You’re making some money. Great!

You’re not scared of shutdowns anymore. (It’s about time we all felt that way!)

You have decent retention and your teams are in good shape this season. Excellent!

What’s next?

When you have a successful gym business, it’s easy to look around and feel alone. Very few cheer gym owners make it to this point. Few gym owners get to the point that they’re focused on the business and ready to take on more…but if that’s you – congratulations! So the big question is, what’s next for you?

  • Do you open a second location?
  • Do you buy out a competitor?
  • Do you double the size of the programs of your gym?
  • Do you sell a new service to your existing audience?
  • Do you buy your building or another building?
  • Do you start investing in real estate or other wealth-building ventures?

There are dozens of options, and we’ve been there – so here are a few things to consider: 

  1. What’s your passion now that your business is a little farther along? It’s not unheard of for coaches-turned-owners to actually love business (and you’re NOT wrong for feeling that way if that’s you!) If you’re passionate about coaching only – hire a manager and get back to doing what you love. If you are enjoying the entrepreneurial path, consider other investments that build your wealth. The more you can diversify your income, the more stable your personal wealth will be.
  2. What’s your long-term vision? Have you sat down and dreamt about your life 10 years from now? Don’t worry about the who or how. Focus on the what! Do you see yourself vacationing or even living on a beach in some tropical destination? If so, what does your income need to look like to get you there? Are you hoping to still have some involvement in your gym?
  3. What is your retirement plan? Do you have a retirement savings plan, 401K or IRA? If your hope is to live off social security, it’s might be a bleak future. You shouldn’t work 40 years of life to spend your final days working for someone else until your body just can’t handle it anymore. You deserve to live a good life as you get older. You also deserve to spend plenty of time with your family, and you definitely don’t want to be requesting time off from your employer at 68 years old to do so.

If you believe you can retire comfortably one day off the retirement you earned from your own business, you’re right. You can make a beautiful life for yourself, your spouse and your family – not to mention those staff members who work so hard at your gym. 

If you’re not taking a paycheck, this probably seems very, very far off. If you’re taking less than you did when you worked for someone else, you deserve better, and we can help you get there!