Food For Thought Friday- When Was The Last Time You Bet On Yourself?

08/23/19 • 2 min

Run a Profitable Gym

Previous Episode

Two-Brain Radio: Good Debt vs. Bad Debt With Clay Ferrer

Two-Brain Radio: Good Debt vs. Bad Debt With Clay Ferrer
On this episode of Two-Brain Radio, Greg Strauch speaks with Clay Ferrer, Founder and CEO of Rigquipment Finance, a lender that specializes in boutique fitness facility financing.
Clay—a passionate CrossFit coach in his own right—talks about the difference between good and bad debt, why you might take on debt for purchases and reserve cash on hand versus paying up front, and why the best time to take on debt is when your business is already in a good place.
He explains the different forms good debt can take—such as the purchase of hard assets—and how to maximize ROI on those investments from Day 1. He also discusses the bad-debt pitfalls gym owners should avoid.
Finally, Greg and Clay discuss Riquipment's exciting partnership with Two-Brain Business, which allows gym owners to finance the Incubator.
Links:
https://rigquipment.com
https://www.uplaunch.com
Contact:
[email protected]
571-933-8339
Timeline:
4:26 – From investment banker to the financial services sector.

7:46 – Watching the CrossFit Games hung over on New Year’s Day and finding a gym via windshield flyer.

9:36 – From athlete to coach to entrepreneur: The birth of Rigquipment.

11:47 – Taking on debt for a purchase vs. paying up front.

14:42 – Defining good debt.

20:06 – The benefits and dangers of business credit cards.

23:00 – When to take on good debt.

25:44 – Looking at the ROI of a good-debt purchase.

30:54 – Defining bad debt—going beyond the credit card.

31:37 – Merchant cash advances: just a BandAid.

33:22 – Short-term working capital loans: It’s a (interest) trap!

39:00 – Financing the Two-Brain Business Incubator with Rigquipment = good debt.

Next Episode

Two-Brain Radio: Sara Carter

Two-Brain Radio: Sara Carter
On this episode of Two-Brain Radio, Mateo Lopez speaks with Sara Carter, owner of CrossFit PortSide in Gulfport, Mississippi.
When Sara opened her gym six years ago, she was running a one-woman show. She coached all the classes on top of everything else that needs to be done to keep a gym running. Then, when she finally hired some help, she made the mistake of hiring friends instead of seeking out people who were committed to the business for the long haul.
Since then, Sara's overhauled her business with the help of Two-Brain mentorship. She learned how to define her vision and hire the right people to support it, how to delegate and how to use digital marketing more effectively, consistently turning about $300 in ad spend per month into around $3,000 in front-end sales.
Links:
https://www.crossfitportside.com
https://incitetax.com
https://www.amazon.com/Founder-Farmer-Tinker-Thief-Entrepreneurs-ebook/dp/B07QH85HSX
Contact:
[email protected]
Timeline:
2:49 – From collegiate basketball coach to CrossFit gym owner.

5:25 – The early days of CrossFit PortSide: a one-woman show.

6:28 – Early marketing strategy: Just hope someone will walk through the door.

8:56 – The problem with hiring your friends.

14:55 – Learning how to advertise.

16:43 – Breaking down the lead-nurture process.

17:54 – The 90-day transformation package and how also including personal training in group-fitness packages leads to better client retention.

21:00 – To convert a potential client, let them talk. As much as possible.

22:28 – Always be hiring.