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)
📚 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