Fitness Business School – Getting the Highest ROI

Full Transcript

Hey, Pat Rigsby here and in this episode, I want to talk with you about how you should invest to get the best possible return. 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 end 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.

Just the other day. I saw this really interesting article where they took some quotes from Warren Buffet on his thoughts about how you should navigate inflation, how you should you know, really not let inflation get the best of you as an investor, as a business owner, whatever else. And his answer was invest in yourself. If you are the best at what you do, there will always be a market for what you have to offer. And as with most things there, you know, if you grab somebody’s sound bite, if you use just a couple sentences to kind of encapsulate their way of thinking you, you, you definitely are leaving out some of the context, some of the gray area, but I do think there’s a great deal of truth there you don’t ever really see, like when we, when we face any sort of, kind of challenging circumstance, whether it was 2008, 2009, and the economic downturn, whether it was the pandemic you know, now we’re dealing with some inflation.

You don’t ever see the best business in a respective market. Go under file bankruptcy, stop operating, right? You, you see the people who are at the kind of lower end of the spectrum, or even some of the ones in the middle, because maybe they were good at some things, but this really exposed the stuff that they weren’t good at, but you don’t ever see that best business in its respective category fail, even in challenging circumstances. Now, what what’s fun about this is an investment in you probably like we talk about the goal with so many things is to compound, but an investment in you is most likely the, the investment that is going to yield the greatest possible compound, because like let’s say that you learn to become a better marketer, so to speak well, from that point forward for the rest of your days, you will have those skills, you will have that knowledge. And so every bit of marketing work that you do from that day forward becomes more effective. You’re going to multiply this. I mean, think about if you were spending, you know, let, let’s say five hours in a week marketing, and it was yielding you one new client and you improved your skill level.

And now you got to the point where those same five hours could yield two clients over the course of the year. You think about double the number of clients over the course of the decade, double the number of clients. And it, it just becomes so, so obvious that the best investment that we’re gonna be able to make is to invest in ourselves to be a better practitioner, a better business operator, a better marketer improve just our, our own personal development to, to maybe you know, be more productive, be a better leader, be a better manager. You know, it, it, it is very much true that success really begins by being an inside job now. Sure. That doesn’t mean this should be the only investing that we do. And I am not a financial professional.

I am not gonna give you investment advice, but I know for me, if I look back historically, the investments that I’ve made that have paid off the biggest have been the ones where I have learned new skills. And, you know, if you stepped in my office, now you would see that I’m surrounded by books. You could go downstairs and see tons of books. This doesn’t mean that every investment needs to be some three, five, $10,000 commitment on your part, but it is an investment of some, some time and effort and probably a financial commitment to become better at something. Now this may mean, Hey, how do I become the best practitioner in my area for a specific market. This may mean how do I become better at mastering one specific marketing channel may mean, how do I become better at selling? How do I become better at leading in my business, operating my business as a whole? How do I become better at time management? All of these things are going to offer this wonderful opportunity for you to, to compound all the efforts that you’re making, all the results they produce over time. Now in a small service business, if your business is it all like mine, is it all like the clients that I typically serve? You have a small service business that is usually not always, but usually more valuable as a cash flow tool than a cash out tool.

And what I mean by that is a cash flow tool is you can generate revenue to pay yourself, to create money that you can invest in wealth building assets, whether we’re talking about financial tools like stocks or index funds or whatever else whether it’s in real estate, whether it’s in other businesses, but that money that you make during the lifespan of your business, usually almost always is going to greatly exceed what you could build to just cash out at the end and sell your business for, if you are a small service business. Now, ideally in a perfect world, we do both right. We build wealth along the way, and we create a business that is systematic, that doesn’t rely entirely on us for every facet of its operation, so that it is at its highest value as a sellable asset when we do decide to sell. But that all begins, at least in my opinion, by investing in you, if you invest in becoming better at what you do, and that doesn’t just mean delivering a workout, that means every facet of your responsibility is a business owner. If you become better at that, then this little engine that is creating this cash flow, and eventually, hopefully something that you can cash out with. It becomes stronger. It produces more today. It produces more next week, next month, next year.

And so now you have more to work with, and frankly, it’s probably going to be something because you are in control of it. That gives you a lot more leverage. I love the idea of me investing in things that I have more control over, whether it be a business that I start and I’m just throwing some seed money into that where I can, you know, generate a return that way or a business that may be somebody else owns that I can invest in that I can influence more. I can add knowledge, talent, skill, or even clients or customers to. Now I can influence that outcome more and have more direct impact on it, producing the way that I want. So big takeaway kind of wrapping this all up. If you are worried about inflation, or if you’re trying to even just think about where do I get my best bang for the bang for the buck, for the, the money that I am gonna invest, I would tell you the first place to start is in investing in yourself. If you do that well, if you leverage that sort of investment and take it with the seriousness that I think that you need to, because you are that most valuable asset, you’re Gonna be able to create more that you can invest in all these other wealth building vehicles. You’re gonna be able to build a better business, and frankly, you’re gonna be able to make a lot more money for that initial investment you make.

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