Row. Ski. Run. Bike. Climb?
A 2017 prediction of mine is finally catching momentum and maybe headed to your microgym in the not-so-distant future.
We’ll be taking a few weeks off for the holidays.
And I hope that most of you can selfishly dial out of your typical responsibilities this holiday season too.
The last WTF Weekly issue in 2021 will drop next Monday and start back up again on January 3rd.
See how easy that was? I just told you that I was taking time off, and guess what?
Nobody canceled.
No angry emails.
And certainly no self-infused guilt about not working over the holidays.
To my microgym owners reading this, please heed this advice.
There is no other time throughout the year that you can get away with taking extended breaks, closing the gym for longer-than-normal periods, and reducing your in-person service schedule significantly, like you can during the holidays.
Please take advantage of it - especially if you’re still running the show and don’t have a ton of coverage from staff.
Because burnout is real, and I’ve always found that taking extended breaks and reducing my microgym class schedule by 40% or so allowed me to fully recharge and get ready to hit the new year hard.
And remember, nobody has ever canceled a gym membership because of a temporary holiday schedule change.
Just my .02.
xoxo
Stu
Today’s Rundown
✔️ Versaclimber missed their chance and CLBMR is showing up for it.
✔️ Shadowboxing aims to save Peloton.
✔️ An introduction to the SBA 504 loan program.
The Erg Your Microgym Is Missing
CLMBR aims to do what Versaclimber couldn't…
CLMBR ascents into an untapped market in the fitness industry, introducing the first vertical climber that can bring fitness classes into the home.
Similar to Pelaton's at-home digital-fitness model, CLMBR users have the choice to sign up for its subscription service called CLMBR Connected ($39 a month), which allows climbers to use their machine in conjunction with on-demand classes.
CLMBR's sleek and compact vertical climbing machines provide a low-impact workout that engages "86 percent of the body's muscles while also burning more calories in 30 minutes than biking, running, or rowing", according to the brand.
CLMBR CEO Avrum Elmakis first became interested in vertical climbers in 2017 after testing out the VersaClimber at a local small climbing gym.
While he recognized the effectiveness of the workout, he hated the user experience of the machine and sought to "invent this technology and share it with the world.'"
Elmakis founded CLMBR in 2018, with the initial pursuit to create a climber that improved upon existing machines and would be sold directly to gyms and fitness studios. But after the pandemic hit, Elmakis saw a new opportunity- home fitness.
"It wasn't until the pandemic hit that we pivoted from a business-to-business company, though we still do that as well," Elmakis says. "We want to give people this technology in their home because it's become so popular to have a home gym. People have become accustomed to working out at home and that convenience. I'm not one of those believers in one or the other. People attend classes in a gym for community and congregation and personal instruction, but people at home like convenience and ownership instead of having to pay for every class."
In December 2020, the company raised $500,000 in sales in less than 24 hours on the crowdfunding platform IndieGoGo.
And while you won't see a commercial for CLMBR, with investors, fans, and enthusiasts like LeBron Hames, Jay-Z, Ryan Seacrest, and Novak Djokovic, the brand is confident that its machines will take at-home fitness workouts to new heights.
MY TAKE
Back in 2017, I stated that a stationary climber (which was only represented by one company at the time- VersaClimber) would be a perfect pairing to the modern microgym that already utilizes rowers, ski ergs, and flywheel bikes.
Hell, I even created a vlog detailing my experience when visiting a popular VersaClimber studio and asked my former videographer to detail his journey when picking up a used VersaClimber, bought off Craigslist, to test out at Urban MVMNT.
Now, with many millions of dollars behind a new brand and celebrity endorsements out the ass, CLMBR might just push the stationary climbing machine category into the conditioning arsenal of your microgym.
CLMBR, and every iteration after it, will create quick awareness for the machine because it is unique.
It's not a bike. It's not a rower. It's not a treadmill.
The climbing machine is a unique niche product, so I think they're immediately going to get some initial novelty attention.
However, the software's high tech, quality, and interactiveness that allows you to feel connected to the virtual class and compete with others are not new. Peloton, iFit, and others have already pioneered tech integration and quality digital display dashboards creating a commodity - meaning I doubt any significant consumer decisions will be based on that alone.
Instead, I think the success of the machine is going to come down to the training modality in and of itself, not the sexy display, stats, and competitive leaderboard.
And when it comes to training, a climber delivers one hell of a full-body workout.
The full-body resistance strength and high-intensity cardio machine leverage your natural, upright body position without putting tension on your joints. With the full range of motion and the added resistance from the machine, the workout is like the equivalent of doing a pegboard while simultaneously pushing a weighted sled.
Now, here is the thing…
While I may be bullish on climbing machines eventually making their way into the microgym model, it’s going to take a commercial-grade product that withstands the volume and punishment that group class equipment receives.
Additionally, the price point for these products will need to be in line with brands like Concept2 and Assault to become a microgym staple.
However, I foresee other brands entering the stationary climbing space introducing competition in the niche market, which may create more affordability that could be a great option for microgym owners.
The small footprint is ideal for microgyms because it doesn't take up a lot of space on the floor; it takes up airspace, which is one thing microgym owners have a lot of. We have very little floor space, but we have plenty of airspace.
So, while IMO while a climber may need some more iterations before becoming a staple at your microgym, if you've never tried the CLMBR, VersaClimber, or one of their competitors, I highly recommend checking out one of these studios that specialize in climbing classes; Rise Nation, Trim Fitness Studio, District Climb, MP Climb, Summit Society.
You might just fall in love with the hellacious machine and find a new way to carve out a niche in your market.
Peloton Adds Shadow Boxing To Its Lineup
An attempt to stay relevant or an indication of new equipment…?
On December 7th, Peloton announced its first-ever boxing program titled "Get Hooked: Peloton Boxing."
The two-week program consists of eight boxing-specific sessions and 14 classes, including warmups and cooldowns led by instructors Kendall Toole, Rad Lopez, and Selena Samuela in collaboration with boxer and coach Jeremiah Maestre.
Members can access Peloton's boxing program on the digital app or their Bike or Tread under the Programs tab; however, users must enroll in the complete two-week program to access the boxing workouts. Individual boxing classes are not available.
Peloton says that its lineup is due to popular demand stating that boxing is its most-requested discipline from existing members.
MY TAKE
After reporting weak Q4 earnings with shares dropping 25% due to slowed demand for their equipment and supply chain issues, Peloton is rolling out a new novelty program that won't require any equipment:
Shadowboxing.
Yes, shadow boxing is just as it sounds...punching the air while someone else on a screen who is also punching the air motivates you to punch the air harder.
To be honest, I'm not even surprised by this.
Think about it. You're Peloton. All eyes are on you in the digital fitness space, and you see the writing on the wall that your wild growth may be near the end of its life with subscribers cancellations and new sales not hitting their target goals.
You can't invest in creating another piece of hardware or equipment (just yet). Still, you also need something to reignite some of those members who are on the verge of cancellation or even acquire new customers who don't want to pay for your child-murdering treadmills and beloved Sex in the City star murdering bikes.
So you think to yourself, "What's the lowest cost fitness program we can put together that won't require us to make new equipment and satisfies the trendy fitness scene?"
"Butts and Guts?" Burpees Till You Die? Oh, I know! How about shadowboxing?!? And look how popular the Paul brothers have made boxing again! This will be perfect!"
At least that's how I picture it in my head.
I'm not sold on it, though.
Do you know who shadowboxes? Real boxers and crazy people. That's it.
For real boxers, it's a great warmup that gets the blood flowing to their muscles and allows them to run through their combos without impact from the bag or a sparring partner.
For crazy people, it's what they do outside of a shitty gas station looking like Pooh Bear without any pants on screaming about hidden cameras in the traffic lights.
But I digress...
Now, suppose you're currently in a similar situation as Peloton, desperate for new revenue and needing to revitalize your current members that may be flight risks. In that case, I don't recommend you follow their lead.
Migrating away from your core offering is rarely the right move.
Devoting time, money, and other resources to a novelty thing in hopes that you're going to capture a different market or provide your current customers a few months of novelty is a poor strategy IMO.
If the business is slow, retention needs work, and you are desperate for a solution, follow this one mantra:
"Every week, I'm going to do one thing to make this better for them."
Does the bathroom need a new paint job? Do it.
The following week you realize all the barbells have seen better days; clean those fuckers up till they look new again.
Then you remember the lifesize photos of members you wanted to display in the gym but never got around to—time to get it done.
You've been thinking about adding sweat towels for your clients but don't want the extra hassle. Stop being a whiny ass titty baby and do what you need to do to improve the CX.
In summary, I highly recommend you don't take your eye off your core service offering. Rarely is it ever so perfect that your margin of improvement isn't worth the effort.
In fact, it's typically the least expensive with the highest ROI when it comes to new client acquisition and retention.
You know the shortcomings of your space, your service, and your staff...and if you treat them like everyone else knows, you'll find the extra revenue, membership, or whatever you're chasing will show up too.
An Introduction To The SBA 504 Loan Program
If you own a gym, but also want to own the building, keep reading.
Last week, the Gym Real Estate Company published a crash course in understanding how the SBA 504 loan program works.
For those not familiar, the SBA 504 loan is one of two options available from the SBA for microgym owners looking to purchase an owner-operated building.
There are many details involved that may or may not make this option viable for your business. Still, generally speaking, it's one of the best options when you don't have the financial opportunity to purchase real estate with traditional lending (which requires significantly more money from the borrower).
To get this process started, I recommend you do the following:
Read through this PDF provided by the SBA to help familiarize you with this particular loan product.
Start having conversations with your business bank or other local lenders to determine if you're an appropriate candidate.
If it's determined that this is more of a reality for you than you thought (which it typically is), now it's time for us to chat.
Making this dream become a reality will most likely take a year or more when it's all said and done.
So what the fuck are you waiting for?
If you enjoyed this content, please share it with another gym owner. Tis’ the season.