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John Franklin (https://twitter.com/JohnIsBuilding) sits down with Brian Bott (https://www.instagram.com/brianbottfitness/?hl=en), the Founder of Aspire Fitness, to talk about the fundamental business processes behind running multiple gym locations that generate 7-figures and owning 7-figures in real estate.
Show notes:
(0:44) Introducing Brian's gym & his training structure
(2:52) The transition from one to two gym locations
(5:53) Packaging agreements & pricing memberships
(8:16) Brian talks margins – explaining the 44% model
(9:53) Pros and cons of the 44% model
(12:35) How do you track all of your client data?
(16:12) Monitoring coaching, responsibilities, and compensation
(20:42) How to successfully run multiple gym locations
(23:26) The problem with large group gyms & mistakes they make
(29:57) Brian discusses the process of buying his building
(34:39) The importance of having an agreed-upon price
(36:16) What is a Right of First Refusal in real estate?
(37:27) Coming up with $1.1M to purchase a building
(40:27) The hardest part of the buying process
(41:59) Next steps – opening a 3rd location vs. buying a struggling gym
(45:35) Finding a way to make the gym work in your town
(49:44) Can you run a fitness business with zero overhead?
(51:57) Fitness entrepreneurship – take big risks when you're young
(56:00) Final words of advice from Brian