Table of Contents
🙌 Asks
✍🏻 Thoughts
👍 Highlights
- We‘ve been open for 18 months (1.5 years) and have been consistently growing our session count and trainer + physical therapist count every month. We’re starting to see the true seasonality of the business with December, early summer, and September being the slowest months. There is a direct correlation between typical “vacation time” for wealthier individuals and lower session count at Maverick.
- % Session Growth From 2023 to 2024
- We have 35 paying physical therapist and personal trainers. 19 of these 35 trainers were training in the facility last week.
- Our retention has been excellent. We still haven’t lost one regularly active customer and our best customers are growing inside our facility.
- $930K+ in end customer revenue over the past 18 months since we’ve been open (6,200 sessions)
- Our name within professional sports (NBA, NFL, MLB) grew significantly this summer as we’re having professional trainers refer each other to our gym while their athletes are in LA for the offseason. See list of pro athletes using the facility HERE.
📚 Learnings
- We switched up our pricing by adding a “monthly unlimited” option, and sold two subscribers at $1,750 / month (one existing customer switched from buying packages and the other is a new customer). We’re working to attract more unlimited customers.
- All of our new customers continue to come via word of mouth. Click here to read our thought tagged below regarding how indirection plays a role in sales.
- We outsourced cleaning the facility (Michael is no longer doing it!). We hired an independent contractor, Joel, who comes for 1-2 hours per evening, 6 days/week for $30/hour. The best is that the facility is cleaner and, as a result, our customers are happier than ever.
- We’ve collected 18 months of data showing the following metrics. We’re using this data to improve the efficiency of our operations:
- Which days of the week are we the busiest/slowest
- Which hours of the day + day of the week are we the busiest/slowest
- Which months have the most sessions
- Which trainers are the busiest and at which days/times
- Which packages/pricing options are customers most likely to purchase
- The amount of float we should projected into the future (amount of sessions paid for but not used vs. the amount of sessions paid for and used)
- California is the number one state in biggest need of more PTs (read more HERE)
- There are some big companies in the PT space, like U.S. Physical Therapy with 687 locations, that are buying up smaller PT practices (read more HERE).
- The physical therapy market is expected to grow to $35.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.2% (read more HERE).
🏃 Next Moves
- Offer more services to our customers. We’ve just launched a graphic design service that has our customers excited (ex: logos). See HERE.
- Push to achieve break-even and helping our existing busy customers scale.
- Our locations are at break-even with ~180 sessions/week (ex: 5 customers training 5 clients each or 3 customers training ~8 clients each), and we can achieve 30% EBITDA with 40 sessions/day.
- Reminder: we currently have 19 active members (active = using facility on a weekly basis). This means we get to break-even our 19 members averaged ~9 sessions/week (or <2 sessions per day if they worked 5 days/week).
🙌 Asks
- Warm intros to professional physical therapists, athletic trainers, professional sports strength trainers, performance specialists, and personal trainers.
- Heads up on any game-changing pieces of equipment that we should be looking at.
- Warm intros to doctors that could give client referrals to our DPTs and PTs (orthopedics, internists, physicians, psychiatrists, etc.).
- Warm intros to any sports agencies.
- Connections to professors at any local Los Angeles physical therapy doctorate programs.
🙏 Gratitude
- Our customers – Kris, Lauren, Ralph, Mariel, Alison, Victoria, Hunter, Alex, Malachi, Julia, Jamaar, Anthony, Bill, Morgan, Cristiano, Bill, Melissa, Nick, Noah, Everdina, Jason, Ty, Al, John, Katie, Rory, Brandon, Adrianne, Cory, Andrew, Jas, Lucas, Yoby, Arby – we’re building this business for YOU – thank you for trust and partnership!!
- Steve LePore for giving constant encouragement and advice.
- Jim at The SageHouse for our weekly calls and your constant wisdom.
- Watt Bike team (especially Thomson Remo) for hosting the incredible workshops at Maverick
- Keiser team (especially Gary Klein + Gabe Derman) for hosting the incredible workshop at Maverick.
✍🏻 Thoughts
Back pain? Bum knee? Be prepared to wait for a physical therapistIndirection —> SalesWe appreciate your support. Please reach out via text, call, or email if you want to discuss further.
Michael & Christian
818.577.0592