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“You’ve got to run it like a business!” with guest James Malinchak

“You’ve got to run it like a business!” with guest James Malinchak
For those of you who don’t know who James Malinchak is, he was featured on ABC’s hit TV show Secret Millionaire. He is the creator of Big Money Speaker teaching straight forward, no-BS ways to becoming a Big Money Speaker. He coaches, consults, and helps people to build their business. James has helped our gym, Results Fitness, with some really great marketing tips. Recently, James did an interview with us in one of our Results Fitness University Mastermind open calls, and shared some strategies for creating a business that you love. James will be speaking at our Results Fitness University Launchpad to Success Event next month! We’re so excited to have him share his Secret Millionaire Strategies with our community. James covered quite a few marketing and business strategies in his interview, so today we want to share one of his biggest secrets to success.
Rachel: So James, let’s get right to the point. We’ve been over to your house. We’ve done coaching days with you, and you have a sign right behind your desk in your office. What does that sign say? And why do you have it?
James: A lot of people, I think, when they’re in business they take their eye off the mark. I have this sign behind my desk so when coaching clients are here and they kind of get off the mark if you will, I point to the sign to get people to remember what they’re in business for. The signs say this (your most important business question) “What’s the fastest way to the cash?” I have that sign there so I remember what I’m supposed to be doing when I’m in my office as the business owner.
A lot of wonderful gym owners focus on the mastery of the concept of helping folks, which we should be helping folks! We focus on the process. A trainer focuses on training the people. Your real focus, when you are the owner of the business, leasing space every month, and you’re writing checks for ads, and you’re paying the water bill or the electricity bill…your main focus as a business owner should be “how do I generate cash for this?” So, “What’s the fastest way to the cash?” is a very fun way to remember, if you will, that your job as the owner is to focus on net income, not ROI (return on investment).
Rachel: Yeah, that’s great. In our industry, with so many people’s fitness journeys on the line, we’re all passionate about helping people; changing lives. And a lot of us would do what we do for free.
James: Sure
Rachel: That’s a huge “aha” moment for a lot of people. Switching your focus from – yes, we can still be passionate and still help people, but what’s the fastest way to the cash? I love that.
James: Yeah. In the fitness world, you have your passion, you have your spirit; you have your making a difference in your customer’s lives. You have working them out, getting them in shape, teaching them eating plans. See, that’s the message, that’s all the deliverable, “what we do”. Why we do this is because we love doing it!
The flip side of the coin, which a lot of people forget about is, and this is what you and Alwyn are great at teaching your folks is, you got to run it as a business. And every business is in business to do what? Everybody says money. I’m like no; make a profit. That’s why you should be in business. So don’t focus on gross, how much you make. Focus on the net income, how much you keep. To wrap it up, “What’s the fastest way to the cash?”, that means what’s the fastest way to get net income in your pocket. That’s what you should be focusing on and not how much you make, not the gross of the business.
We’ll be sharing a few more pearls of wisdom from our interview with James over the next few weeks, but the best way to learn is always from the source. As we mentioned James is a featured guest speaker at our Results Fitness University Launchpad event on October 1, 2, and 3. Make sure to register here. Seating is limited and filling up fast. Learn more about our biggest ever here!