After Being Laid Off Twice in 2 Years, He Realized He Could ‘Be Brave,’ or ‘Fail to Attain My Potential.’ Now His Business Makes Over $1 Million a Month.

When Josh Grinstead acquired laid off for the second time, at 41, he knew he was at a crossroads: “Both keep on the treadmill, be sad, and fail to realize my potential,” he says, “or be courageous sufficient to take that mid-career threat.”

Till then, he’d labored in senior administration at numerous faculties. However on aptitude assessments, he’d at all times scored excessive for entrepreneurial instincts. As a longtime health fanatic, private coaching providers appealed to him — so in 2015, Grinstead purchased three GYMGUYZ territories (GYMGUYZ is a useful acronym for Get You Motivated, Real, Distinctive, You are able to do it, Zero Excuses). In the present day, he owns eight of them in New Jersey and New York. His annual income tops $1 million, he is first in gross sales amongst GYMGUYZ franchisees in 22 states, and final 12 months, the Worldwide Franchise Affiliation named him a Franchisee of the 12 months.

Associated: She Competed On The U.S. Olympic Swim Team Before Becoming This Brand’s Top Franchisee. Here’s Her Winning Business Strategy.

Here is how he made it occur.

1. Have additional startup capital.

“It doesn’t matter what [the franchisor] tells you about capital, go 20% larger,” Grinstead says. “You by no means know what you will want. You may need to spend extra on marketing. You may need to spend extra on gear. You need that flexibility.” And if you’re selecting what to spend on, he says, discover a mentor to seek the advice of with. “If you happen to’re making choices, you will really feel higher about them.”

2. Maintain advertising and marketing companions accountable.

All entrepreneurs have concepts, however not all ship. “They are saying, ‘Oops, you did not get a sale from that $5,000 unfold within the journal? Effectively, good luck,'” Grinstead says. That is why he prefers preparations that reward success. “Possibly you pay them this a lot for the fundamentals, but when they attain a measurable consequence, you will purchase a further quantity of adverts.”

3. Be taught as you go.

Many franchisees attempt to turn out to be specialists at every part — however that is unimaginable, Grinstead says. For instance, he hates accounting. “I be taught sufficient to get by, to verify we’re not getting robbed blind,” after which he hires people who find themselves good at it, and commits to studying and bettering alongside the best way. “In fact,” he says, “if in case you have the suitable mindset for this, you are by no means there.”

Associated: He Used To Train Horses. Now His Business Does $11 Million In Annual Revenue.

BONUS TIP

Wish to Succeed? Improve Your Urgency! What makes Grinstead so profitable? GYMGUYZ has a solution: It is momentum. “He strikes sooner. He talks sooner. He would not complain. He would not make excuses,” says GYMGUYZ founder Josh York. And that very same power retains Grinstead pushing by means of robust instances. “Simply since you’re shopping for a franchise doesn’t suggest it is going to be straightforward,” York says. “You have to push by means of these challenges. That is what pays nicely.”