Run a Profitable Gym Episode 148 – The Multiple-Location Model
It's no secret that many CrossFit affiliates have opened a second location and had a very bad experience. The mistake usually comes from the old, flawed model of "the more clients, the better" and has sometimes been fatal.
As I wrote in "Should You Open A Second Location?" A second location doesn’t double your work; it quadruples it. There's a checklist in that article to help you decide whether the opportunity is really worth it.
But Jeff Larsh is one of the very few who has done it successfully. Jeff is the co-owner of several CrossFit Tidal locations.
Over the last eight years, Jeff has opened four CrossFit gyms by successfully implementing a multi-site CrossFit model. Jeff has a wealth of experience to draw upon to help you create a profitable and well-run business. Whether just starting out or looking to scale your current operations, join us today as we talk about adding an additional location to your business and much more!
Jeff and host Greg Strauch discuss opening multiple locations from scratch; leadership; and holding several locations to the TwoBrain standard.
Important Steps when adding an additional location:
Step 1: Make sure it aligns with your vision and is not just a shiny object
Step 2: Ensure that systems and process are in place to scale your business
Step 3: Prepare the support structure required for a multi-location business
Step 4: Decide whether to purchase or start a second location from scratch.
For those considering the purchase of another gym, here's another resource:
Should You Buy Out Another Gym?
Step 5: If purchasing, finalize the offer and wrap up the deal.
Don’t Forget! Find out what stage of entrepreneurship you are in by taking the exclusive Two Brain test here: https://twobrainbusiness.com/test/or schedule your free mentoring call by clicking here!
Links:
https://twobrainbusiness.com/mentor-item/jeff-larsh/
https://twobrainbusiness.com/should-you-open-a-second-location/
0:25 – Introduction with Jeff Larsh
2:42 – What should the motivation be to open an additional CrossFit Gym
4:11 – What would be the first step, to look into opening an additional location
5:26 – How to financially prepare for a second location
7:02 – Taking a hard look at your offerings and products before scaling
9:40 – Preparing the support structure required for a multi-location business
14:18 – Deciding on whether to purchase an additional location or start from scratch
17:06 – Financing a new location with other partners and managers
18:47 – Finalizing the offer and wrapping up the deal
20:19 – Breaking a new purchase or major change to current or new members
22:20 – Why only one additional location is not enough
28:18 – Two Brain Stories with Kim Moore