So last night I went to see The Big Short at the flicks. I wanted to see the new Rocky movie but because I spent most of the weekend either playing football or watching it, I let Mrs Liam choose the film.
And in the words of the old knight from Indiana Jones She “Chose Well”
Fitness business lessons everywhere in this “based on actual events” movie.
Here is the low down
About 10 years ago the system around the housing market collapsed in most of the big western economies.
Basically house prices kept going up and up and people kept borrowing money against the rising house prices, so in order to keep making money from the market the big banks started lending to people who couldn't really afford to pay.
They called this the sub prime and it was basically like giving loans to unemployed people.
It's a bit like personal trainers deciding to sell Juice Plus or herbalstrife.
Happy to sell without really knowing what they are doing to their clients.
(I will probably get some hate mail for that one!).
So anyway it was like a giant roller-coaster and everyone was in it in a big way, except for a few ultra clever investors in the states.
While every one else was betting on these mortgages, they could see what was really happening and basically bet against them.
Their eventual return on investment was over 20-1.
Every million they invested the made 20 million back when the housing market crashed.
Everyone else said they were crazy, but they were dead right in the end.
So my friend, how can you use this in your fitness business?
Basically do the opposite of whatever everyone else is doing.
- When they zig, then you zag.
- When they sell by the hour or class, you sell packages.
- When they discount, you put your prices up.
- When they spend their time on social media trying to get “free clients”, you quietly invest in paid traffic and free up your time.
- When they email their list once a week, you email them 5 times a week.
- When they get their kid brother or some snotty web designer to build them a web site, you invest in a kick ass one that's designed to convert into paying clients not just sit there and look good.
“Whenever you find yourself on the side of the majority, its time to reform”
Wise words from Mark Twain
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