UNDER THE RADAR:
PETER CLUSKEYtalks to Jamie Myerscough of Educogym
GYMS EXPERIENCE a substantial burst of guilt-ridden new business every year right after Christmas.
That’s such a self-evident part of suburban life that you’d imagine it virtually belongs with death and taxes in the realm of certainty. But not this year . . .
In January 2009, such was the pressure on disposable incomes that not even the excesses of Christmas could spur the most enthusiastic to sign up for a merciless diet of tummy crunches, bench presses and triceps extensions.
“Normally there’s a huge increase in membership after Christmas,” says Jamie Myerscough – a grandson of the legendary racehorse trainer, the late Vincent O’Brien – who runs two gyms in Dublin.
“I’ve worked in gyms that have signed up twice as many new members in January than at any other time of year, but there was such panic about the economy this year that it just didn’t happen. Business stayed steady, but without that boost.”
Myerscough has run Educogym in Blackrock since July 2008 and opens a second gym in the same franchise in Dundrum this month. It is a new departure for the 30- year-old business graduate – but not as surprising as it first seems.
This, in fact, is not his first but his third business venture.
The first was Phorest, an SMS text promotions company which he set up in 2002 with fellow student Ronan Percival, while the pair was still at TCD.
Phorest is now a business with a turnover last year of €1.5 million and both remain major shareholders.
After he had graduated from Trinity, the success of Phorest helped to fund a new start-up called Demonware, specialising in networking software and services for the burgeoning computer games industry, which was sold to an US software development company in May 2007.
Myerscough’s main function at Demonware was fund-raising, a thankless enough task in the software world in the aftermath of the dot.com crash.
However he acquitted himself well, raising €750,000 for the business in just 12 months, a significant contribution to the growth that made the firm saleable.
What attracted him to Educogym, though, was something different – his love of golf.
“At one time I even had aspirations to become a professional golfer,” he confide, “so I’ve always had a huge interest in nutrition and health and fitness and also in the mental side – the mental toughness it takes to persevere against every setback in sport and then go on to win.”
What also attracted him to Educogym, he admits, was the philosophy behind it, developed by health and fitness promoter Tony Quinn.
“Between the ages of 30 and 60, we lose around 30 per cent of the muscle tissue from our bodies and our vital organs, as a natural part of ageing.
“Each pound of muscle burns between 50 and 100 calories a day and about 90 per cent of the calories we burn are burned by our muscle,” Myerscough says, “so when we lose that muscle, our metabolism slows and the rate at which we burn body fat for food and energy falls too.
“The problem is that people think that because they’re getting out of shape, they need lots of aerobic exercise and a low-calorie diet, which actually only compounds the problem. What is needed, ideally, is a low glycemic diet combined with resistance exercise, such as weight training, which helps us to lose body fat but gain muscle.”
The Tony Quinn fitness philosophy apart, what also makes his Educogyms different, maintains Myerscough, is his business philosophy.
“In most gyms, about 90 per cent of new members stop using the facilities within three months of joining.
“So the aim tends to be to sign up as many people as possible as cheaply as possible, because you know that only 10 per cent will actually train.
“Our model is different. Members have appointments, they have trainers assigned to them and it’s results-based. Most of our new business comes from referrals, so customer retention is absolutely crucial to us.”
ON THE RECORD
Name:Jamie Myerscough.
Company:Educogym - Blackrock and Dundrum.
www.educogym.com
Job:Franchise-holder.
Age:30.
Background:Set up his first business, Phorest, an SMS promotions company, with fellow student Ronan Percival, while studying business and economics at TCD in 2002. Phorest had a turnover of €1.5 million in 2008 and both remain shareholders.
Subsequently involved in start-up of Demonware, which was sold to a US software company in May 2007.
Opened first Educogym franchise in Blackrock, Co Dublin, in July 2008 and second in Dundrum this month. Blackrock should break even in its first year, with a turnover of between €600,000 and €700,000. Planning to open in Cork, Galway and Craigavon.
Challenges:"Getting the business properly structured and running well in this difficult economic climate. It's really such a good time to develop a solid business."
Inspired by:His grandfather, racehorse trainer, Vincent O'Brien, who died recently.
“I loved the way he approached things. He was so methodical, so disciplined and paid such attention to detail and obviously he achieved huge success. I’d also say I’ve been inspired by Anthony O’Reilly, particularly by his way with people . . . and his ability to tell a story.”
Most important thing learned so far:"Structure and routine set you free. A lot of people see structure and routine as limiting but I take the opposite view. When a business is running well and as it should be, you have more time and freedom for other things."
