https://www.youtube.com/watch?v=SvIcS-Q1Hl4

1 00:00:00.000 --\> 00:01:00.000 so if you need money that's number one
easiest thing to do \[Music\] and so what i wanted to cover today was i
was calling cash flows oxygen how to get some um but this is actually
part of a larger discussion um that i'm half targeting towards my
coaches um and half y'all can just join in on what i would be talking to
them about and so um one of the skills that a coach has to have and if
you are coaching yourself you are the coach you're the master of your
own domain you're the coach of your own business right and you have to
coach you better than anyone else can right that's good to have outside
counsel that's what we have coaching that's why i get coaching but you
have to be your own coach because you're the one who's going to be
making the decisions for your business more than anyone else right and
so oftentimes when i am on the phone with a business owner i am
listening for the majority of the time of that call and i'm looking for

2 00:01:00.000 --\> 00:02:00.000 certain things and so some of you may
have heard of a swot analysis right strength weaknesses opportunities
and threats more commonly now in mba schools they've actually reversed
that and they call it an atsu and what that means is opportunities
threats are disproportionately weighted as far more important and then
then you have strengths and weaknesses and so the reason that i'm saying
this is that most times when i'm listening to a client who's saying i'm
struggling i'm having an issue where i'm at a bottleneck it doesn't
necessarily need to be that they're losing money but just like i can't
get past this point what's the issue i'm going to be looking for cash
flow opportunities that are sitting on the ground and massive threats
those are the two things i'm looking for in the beginning once those
boxes check off then we go down to strengths and weaknesses for example
if someone is bleeding cash i'm not going to tell them to to to fix
their culture right fixing their culture is something that they
absolutely need to do

3 00:02:00.000 --\> 00:03:00.000 but it's not going to be the thing
that's going to save their business tomorrow right they need money and
so like it's one of the things that drives me nuts because it's not
prioritizing the actions according to the to how important they are
right and so an example of this i mean i just use the culture example
but let me look at another one here's a more relevant one retention
right and believe me i'm like the king of making sure that you're doing
a good job to your customers right but if your retention is right it's
absolute um that's if you need to make payroll in the next 30 days
implementing retention system is not going to solve your problem it's
going to take 12 weeks for that's it for that to pan out now this is
something you should do absolutely after you have milked out all the big
opportunities that sit in front of you and ensure that you're not going
to kill yourself from a threat standpoint now if you're if your
retention is like you know you're churning thirty percent of a month and
that becomes a threat it's not even a weakness it's a threat itself to
your business now the number one thing that i see and this is like when
i'm when i'm getting on the phone now and like i i

4 00:03:00.000 --\> 00:04:00.000 occasionally take calls which i want to
kind of like just poke and listen um and i tried to advertise it because
i i couldn't like i actually thought about this like yesterday i was
like i wonder if i could take one call with everyone if i did 30 minutes
for every person once a month and i was like oh no it's still taking me
three months so i can't do it i tried and i thought about it it can't
work so all i do is give you the lessons that i have learned from the
people that have spoken with and so if for example you don't have a
one-on-one nutrition accountability program that you have plugged into
your facility on top of your group training that is the biggest
opportunity that sits on top of your business right now would you like
to have an extra fifteen thousand dollars a month spent zero dollars in
ad spend get it in 28 days and you have literally no risk and it's only
profit that you'd add on top of your business basically no cost you
don't have that cool nothing else that you are going to do is going to
matter and so this is called opportunity cost of all of the things that
we can do doing this alternative what other things are we doing that
we're saying no to

5 00:04:00.000 --\> 00:05:00.000 right picking out which of the
opportunities to focus on is usually the focus of a good coach and this
is where experience of a coach matters because they have more plays in
their arsenal they have more cards up their sleeve that they have seen
be executed uh with precision over a short period of time and so to a
new coach they may only have okay we need to run more ads we need to
work our leads harder we need to sell better those are all very true
things those in my opinion would sit within the strengths and weaknesses
area right but if you are bleeding cash and you need to make money fast
right there are three things that will make you money fast one is if
like all three of them by the way include selling to your existing
customers that is it you don't have enough time to start a campaign
bring people in market stuff like that takes time and if you don't have
it then there's only three ways to make money and all

6 00:05:00.000 --\> 00:06:00.000 three are selling to your existing
customer base all right in a gym the first and easiest and least amount
of anything effort is to take three people run a reason why campaign
which is like a uh hey i just turned 30 and because of 30 i'm gonna take
three people with me on a one year transformation it's gonna be awesome
and i'm only like i said i'm only taking three people on it's me three
thousand dollars you know text me if you want it just like that you make
nine grand all right you have 100 people you're gonna have to retake the
offer all right so if you need money that's number one easiest thing to
do you don't want to sell all of those limit it limit yourself but those
cash pops help right cash is oxygen so you can buy yourself time to have
more perspective to make better judgments about the business next play
is you run an internal play to your existing customers right now i guess
this one would technically be like subset and subset b which would be
the final two if you have like in a normal gym if you just want to run
like a big booty

7 00:06:00.000 --\> 00:07:00.000 boot camp or an abs challenge or uh
whatever right doesn't really matter right buns and guts any of those
things you can market to your existing customer base and you have two
things that you can do from there one is you can actually sell the thing
itself which normally you'll get about 20 25 take rate of your entire
customer base if you sell between 100 and 200 right and so if you have
150 people 25 would be whatever that is i don't know uh like 35-ish
40ish whatever somewhere in there right and so you have 35 people who
sign up at let's say 150. okay well made five grand but then you have
some more fulfillment so maybe the painful thing that the three people
might be a better player for that so we'll see which one if you did the
other one recently then that that would probably be the play dead now if
you wanted to make even more money right then you should make the thing
free that you're giving away and then upsell them into food and
supplements right up sell them additional services once they start
because you'll get an 85 take rate and you'll close 80 90 on the

8 00:07:00.000 --\> 00:08:00.000 upsell right so it's more work but it
again in a short period of time you can sell people other stuff that's
ancillary services and that's all free money there's no there's no
fulfillment that really has to happen there right so like you buy
something or in our case you don't buy something you just go into
prestige labs and you click send and then they you never have to touch
inventory but point is is like you're taking something for five dollars
you're selling it for twenty and then you just take the in-between and
that's it the exchange happens you keep the money great right so that's
another easy way of making 10 15 20 000 in a month the third thing and
this is the one that i'm going to drill home for everyone is that you
have the same amount of effort that is going to go into dealing with any
kind of internal play so beyond the first thing which is like quick text
blasts limited spaces make 10 grand tomorrow right that's like cool make
10 grand tomorrow but if you want to make like if you want to start
having established recurring revenue right add an additional level of
service

9 00:08:00.000 --\> 00:09:00.000 right simply giving people one-on-one
nutrition one-on-one accountability that's it a lot of people struggle
with getting the gym a lot of people would love someone to text them
every morning ask them what their weight is how they're doing make sure
they show up at the gym what this also does is your churn goes through
the floor as in like your retention goes up people stop turning up
because they have a regular communication hiddens now if i had 150
customers what would i do i would being the enterprising mofo that i am
give everyone at my gym 28 days free or 21 days or 14 days free
depending on how much work ethic i have right now for me if i gave
everyone in my gym all 150 people an amazing 101 experience that they've
never had before and after those 28 days you can keep doing this for 49
bucks extra a week right and that's half of what i'm to sell new people
into it so they're getting a great deal right what percentage of people
do you think would say you have 101 contact with them for a

10 00:09:00.000 --\> 00:10:00.000 whole month what do you think half
being a third would stay probably higher than a third i think half would
stay i think it's higher than a half but let's just say half right half
stay now you're not going to get 100 take rate because you never get 100
take rate on these types of things but you get 85 let's say you get 120
people to take the offer or you can have to stay so you got 60 and you
got 60 at 200 a month extra that are paying for one one nutrition
accountability what's the cost of fulfillment there very low right 20
goes to a coach cool so you pay 2 400 out of your out of your 12 right
so you're at 96 and now every single month from this month going forward
you make your 10 grand a month and that is profit that is in your pocket
that you can do tomorrow right so if you're if you need more profit if
you need more cash there's a million ways to do it and a lot of times
like and this is me somebody who's a long-term player sometimes if you
need it fast fixing

11 00:10:00.000 --\> 00:11:00.000 your culture is not going to do it you
need cash today and so once you can have that and you can plug the hole
or you can plug a threat or whatever it is right then you can start
fixing the processes that got you into this pickle to begin with but
sometimes you need cash tomorrow and so those are the three easiest ways
that you can get cash tomorrow the last one one-on-one nutrition
accountability by different um because of marketing so don't get scared
away nutrition accountability is kind of part of the game when you're a
gym owner um that being said it's free money and so if i'm talking to a
gym owner i'm going to check off the boxes of which of these things they
have done and most times when i look at all the opportunities they have
floor in front of them asking them to take it and so right now if you're
looking at your business there's probably a million things that you
could do and arguably should do but which one thing given the same
amount of time is going to make you the most money forget about
everything else and just do that and most times you're gonna make

12 00:11:00.000 --\> 00:12:00.000 the right call and what a good coach
is supposed to do is figure out of all the plays that they know in their
arsenal right all the cards that they have to play which one is best
suited to you right now that can have high impact and and require low
resources right those are the best high impact high resources like yes
it's going to take a lot but it's going to it's going to cost a lot
right whereas here you actually get the benefit of having the profit
without the risk right i'm not saying front ad spend i'm not saying you
know like there's literally nothing that needs to get added to your
business besides one person with 60 clients one person can handle that
and that can be you if you want to you can keep the extra 2400 a month
it's your call but all that to say if you're looking at your business it
is your job to be able to weigh which of the things that are in front of
you because there's a million plays that are out there and that's where
people get overwhelmed they're like i don't know should i run a 28-day
transformation should i run an internal play should i run a a paid in
full should i run a year of change should i run a like should i run
hybrid

13 00:12:00.000 --\> 00:13:00.000 one-on-one accountability nutrition
right what should i do look at which one makes you the most money it
takes the least amount of resources depends how quickly you need the
money the money tomorrow you got to do paid in full it's gonna be a text
blast you make the money if you can if you can wait two weeks to make
the money you're gonna do an internal play if you can wait a month to
make the money then you should probably do hybrid give everyone the free
play and now you just added 120 grand a month to your facility top line
right and then bottom line you add actually sorry you would add more
than that top line you had 144 000 top line 120 bottom line all right
one play is it worth it arguably what most people do not that and that's
why they struggle so don't be one of them cash flows oxygen make sure
that you prioritize the opportunities that are bigger and once you do
that once you execute those things then yes you'll have cash flow to
breathe and then you can invest in things that will actually solve your
problem then you can pay someone to start helping retain your customers
so that you don't have the term problem and you

14 00:13:00.000 --\> 00:14:00.000 can wait 12 weeks and now you have
cash flow from the recurring revenue stream that you took a month to
build all right so i hope that makes sense drop a like drop a comment
tag someone if you feel like it three ways to make cash in the next
month lots of love keeping amazing have a wacky wonderful wednesday all
right be cool bye \[Music\] you
