Fitness Business School – Building Wealth

Full Transcript

Hey, Pat Rigsby here and in this episode I wanna talk with you about building wealth. Let’s get started.

Welcome to the Fitness Business School podcast, the show for fitness business owners who want to grow their income, increase their impact and improve their lifestyle. Be sure to listen till the end of this episode because we have a brand new special offer exclusive for listeners. So
stay tuned.

After being in the fitness industry for about 20 years and really kind of being in all corners of the training side of the fitness industry. I mean, neck deep, right? Like I’ve been involved as a franchisor. I’ve been a single location owner, a multi-location owner. I’ve coed many of the most successful training business
owners in, not only in North America, but in the world. I’ve spoken at all the big industry events.

I mean, I’ve been around pretty much everybody. The, the interesting thing that I notice between that and when I’m around other industries that have a bunch of business owners that might be somewhat comparable in the scope of what they do the biggest difference that I hear really above
anything else is in the fitness industry. We talk about Hey, let’s get new clients, or let’s get revenue. And that’s kind of like the, the end of the road. Whereas in a lot of places, they talk about building wealth, right? They talk about, okay, how can I turn this now activity into not only a little bit of now
cash, but how can I build wealth over time? Now, I’m going to say that there are countless people out there who can talk about this in other ways that are infinitely smarter than me. There are people who can talk about building wealth from a, an investing standpoint.

There are people about talking about building wealth from a real estate standpoint. There are plenty of people who are great at all this stuff, but I would tell you as somebody who had plenty of money, hangups, getting into like, coming into this industry, had a bad credit score, had no real background,
nobody ever talking to me about building wealth, it wasn’t the environment that I grew up in. Nobody else was around that like we weren’t a family that took vacations, let alone thought about building wealth. I’ve come to understand a lot about it and over time, develop a significant degree of, of wealth especially com compared to where I started relative to the average person. And in my mind, this has centered around really just doing a lot of simple, repeatable things, will creating more leverage while in incorporating more people to, to help me while scaling, to serve more people.

And if we think about this, I mean, making money is really about solving a bigger problem or solving a problem for more people anyway. But I think that so many people get stuck. They get stuck in their own way because they’re unwilling to become better at navigating the people side of things they don’t ever look for, for scale and leverage by learning how to create systems. They don’t get good at hiring and developing talent. They don’t get good at leading
people. They don’t get good at working with, with a team. They don’t like, they just tolerate marketing. But man, if, if you’re unable or unwilling to invest in people and to scale your reach for the number of people you serve, building wealth becomes a much, much tougher game, right?

Like, it is a much, much tougher avenue. Yeah, I mean, you can be like, the stories we hear about the man, the janitor who over investing for 50 years built some wealth by making some, some sound investments. They bought Apple when it was pennies or whatever, right? But if we’re talking about doing that without catching lightning in a bottle, in my opinion, and again, this isn’t talking about the tactics that you choose. Somebody like Doug Spurling is incredible at real estate. I’ve seen people build wealth by creating software companies and exiting and supplement companies and exiting or whatever else. But if you think about that, that still becomes a systems and a people game. That’s a very much a how do we create systems that allow us to, to reach a bunch of people to
make this thing more valuable.

So if you want to build wealth, I would tell you that one of the smartest things that you can do is figure out how to attract more people into your ecosystem that you can help solve their problems and reach their goals, and then get better at leading people, better at sourcing talent. And
understanding that what worked 15 years ago when it comes to that is completely irrelevant today, right? Like all the, the management books that you read from the nineties or something like that, man, they’re, they’re antiques at this point because today’s hiring landscape is dramatically different. The
people that are in the job market are different today, and you’ve gotta be willing to, to understand them and meet them where they are, you’ve gotta be really somebody who cares about talent acquisition and talent development and system creation to create this atmosphere where you can repeatably bring
people in and they can serve the people that, that you want to reach.

Now I’ve written a book on culture. I’ve led people from every stage of existence from like, you know, little youth sports teams to inc 5,000 winners and two franchise entrepreneur, franchise, 500 companies, all of which won awards for either the client satisfaction or employee satisfaction. I’m telling you this from my own experience, like everything that if I trace back any sort of actual wealth that I’ve created, it’s all stemmed from trying to figure out how
to better solve problems for the audience that I served, or how to bring in more people and create an environment where it was a win for the person joining my team. And it was a win for my business as a whole through creating something where they could go out there and create more reach for me, more
leverage for me if I could get more people into the ecosystem.

But in turn, they were gonna have a, a role and some responsibilities that they enjoyed, and they were gonna be compensated very fairly for doing the work that they did. Now if you go and type in wealth on Amazon, it’s gonna shoot up a bunch of books that are all gonna talk about either investing in
the stock market or investing in real estate. And those are, are, are tools or, or vehicles, I guess is a better way to put it, to take the money that you generate. But man, building wealth is a lot easier if you’re generating five times as much revenue, 10 times as much revenue because you’ve created
revenue through this ability to serve people and successfully hire and employ people. Because if you don’t man, all your bets have to win. Whereas if you have more cash flow, if you have more ability, like you can take more swings and misses and still be successful, if you’ve figured out the people part of
this, I don’t know anybody who’s really good at the people side of leadership in business that are not successful in their field, but I know plenty of people who are great at the tactician side that are experts in their subject matter that are broke.

So if you want to create wealth, the simplest thing that you can do is spend as much time investing in being better with people as you do in all the other stuff that you study, whether it’s business tactics or training tactics or whatever other tactics are relevant to you. Spend more time learning people and
watch your wealth grow.

Thanks for listening to this episode of The Fitness Business School.

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