Barbell Business - Podcast For Gym Owners By Barbell Shrugged

How do you know when your business is big enough? When can you stop raising capital? Can you get out of your building’s terrible lease terms? Mike Melby is a venture capitalist who works exclusively in sports and fitness. He’s overseen the inception and growth of a lot of businesses, and on this week’s episode, he shares some of the common traps owners fall into. As a functional fitness entrepreneur, you probably get a ton of unsolicited advice about how to grow your business. “You should get more investors!” “You shouldn’t franchise; you’ll only get a 5% royalty!” “Now that you have four gyms, you might as well open up a fifth!” And while it’s a good idea to listen to all the advice you get, it’s not a good idea to take all of it. This week, Mike talks about how to know when your gym is the right size for you. Sure, getting investors means more money, but it might also mean having to report to someone when you’re used to being your own boss. Franchising royalties that sound like small potatoes end can end