Of the hundreds of gym owners I’ve had the privilege of speaking with over the last three years, less than 20% have said they’re already paying themselves what they’re worth.
That means most of you reading this right now aren’t paying yourself what you’re worth!
I have a problem with this and you should too.
Now I want to tell you why you aren’t doing this so you can fix it. You can’t fix what you don’t know.
You are doing absolutely necessary work in this world – saving lives! We need more people doing this work. It doesn’t entice people, though, because the pay sucks! We can and are changing that.
1. Most gym owners don’t set anything aside to pay themselves before they start spending on the latest and greatest software, training program or marketing trend designed to increase revenue. They feel if they invest in just this one more “shiny object” it will be the answer to increased revenue and then they’ll have the ability to pay themselves.
In fact, most the time the exact opposite is true. If you start paying yourself first, getting your pay out of your operating expense account before you make any other decisions, two things will happen.
a. You’ll have less to spend on shiny objects.
b. You’ll be more energized by the pay you are taking and therefore more willing to look for more efficient and effective ways to do the same work as that shiny object WITHOUT spending your pay.
2. The second reason most gym owners don’t pay themselves what they’re worth they haven’t taken the time to determine how much they’d pay someone else to do all the jobs they’re currently doing in their business. Do you even have a list of everything you do? Can you assign it a dollar value? This can be very sobering because as I said at the beginning less than 20% of you are paying yourself that. So you’re quickly going to see the gap. Remember, the only way to close a gap is to first recognize it exists.
3. The final reason most gym owner’s don’t pay themselves enough is they don’t know their numbers and targets for spending on fixed costs. This leads to spending too much in these areas and voila- not enough money left to pay themselves. If you’d like help knowing how much to be spending on key areas (rent, payroll, marketing) let us know and we can help.
The good news is 20% of you are paying yourself what you’re worth and that means it’s possible for the rest of you. If you’d like help to know how you can avoid the burn out and start living the life you dreamt of when you opened your business, reach out – we’re honored to help.