One thing that made micro-gyms so unique and successful was not because they had new machines or movements never seen before. No the biggest difference was that micro gyms had a whiteboard with a specific task and a clock.
The gyms that got serious with their tracking got happy clients with measurable results. The members could now black on white see how their fitness was improving and that made them proud. They went outside the gym and told everyone about their achievements and this way more people came inside the gym.
If micro gyms would have done the same thing with their business from day one they would have excelled their business faster. That would have made it possible for them to hire more coaches, cleaners and admins so they. Could focus on the thing they did the best. Instead many of the old gym owners were overwhelmed with the load of work they had and at the same time they were not making enough money to hire anyone and also not enough money to do anything else. To work more would not solve the problem it just added more workload. So they sold or quit.
What the micro gym owners should have done is measured some metrics that really matter and we have written about them on this blog and will write more about them in the future weeks.
Here are some of the key metrics you have to measure with your gym, and if you don’t know them by heart you don’t run a business. The business runs you.
Track these metrics monthly as far back as you can:
* Total Revenue
* Recurring expenses
* One-time expenses
* Staff Expenses
* Net Owner Benefit
* Owner Hours
* ARM (read how to calculate it here)
* LEG (read more about that here)
* Total paying members
* Free memberships (coaches etc)
* Total members
* New members
* Members leaving
Every metric on the list can be improved and which one to improve first we will dig in to deeper in our upcoming posts.
// Rickard Björnekärr
Ps. If you have questions about metrics send us an email HERE.