Chris Cooper, CEO of the largest gym mentorship companies in the world, discusses how data can help coaching gyms make better business decisions. Topics include industry best practices, the importance of youth programs, the State of the Industry Survey, pricing group training, debunking CrossFit member myths, and the data on being a gym owner.
Successful gyms prioritize profitability over revenue growth.
Data-driven decision making is crucial for gym owners to understand what strategies work.
Focusing on kids programs can significantly boost gym revenue and success.
Deep dives
Successful Gym Criteria: $100,000 per year
A successful gym is one that pays the owner $100,000 per year, with the aim of increasing profitability instead of just growing revenue. Many gyms fall into the trap of continually expanding without increasing their income, resulting in unsustainable businesses. The focus should be on achieving profitability and creating a scoreboard for the business by tracking key metrics and benchmarks.
Importance of Data Tracking and Analysis for Gym Owners
Having access to comprehensive data sets is crucial for gym owners to make informed decisions and understand what strategies are actually working. Instead of relying on anecdotal evidence or personal preferences, having a data-driven approach allows gym owners to determine what programs and offerings are most profitable, which helps in making sound business decisions.
Insights on Nutrition Coaching Programs
While nutrition coaching programs are common in gyms, the revenue generated from such programs is often disproportionate to the effort and resources invested. The data suggests that combining nutrition programs with other offerings and structuring them as shorter-term challenges may yield better results for both clients and the gym's revenue. Gym owners can use the data set to make informed decisions on the optimal approach to nutrition coaching in their specific context.
Opportunities in Kids Program Offerings
The data reveals that kids programs are an underutilized opportunity for gyms. While many gyms offer such programs, they often fail to maximize their potential revenue and impact. The data suggests that focusing on kids programs, building properly priced and structured offerings, and ensuring excellent coaching can significantly boost revenue and contribute to the overall success of the gym.
Increasing Owner Income and Professionalizing the Fitness Industry
The data shows that gym owners' income levels can be raised by implementing proven strategies such as increasing average revenue per member, systemizing the business operations, enhancing client retention rates, and optimizing marketing efforts. Professionalizing the industry as a whole requires gym owners to embrace business principles, emphasize profitability, and strive for financial success while providing top-quality coaching and services.
John Franklin (https://twitter.com/JohnIsBuilding) sat down with the CEO of the largest gym mentorship companies in the world, Chris Cooper (https://twobrainbusiness.com/), where he talked about how using data can help small coaching gyms make better business decisions.
P.S. If you like the show, then you'll love the Gym World newsletter. Every Friday, John Franklin breaks down the possibilities of making money in the fitness industry. Subscribe here (https://blog.johnisbuilding.com/subsc...) so you don't miss out.
Show notes:
(1:24) Introducing Chris Cooper & the State of the Industry
(4:50) What is industry best practice?
(9:22) What separates a successful gym from others?
(15:00) Why kids/youth programs are underrated
(19:53) Why the State of the Industry Survey is important
(22:25) What makes this report different from others?
(28:17) Other lessons learned from 2022 data
(35:48) Why gyms don't price their group training properly
(44:08) Debunking the CrossFit member myth
(46:40) What does the data say about being a gym owner?
(52:40) Where do gym owners go to learn more about Chris?
(53:37) Chris talks about the Meta Program
(56:51) Final word from Chris
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