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Coronavirus Response: May 20

A purple and pink graphic image of the coronavirus with the words "daily brief."

Daily Update

 

Yesterday, three separate gym owners called me to ask, “How do I sell my gym?”

Here’s my advice, in a nutshell:

1. Perform a valuation (find a template in our “How to Sell Your Gym” guide).

2. In most cases, it’s best to wait until your business is back to normal.

3. Make the gym as profitable as possible to maximize its value before you sell.

4. If you sell to a coach, don’t finance the loan for them.

The rest is in the “How to Sell Your Gym” guide.

I really wish this wasn’t happening, but in all three cases, I know the gym owner will be back in the industry eventually. As an entrepreneur, closing a business doesn’t mean failure; it just means, “On to the next!”

If you’re tempted to sell your gym but not 100 percent sure, then don’t sell. You’re almost on the other side of this thing, and you’re going to have a great rebound. Data from gym owners who have reopened looks very promising for growth.

 

Today’s Tactic

 

This week, Chris Cooper is going to give you daily writing prompts. Use them to create content.

You can write a blog post or film a video. Then share the link on your amplifiers (social media). Remember: Your number one goal on social media is to get people off social media and onto your website.

Two-Brain clients: Download your step-by-step social media playbook from the Roadmap: Audience Building, Milestone 2.

Today’s Prompt—“I know I should lift weights, but I don’t want to bulk up.”

 

Key Resource

 

Chris Cooper: “Be Expensive or Be Free: Sharing Information”

 

Click here to visit and bookmark our COVID resources page.

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