How to Go from 6 to 7 Figures
Click Here to join us in Denver on November 13th and 14th: https://www.vincegabriele.com/events/7-figure-breakthrough/
First solo episode in a while. I recorded this one outside walking around a field, so if you hear birds and a train going by, that is why.
I want to talk about going from six to seven figures, and I want to start by taking the air out of it. Over a decade ago I was one of the only gyms I knew doing seven figures. A buddy was so stunned by it that he talked me into starting a podcast with him called Million Dollar Gym. It did not last long. These days plenty of gyms are doing seven figures, and a lot of them are guys in my own mastermind who started at low six.
Here is my problem with the number. Saying you hit seven figures is an ego move. I have done it myself. If you do a million in revenue with high six figures in expenses, your profit is the same as the guy doing low six figures. You just built a bigger, louder, more stressful version of the same paycheck.
So this one is really about leveling up, which is the whole topic of our mastermind in Denver on November 13th and 14th. I walk through who is speaking, including Jason Marr, who went from zero to seven figures in 18 months when it took me five years, and the panel of gym owners I hand picked because they crossed seven figures with us and their lives actually got better because of it.
I also give away the part of the event I could not wait to share, which is the order these things have to happen in if you want to move fast.
5 Key Takeaways
- The best line I have heard on this came from my friend Nick Peterson. The mistake is confusing more for closer to what you want. Read it twice. The last thing I want is for you to come to an event about getting to seven figures and walk out building a gym that pushes you farther away from the life you actually want.
- A really high margin is often a warning sign, not a trophy. I visited a gym owner doing $60,000 a month with margins that were through the roof. He also had zero employees and was coaching 60 sessions a week. I asked him if he had time to go to the bathroom. If that is what somebody wants, fine. It is not the kind of life I want to help people build, because it ends in burnout and resentment and you miss a huge piece of your own life.
- Clarity, then certainty, then speed. In that order. It is hard to move fast when you are not sure what you should be doing, and it is impossible to be sure what you should be doing if you have no clarity on where you are right now. Most people are further from reality than they think. I asked a gym owner what he weighed and the real number turned out to be 40 pounds higher than what he told me. That is a clarity problem, and it shows up in the business the exact same way.
- The marketing plan that gets you to six figures will not hold seven, and churn is why. A gym with 300 clients at a 2% attrition rate is still losing six people every single month, and 2% is excellent. The bigger you get, the more people you have to replace just to stand still, which means you have to get better at marketing, not just busier.
- Decide on the life first, then price it, then go build the business that pays for it. People ask why I never opened multiple locations. My litmus test has been simple for six years now. Can I be done at 4:00 and take my son to jujitsu? Ten gyms would have made that harder and taken up more of my head than I was willing to give. That is my answer, not yours. Do the work to figure out what yours is.
Click Here to join us in Denver on November 13th and 14th: https://www.vincegabriele.com/events/7-figure-breakthrough/
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