Here at The Fitness CPA, we speak a lot about what it takes to be a successful fitness business owner. More often than not, the success of a gym boils down to the actions (or inactions) of its owner. If that doesn’t sit well with you, it might be worth diving in to figure out why. Sure there are outside factors at play – saturated markets, COVID-19, rising competition – but some gyms survive and some gyms don’t. What is the differentiating factor? And what will be the differentiating factor for those who make it through COVID and those who don’t?
While we plan to dive deeper into this topic at a later date, the guys over at NPE Fitness shared a similar hard truth with their audience that we thought was too good not to share. Sean Greeley is the NPE Fitness Founder and CEO and is a great resource to follow for improving operational growth.
Here’s what he has to say:
We’re in a time of radical transformation in the fitness industry.
Some business models are growing and thriving.
Others have died and are closing their doors.
Facing big challenges isn’t a new concept when it comes to succeeding in business.
That’s why learning how to embrace (and endure) them is essential for your success.
So how can you do that better?
In “Good to Great”, Jim Collins talks about how every great enduring company develops the ability to:
Retain faith that they will prevail in the end despite their difficulties. While at the same time…
Confront the most brutal facts of their current reality.
This concept is also known as The Stockdale Paradox, named after US Admiral Jim Stockdale, who survived 8 years as a prisoner during the Vietnam war.
Despite regularly facing extreme torture, isolation, and not knowing when or if he would ever see his family again… Admiral Stockdale attributed his making it out to this:
“I never lost faith in the end of the story. I never doubted not only that I would get out, but also that I would prevail in the end and turn the experience into the defining event of my life, which in retrospect, I would not trade.”
When asked, “Who didn’t make it out?”
“Oh, that’s easy,” he said. “The optimists.”
“The optimists? Oh, they were the ones who said, ‘We’re going to be out by Christmas.’ And Christmas would come, and Christmas would go.
Then they’d say, ‘We’re going to be out by Easter.’ And Easter would come, and Easter would go. And then Thanksgiving, and then it would be Christmas again.
They died of a broken heart.
How can this concept lead you to greater success with your fitness business?
We must face the brutal facts that the industry is changing and your business must evolve to survive.
Which means you have some important decisions to make.
Do you want to get out of the fitness industry?
Or are you willing to do the work required to evolve your business model, upgrade your strategy and skills sets, and get back to serving the clients you most love working with?
NPE Founder & CEO
As Sean goes onto say in his newsletter, once you’re willing to commit to the journey, there are many who can support you in the work that needs to be done. You can reach out to us here at The Fitness CPA anytime by heading to our Get in Touch page.
Until next time.