fitness, an affordable, 24-7, results-driven gym.
In recent years, he has acquired and founded several brands to round out the consumer-fitness experience: 9Round, Farrell’s, YogaFit, STEELE Fitness, Fitness on Demand. Together with the Snap Fitness brand, they comprise the world’s largest wellness franchise organization, serving 165 million workouts and counting.
Prior to founding Snap Fitness, Peter owned nine America’s Fitness Centers and has been well-recognized by the business community. In 2010, he was named an Ernst and Young “Entrepreneur of the Year.” His companies have also been featured for six years running in such prestigious industry lists as Entrepreneur 500, Inc 5000, Top Global, and Franchise 500.
Peter was born and raised in a middle-class family. He has been engaging in business since he was 8 years old working with his dad, selling popcorn in front of a grocery store. This young entrepreneur also loves sports. He was one of the better racquetball players in their town. The discipline and dedication he learned from this sport would later fuel his success in business.
He was in his early 20’s when the huge break came. With no experience, Peter never thinks twice and grabbed the opportunity to turn on and manage a failing club. With his commitment and sacrifices, he turns it into an empire. Later, Peter has built his own three (3) clubs, the Snap Fitness that now has 6, 000 locations across 20 different countries. What so special with his way of managing?
Simply, quitting was not an option for him. He loves wins but embraces loses and lives with it. Peter believes that failing is part of growing. Likewise, Peter gives importance on investing not just the machine but also the human capital. He made sure that the company grows as well as his employees. Peter shares with those big moments in their life. Co-signed for homes for his employees, and helped them buy their first new car.
Also, Peter allows them to buy shares in the company. Currently, his employees have stock options in his companies that he owned because when he wins, he wants everyone to win. Additionally, the essentials of knowing his numbers as a business owner and being very aware of what wants and needs.
For Peter, it is surreal to experience the life he dreamed of. But with his amazing leadership, he impacts people’s lives, businesses, economy, and the health and fitness industry.
Some Questions I Ask:
- Where did these all start? (00:45)
- Where did you get that first big break when you were starting your company? (02:53)
- How do you build that mindset? (03:56)
- Where did that confidence come from? (09:52)
- Do you love to win more or hate to lose more? (11:50)
- As you were starting to thrive as a young entrepreneur in business, where did the vision start to expand to be where you are at that moment? (13:36)
- How important is it in the very beginning to sharpen the ax on financial literacy and understanding your economic model to scale and to build real wealth? (17:40)
- Any of that stuck out more than others to you that you think it might be worthwhile to spotlighting for entrepreneurs moving forward? (20:59)
- What do you say to that young entrepreneur that is chasing those sexy lifestyles, building real wealth, financial freedom, and living like a millionaire in all areas of life?? (25:34)
- When did you start kind of up in the lifestyle a little bit? (29:12)
- How did it feel when you get the deal for $47 million on that very first big payday? (33:58)
In This Episode, You Will Learn:
- Why should fight for the fear of failure (04:02)
- How Peter completely change the culture and dynamic of a failing business and turning it an empire (06:02)
- Importance of investing not just machines but also human capital (09:00)
- The story when Peter built his first club (15:17)
- The essential of knowing/understanding your numbers as a business owner (19:01)
- How to create unbelievable loyalty with your employees (24:07)
- The good thing about bootstrap and managing a company without access to unlimited capital (26:36)
- How Peter started Snap Fitness and bootstrapped his company (29:41)
Quotes:
- “Hard work works.”
- “Being mentally prepared to fight in order to win is paramount in the endgame.”
- “Fear is a dream killer.”
- “It’s during times of adversities that all the growth takes place.”
- “It’s not what you bring in the front door, it’s what you take out at the back door.”
- “If you owned a business, it’s on you.”
- “Knowing the numbers is key.”
- “Don’t mistake kindness for weakness.”
- “You have to plan for the worst and hope for the best.”
- “Watch your debt levels because debt will kill you.”
- “I’m diversified to protect my downside.”
- “The other side of winning, don’t lose yourself in the process.”
- “Money doesn’t make a man.”
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