Gyms are fragile businesses. Seasonal fluctuations, local competition, staff departures, economic changes and even pandemics can all reduce or eliminate profit. 

At a recent meetup for top gym owners, Two-Brain mentor Kenny Markwardt laid out a plan to help entrepreneurs prepare for a financial downturn.

In this episode of “Run a Profitable Gym,” Kenny walks through his four-stage plan with host Mike Warkentin.

Performing a stress test will help you see just how prepared your business is for a worst-case scenario.

Kenny—who owns Sandpoint Strength and Conditioning in Idaho—explains how you can strategize for revenue dips ranging from 10 to 40 percent. Some of the tactics include eliminating costs, putting off non-essential purchases, helping staff generate more revenue and negotiating with landlords.

Tune in to learn how to increase your ability to survive a financial downturn. You’ll sleep better knowing you have a plan.

Links

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1:21 - Helping gym owners find clarity

6:29 - Plan for potential revenue loss

10:23 - The impact of larger revenue loss

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28:56 - Plan now even if you’re doing great