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Running a CrossFit Facility Tips and guidance on how to open and operate a CrossFit gym.

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Old 07-16-2012, 04:45 AM   #11
Brian Strump
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Re: An idea like Crossfit New England-loans for membership

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Originally Posted by Gus Baldwin View Post
Was that to me John? If it was, there isnt one!

We sit down "one on one" over a long black and explain the opportunity they are being given and then leave it at that.

Its up to them to decide to go ahead with it. No pressure or sales spin, just the cold hard facts and the rewards and satisfaction they will get from being a key part of our community.

Remember, its not about the money! Its the features, benefits and feeling they will receive. The money is irrelevant!

Cheers

Gus

The money is irrelevant when it's not yours. Put yourself in the potential members shoes, who may know jack about CF. In 99% of the cases, until they learn more about what you provide, and trust you; THEIR money is very relevant.
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Old 07-16-2012, 05:26 AM   #12
Gus Baldwin
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Re: An idea like Crossfit New England-loans for membership

Hi John

Fair enough. Although they could be contracted to a Globo Gym and never step foot in it and still end up forking out a grand of their own money, never meeting any one and still be over weight.

Or they can develop great friendships with motivated individuals and get fit at the same time.

Oh

And be trained by two awesome trainers with 20 years Pt'ing experiance and a former elite sportsman.

That's an easy call for anyone - no matter if it is CF or PTing.

In Short "If you dont beleive in what your doing - Dont do it!"

Ps Love your website.

Cheers

Gus
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Old 07-16-2012, 03:59 PM   #13
Zack Quilici
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Re: An idea like Crossfit New England-loans for membership

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Originally Posted by John Swanson View Post
Any chance you can post the link. I would like to watch the video and can't find it. Thanks.
here you go partna

https://www.youtube.com/watch?v=Ap-e...layer_embedded
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Old 07-16-2012, 04:03 PM   #14
Zack Quilici
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Re: An idea like Crossfit New England-loans for membership

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Originally Posted by Brian Strump View Post
The money is irrelevant when it's not yours. Put yourself in the potential members shoes, who may know jack about CF. In 99% of the cases, until they learn more about what you provide, and trust you; THEIR money is very relevant.
yea hopefully they trust me haha!

but ben at cross fit new england acquired 80k$ for his starting money which i only need 10k$ so hopefully can get that easier and do t-shirts as well
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Old 07-16-2012, 05:32 PM   #15
Brian Strump
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Re: An idea like Crossfit New England-loans for membership

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yea hopefully they trust me haha!

but ben at cross fit new england acquired 80k$ for his starting money which i only need 10k$ so hopefully can get that easier and do t-shirts as well
That's great, and sounds nice, until you realize that the money wasn't "given" to you.

Also, consider the amount of wealth in Mass, vs. Reno.
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Old 07-16-2012, 05:59 PM   #16
Zack Quilici
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Re: An idea like Crossfit New England-loans for membership

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That's great, and sounds nice, until you realize that the money wasn't "given" to you.

Also, consider the amount of wealth in Mass, vs. Reno.
So maybe stick to the upfront memberships and not the loans?
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Old 07-16-2012, 09:35 PM   #17
John Swanson
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Re: An idea like Crossfit New England-loans for membership

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yea hopefully they trust me haha!

but ben at cross fit new england acquired 80k$ for his starting money which i only need 10k$ so hopefully can get that easier and do t-shirts as well
I started with a $9,000.00 loan. Paid it off in 1 year and now we will only buy equipment in cash. Since opening we have spent well over 40k on equipment all through Rogue and Rage. Our members know exactly what their dollar is getting put towards.
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Old 07-16-2012, 10:00 PM   #18
Gus Baldwin
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Re: An idea like Crossfit New England-loans for membership

Good Call John.

2 points to pick up on: 1. full disclosure to your investors and 2. Only buy quality products, so they feel that they are getting true value for money.

On the second point involve them in the purchase and pickup. Everyone likes a road trip with a pot of gold at the end of the trip.

Cheers

Gus
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Old 07-17-2012, 05:12 AM   #19
Brian Strump
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Re: An idea like Crossfit New England-loans for membership

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So maybe stick to the upfront memberships and not the loans?
I don't think there's one "way" to get started. People just need to remember that loans need to get paid back, or your business fails.

We started with $5,200 in the business checking account, and I spent $8700 total on business credit cards for equipment. I did have enough savings to keep me afloat for roughly 8 months, but I did not need to use any of that.
We started with 15 paying members.
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Old 07-17-2012, 11:18 AM   #20
Kevin Mueller
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Re: An idea like Crossfit New England-loans for membership

Another thing to keep in mind is that even though you may think of them as loans from family and friends, your state may think of them as securities that you have sold to investors without registering at the state securities commission. Many states have exemptions from registration requirements (i.e., only offering to 10 people in a rolling 12 month period or dollar amount limits). Check with a local attorney to make sure you either fit into one of the exemptions, or that you've filed everything you need to BEFORE taking any money. Many states allow the investor rescission rights, meaning the investor can demand their entire investment back based on a seemingly minor technical violation.

And when it comes to money and the prospect of losing it, there are no such things as family or friends. The most volatile client disputes I deal tend to involve family and (ex) friends.

Good luck!

KMM
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