a million dollar idea

Quoted from the great book 'The One Minute Millionaire' by Robert Allen and Mark Victor Hansen a new millionaire is developed every hour in the US. In Australia we have 190,000 millionaires (Smart Company Report) and New Zealand has 22,000 (Reader's Digest). The US leads the world in terms of most millionaires with 4.9 million, followed by Japan, Britain, Germany and China. Only 3% of millionaires come from winning money by gambling, with the majority, 56% generating their million from business.

It had me thinking about the health and fitness industry and more specifically about PT's, studio owners and gyms. What do the million dollar businesses have in common? Here is the answer.

a great leader

Making money is only one element to being successful. Being a great leader is also a key function. We hear so much about leadership, but what is it? I heard it best described as doing what is right and taking on responsibility in every part of life. The key eight categories are business, health, family, relationships, friends, wealth, community and charity. Consider how you score in these areas.

business model

As the earlier statistics pointed out, it is no good buying a lottery ticket. Chances are very low in hoping it will happen. You need to be in business and you need to have a model that supports a million dollars in revenue. The traditional PT model is dead, your own studio model will leave you working big hours, look to a proven model and avoid reinventing the wheel. Buying an existing business model or paying for qualified advice is required. Consider your track record and if your results are not there do something different.

leverage

There are only two things you need to leverage in business. One is time and the other is money. The only way to leverage time is to develop systems and invest in a team. To leverage your money you need a profitable business. In fact you need to establish a net profit of at least 15% to make the business journey worthwhile. Unsure of net profit then click here to read more.

persistence

Millionaire status does not occur overnight. Generally it is a build up of personal development, confidence and associating with the right people. It is persistence, the ability to get up everyday and give it your best shot that will get you there. If it took you ten years with a proven model would you do it? What about fast tracking on the back of someone elses' knowledge and know how. Smart persistence is a well considered approach to the million dollar goal.

clarity

Understanding who you are and where you're headed seems to be something that has been lost in the busy-ness of life. We recently asked twenty or so 6 figure trainers where will you be in two years of business. Only two could announce their plan. Clarity around where you're headed and how it looks in a few years is something you need to establish now. It's like the artist has an image of the masterpiece well before he puts brush to canvas. With a clear image he can go about his work to complete the masterpiece.

income streams

You need to diversify or die if you want wealth. There has never been a greater opportunity to make money in a range of different forms. If you are unsure of how to diversify in the health and fitness industry go to our 17 income streams for an overview.