Fitness Business School – Your 20%

Full Transcript

Hey, Pat Rigsby here and in this episode, I wanna talk with you about your 20%. 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 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.

So you’re probably familiar with the Pareto principle, the whole 80/20 rule, right? 20% of your effort will yield 80% of your results. And really, when I developed the concept of creating your ideal business back, gosh, I mean, I launched the business that is centered on that about eight years ago, but probably developed
the concept about 10 years ago. It really centered around that principle, focusing on the 20% of your things in your business and your life that are most important to you, the ones that really bring success and fulfillment and happiness into your life, that allow you to enjoy the, the moment you’re having, and
also create the legacy you want to create.

And, you know, instead of trying to be good at everything and focusing on your, you know, instead of trying to be good at everything, you’re focusing on your areas of strength, the places you have the greatest impact, instead of letting your time be controlled by people that probably just don’t, you know,
they’re not that 20% for you. I don’t wanna say that they’re people that don’t matter a whole lot, but it’s definitely like if you were to sketch it out, you wouldn’t say, well, hey, these people are in the 20% of those people that should have the most impact on how I invest the time in my life. You know, in, instead of letting those people outside, that 20%, you’re investing the most time with your family, your friends, and those clients that you really wanna serve, you’re choosing how you spend your day.

You, you treat it like money. So it’s a spend or an invest rather than just managing, reacting, which frankly, that’s what most business owners do. They, they, it’s almost like returning a serve in tennis, right? They’re not the one controlling where the serves gonna be. They’re not the ones who are kind of
playing offense. They’re just trying to react and get the ball back over the net. And so many business owners are that way. You know, they, they don’t understand that not everything is a priority. Not everything is of equal importance. And, you know, just because somebody has your phone number doesn’t mean they get your time. Just because somebody has your email address or can text you doesn’t mean that you have to be on call and play hot potato and respond to whatever they send. Just because somebody wants you to complete a task or something like that, doesn’t mean that you have to do it.

This idea of quote unquote people pleasing is kind of silly, right? Like, because honestly, somebody says, I’m a people-pleaser, essentially is pleasing themselves. They’re trying to get some validation from some other person that in many cases is not somebody that would fit in their 20. And you know, remember,
you don’t have to be good or even average at everything. There are plenty of other people that are wonderfully talented and skilled and experienced at things that you are not. I mean, I’m recording this podcast and the gentleman sitting across from me, Paul, is skilled at all the things that I’m not when it
comes to producing this podcast. And if we had to rely on me being good at every step of this podcast, as far as the editing and the distribution of it, I can tell you with great certainty that there would be no podcast.

So understand, you don’t have to do all of it. Why not focus on being great at the 20% of the things that allow you to build the business and life that you want? Trying to be all things to all people’s. Pretty exhausting. So whether it’s your business or your personal life, it’s a recipe for mediocrity. It is, you
know, and that’s kind of best case scenario. And frankly, it can be a disaster. At worst. You can be exhausted, you can be burned out. You can let the stress from business really pour into personal. You can let the stress from personal pour into business so better to focus on what you do best, the things
that have the greatest impact and moves you towards the life and the business. You want that 20%. If you do that, man, you’re gonna be so much better off. So how can we do that in a practical sense?

Well, first of all, I would tell you that you need to start by knowing kind of where you want to go. And, and I say kind of where you want to go, knowing that if you are not there, it’s a destination that you’ve yet to arrive at. It’s a hypothesis, right? Like, it is not something that you can be perfectly clear on when
people say, oh, I have this perfect clarity on where I want to be. You don’t know that because you don’t know all the things that it entails. If you say, well, I want to have this wonderful mansion. Well, have you ever thought about the cost of the upkeep of this giant house or the property taxes or any of those
other things? So there are challenges that come with every choice that you’re gonna make. So really what we’re trying to do is start out with this hypothesis of where we want to go.

And it’s as important to us to think about what we want to be a part of it, but also it’s important what we don’t wanna be a part of it. What things would we like to release, discard, remove ourselves from delegate, outsource, eliminate. And that’s kind of the, the destination. If this is a, you know, a pirate’s
treasure map, that’s where the x marks the spot, right? And so now we need a map to get there. And really the simplest way to build a map is to figure out what we’re doing now and start to pair things off, right? Like start to think about, okay, what programs do we currently offer? What, you know, what of
those yield the biggest results? And then some of those, maybe we need to come up with a plan to pair those things off. If, if they’re not in your 20%, and there are probably a few things that you’re doing now, things that might account for 10% of your income, but take up 50% of your time.

And that doesn’t mean you have to discard everything today. I’m not one of those folks that say, just burn the boats and you know, cut off all these things. Fire clients that don’t fit into your 20%. Get rid of programs that don’t fit into it. I’m a realist and you’ve gotta pay the bills. So these are things that we’re
trying to move towards. They’re, they’re offerings that we have that maybe we’re moving away from, but we aren’t immediately eliminating or discarding. Same thing with tasks. Once we figured out programs, let’s think about the task, the things that we spend time on. If you’ve never done a time audit,
you probably should, you should probably just go list things. I would say at minimum hour by hour. But if you want to get really granular, you can get down to 15 minute by 15 minute increments for a week.

If you could go like Monday to Sunday for one week, I understand that feels tedious. But if you did it for one week, you would be amazed at how many things probably are not the best uses of your time. They’re probably not the things that are giving you fulfillment, they’re giving you joy, they’re bringing
you closer to the goals that you want to achieve. So then we wanna look at the things that fall outside of that 20% and say, okay, can I, you know, am I the only one who can do this? And if not, is this something I should delegate? Is this something that I can automate or at least streamline so I’m spending less time
doing it? Maybe that’s batching it. Maybe that’s creating a system to do it, or templates or something like that. Or is it something that I can eliminate?

Because ultimately, if you pair this down, you’re gonna find your effective hourly rate goes up. And then, you know, effective hourly rate is kind of a term that I’ve talked about in other podcasts I’ve talked about with coaching clients. It, it’s not unique to me, it’s something I’ve learned from other
people. But there’s probably an effective fulfillment rate too. You know, there, there’s probably where something where maybe it’s not a financial win for you, but you’re doing so many things positively that your effective hourly rate goes up, that maybe you delegate some of these other things. Good example
for me yesterday yesterday afternoon, 5:30 you know, I’m wrapped up with work and I am running a baseball practice while simultaneously landscapers are here doing some cleanup and laying some mulch and that sort of stuff.

Well, certainly I’ve done landscaping before. There were plenty of years that I mowed big baseball fields is just part of the thing, right? Like part of what I had to do consistently. And you know, but right now, if I had to choose, my fulfillment was going to come my, the, the higher amount of fulfillment and joy for
that hour was gonna come from coaching the, the youth baseball team versus doing the landscaping. And so, you know, what we’re trying to do is pair off things, delegate, outsource, but to do that, a lot of times there, there’s the financial cost, right? Like, so we’re trying to create more value for the hours we
are working so that if we want to hand off some tasks that are non-work hours and buy back some of our time, that becomes much, much easier. And then it just comes down to taking control of your time.

Once you know the programs, once you know the tasks, the way you’re spending your time, then it comes down to being proactive. It comes down to playing offense and saying, okay, you know what? This is what my week’s gonna look like. This is what my day is gonna look like. These are the obligations I
already have. These are the things that are priorities to me that I wanna move forward on. And sure if other things come up, I can consider them as long as it’s not at the expense of the things that I’ve already deemed important to me. So that doesn’t mean that if somebody pops in and says, Hey, can you
do me a favor? Can you pick up my kick? Can you do this? Can you do that? Doesn’t mean you can’t do those things. It means that you shouldn’t always sacrifice your own goals, your own pursuits, your own desires to appease other people.

So that’s it. The, the 20%, the 80/20 rule, the Pareto principle, however you’d like to term it, that really is at the foundation of you being able to finally be in a place where you have your ideal business, where you love what you do, where you’re compensated well for what you do, where you’re having the impact
with the people that you want. Not just clients, but people, the clients, but family with friends. You can do all of those things, but you’re gonna have to probably forego some of these other things that wouldn’t fall into your 20%. Do that. You’ll have your ideal business.

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

Before you go, I’ve got a quick announcement. When I first connect with fitness business owners, they almost always ask me how I can get more clients and make more money. Well, I’ve got an exclusive offer for you and it’s gonna help you do just that.

And as a listener of this show, I would love to invite you to a conversation where you and I can talk about our new program, the Business Growth Sprint.

The Business Growth Sprint is a one-of-a-kind program where you get everything you need.

We actually work with you one-on-one, unlimited, one-on-one coaching and support.

We design a marketing plan for you.

We give you assets to execute the plan.

It’s unmatched in our industry between the level of coaching, the frequency of accountability, the simple step-by-step nature and the completeness of how it’s gonna guide you to making more money and improving your personal income fast.

Imagine having every tool, template, ad, and script that you need all ready-to-use. Plus you’re going to get one-on-one access with me and the other coaches on my team to make sure that everything from your business growth plan to your marketing and sales system is done, turnkey, ready to go.

And what’s great is there is zero risk. We guarantee that you are going to add at least $4,000 a month in recurring revenue, or $20,000 a month cash collected as part of this program in just four months.

So if you are interested, if you’d like to discuss and see if this is a fit, just shoot me an email at [email protected] and put Sprint in the subject line and I’ll get you all the details.