Fitness Business School – First Step to Building Wealth

Full Transcript

Hey Pat Rigsby here and in today’s episode, I want to talk with you about the first step in building wealth as a fitness business owner, let’s get to it.

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 to the end of this episode because we have a brand new special offer exclusive for listeners. So stay tuned.

This is a fun topic for me because I spend a lot of time on tactical things and philosophical things when it comes to business, but I know a lot of the people who I engage with a lot of people who join our email list and make their way into the email community or the online community that, that I’ve created for fitness business owners or early intermediate stage business owners.

But I know Doug Spurling and I are in the midst of launching a private podcast called The Wealthy Fitness Entrepreneur that is. About that next step as a business owner and going from, Hey, I just want to be successful and profitable and have a healthy business to actually building wealth and growing and moving the business forward.

So it’s for people that are at that intermediate to advanced or even fully advanced stage of business ownership. And they’ve got a strong foundation in place, but. To bridge that I wanted to spend a few minutes talking during an episode on what I consider the first step in building wealth as a business owner.

The reality is that there, there are any number of ways to get wealthy. And I am. I’m certainly not an expert in the full spectrum of those things, but I do know that the more personal income you can create, the better off you’re going to be because let’s face it. The like business ownership, the stock market, cryptocurrencies, all the things that people invest in, they’re up and down, right?

As I record this, the real estate market definitely is not what it was 3 years ago when interest rates were completely different. The stock market is going through a bit of a roller coaster during the last. Five years in cryptocurrencies and that sort of stuff. They’ve done the same. And I think that most of the vehicles that people would invest in to build wealth, if you zoom out and have a longer time horizon, think about it that way.

Most of them don’t look exactly like they look in the moment, but seeing so many business owners that get emotional if they have two slow days in a row, the, all these wealth building vehicles they have a little bit of that same element as far as the rollercoaster nature of them. So why then does creating more personal income serve as the most important or the first variable in building wealth?

It’s not timing the market. It’s not, Hey, I got to buy real estate when interest rates are low. It’s all those things, depending on the path you choose. And we’ll spend a lot of time on that in Doug and I’s private podcast. All those things have their place, but the first domino in all of this is having more personal income because first it gives you more margin for error on your investing, right?

It gives you the opportunity to. Invest and not have to be perfect, not have to thread the needle and everything go your way in order for you to be successful. And by having that knowing that, Hey, if this investment isn’t a home run, I’m not gonna lose my shirt. I’m not gonna, I’m not going to be broke. It gives you more peace of mind.

And frankly, so much about business ownership. When you’re trying to create your ideal business is having peace of mind, not being a train wreck when you have a bad month or something like that, but it also allows you to diversify. You have more money to, to invest in. You can invest in. You can invest in like an online second, a virtual second location as a vehicle.

You can invest in real estate. You can invest in stocks. It’s not, Hey, I only have enough money to do one. It allows you to have a longer time horizon to get your return on investment because you have. More income. Now you have more cashflow available. So you’re not having to get a quick return to just pay the bills or pay for college or pay for the next house that you want to move into or whatever else.

And having that income allows you to think strategically. So many business owners in that really early stage of business ownership act with desperation, right? They are almost always reactive and being desperate and you don’t get wealthy. Through acting in desperation, right? That doesn’t mean that you can’t get wealthy with urgency, but desperation is not clear headed, strategic thinking and creating more incomes within your control.

You may not always feel that way, but. You have the ability to go out there and sell more of your services. You have the ability to change your prices. You don’t have the ability to make sure that Apple stock goes up this month. And having that sort of sense of control does a lot. It gives you peace of mind.

It’s something that you can move the needle on today. And. For me, that means a lot. Now, I will also say that increasing your income allows you to invest in you and even investors. The magnitude of somebody like Warren Buffett says the best investment you can make is investing in yourself because it, it makes everything that you do better if you go learn a new skill every time you use it for the rest of your life, that’s a return on that investment, right?

If you, and this seems like a simple way to think about this. If you go become a better reader, like you take a course on improving your reading skills, you’ve. Now either read faster or retain more for the remainder of your life. You get better at sales. You get better at marketing. These are skills that are going to.

Multiply over time, right? If you want to build wealth, don’t start by thinking about what’s the best investment vehicle. What’s the, do I need to master real estate? Do I need to master the stock market? That what you need to do is master how you can increase your own income. And then it gives you more options.

It gives you some flexibility. It gives you some security and peace of mind so you can make good decisions and not make desperate kind of panic based decisions. And yeah, and I’ll leave you with this. If you are at that kind of. Intermediate to advanced stage, or maybe a fully advanced stage. If your business is already doing 20, 000 a month and you feel like, okay, I want to make that next shift in my business ownership.

I want to build wealth. I want to scale. I want to add other income streams. I want to think about maybe even. Adding wealth building vehicles that are outside the fitness industry. Shoot me an email at [email protected] and I can invite you to our private podcast because we don’t really want to muddy the waters with everybody listening to that podcast and focusing on things that are not entirely about improving your income.

Now we want, that’s more of what this podcast is about. What do you need to do now to build a great business? And then once you have a great business. Then the sky’s the limit as to what you can use that business for in your life to move you towards whatever your goals are.

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

Before you go, I have a quick announcement:

One of of the things that we’ve been doing with our current clients is taking them through this Ideal Business diagnostic and really what it is, this checklist that allows you to pinpoint exactly what your business needs next so you can keep improving, keep growing, and build a business that you love to own, one that pays you well, one that allows you to have the impact you wanna have and one that allows you to have a lifestyle that you truly enjoy.

In this diagnostic, we walk through everything and we do an evaluation and can instantly pinpoint what you need to do next to build that business that you want. I’m going to extend this opportunity to get on with either me or my team and take you through this evaluation and fix your business’s most vital needs fast.

So if we take you through this, you’re gonna be able to make those vital changes that you need to finally have what I call your Ideal Business. If you’d be interested in going through this entirely free, risk-free diagnostic with us and learn what you already have in place, what you’re doing well and where are your greatest opportunities for rapid improvement are just shoot me an email with diagnostic in the subject line to [email protected].

Again, an email to [email protected] with diagnostic in the subject line will get
you scheduled and take you through this evaluation to help you build the business you want.