When your business is new, it’s not uncommon for you to adopt the same approach as other entrepreneurs: “I got this. Who needs a business mentor? Not me.” But over time, seasoned gym owners know that guidance and wisdom stemming from experience is game-changing.
It’s also not uncommon for new gym owners to be skeptical - even cynical - about mentorship. After all, there are one too many stories out there about mentors that failed at running their own gyms.
And then there’s the ego: ‘Running a gym isn’t rocket science. I can figure this out on my own.’
The Data Doesn’t Lie.
Today, we’re challenging you to keep an open mind and look at the data. Recently (2022), gym mentorship company Two-Brain Business conducted a study of 10,657 gyms. The data - which compared gym owners using a mentor to those who were not - showed the following:
- The median Two-Brain gym owner take-home pay was $4,854/mo, compared to the non-Two-Brain gym owner pay of $3,787/mo.
- The effective hourly rate for Two-Brain gym owners was $49, compared to the non-Two-Brain gym owner hourly rate of $30.
Two-Brain Business owner Chris Cooper commented, “We produced twenty-seven new millionaires in 2022. Real ones, not projected. They have been with us, on average, between 2.4 and four years.”
Even if you don’t (yet) have million-dollar revenue aspirations, there are a few other benefits to hiring a business mentor. The goal is to make mentorship pay for itself, not only in revenue but profit. Plus, it’s tax-deductible.
Three Ways Hiring A Business Mentor Can Benefit Your Business:
1. You’re Not The Only One In Your Corner.
The problem with flying solo as a gym owner is not having another person in your corner. Whether you come up with a great idea or one that’s not so great, there’s only you to provide an opinion.
If you’ve ever heard of the term “group think,” it’s the same concept but with just one thinker. In group think, the members’ decisions aresed solely on achieving harmony or being too bought in. This creates irrational or dysfunctional decisions that aren’t good for the company.
In your case as a solo gym owner, there’s no one else to validate your idea or tell you to reconsider. Even if you have a spouse, they’re likely to choose harmony over bursting your bubble.
This is where a business mentor can be invaluable. They can provide an objective voice of reason based on years of experience and knowledge of the industry. In addition, they’ll probably have data and resources to measure the potential success of a decision. Which is much better than just guessing or relying on a hunch.
2. Improve KPIs With Step-by-Step Action Items.
For any business, the best place to start is setting measurable goals. A good mentor will know which gym metrics to consider, and which KPIs (Key Performance Indicators) to aim for.
Generally these will include things like monthly recurring revenue, churn rates, length of engagement, etc. Even if you’re not currently tracking these numbers, your mentor will help with systems to start. With a step-by-step plan to improve your KPIs, you can start to make strides.
Often, this will involve one small change at a time. A good business mentor will see the big picture and work on incrementally getting you from Point A to Point B. Changing your member onboarding and coach development process while implementing a rate increase is a fast track to burnout. Experienced mentors know that throwing a pile of changes at you all at once only sets you up to fail.
Pro Tip: Your gym management software can help you measure KPIs like membership churn! Book a demo with the PushPress Core team today to find out more!
3. Accountability Is Imperative.
It’s no coincidence that one of the most beneficial pieces for your clients’ success is also the key to yours: Accountability. If we leave our members to their own devices with fitness and nutrition, they likely won’t do what they said they would. And the same holds true for us as gym owners.
Your business mentor provides accountability in the form of consistent check-ins and follow-up. It’s so easy to get side-tracked with never-ending to-do lists. The “bigger priority” tasks seem to keep kicking other tasks down the road.
But when you have regular check-ins with your mentor, these tasks have a much greater chance of being completed. Because you’re either reporting that you got them done, or you're explaining why you didn’t.
Plus, a good mentor will show you why the tasks are relevant to the big picture. This prevents you from feeling like you’re just doing things to do things. When you know the reason and the relevance, it increases the motivation to get them done.
In Summary: Two Brains Are Better Than One.
As a group of gym owners ourselves, the PushPress team gets it. You might have lots of questions and even some hesitation about hiring a business mentor. But we encourage you to keep an open mind and consider all the benefits.
First, there’s plenty of data to prove that mentorship works. Second, it’s helpful to have an objective voice of reason in your corner. Third, you’ll be able to work toward significant KPIs for your business. And finally, in the same way it helps your gym members, accountability is a game-changer.