Shannon McLay, The Financial Gym
Please tell us a little about your company: How did you get started?
I left my job at a "traditional" financial services to start my own company, The Financial Gym because I felt traditional financial services firms did not have the tools or resources for this generation. After accomplishing my own successful weight loss journey, I realized that while there are a number of resources available to people who want to become physically fit, there are far fewer for those looking to become financially fit.
What is the Financial Gym?
The Financial Gym is a personal financial services company on a mission to educate women about their finances and feel empowered to reach their financial goals. Taking a fitness-inspired approach, The Financial Gym members pay a monthly membership fee to work with a personal financial trainer, or “B.F.F.” (Best. Financial. Friend.), who helps them set goals, create a plan for accomplishing them, and support them along the way.
How many years have you been in business?
5-6 years. We work with anyone from 17-74 years old, but our average client is a woman 26-35 years old in a city like NY, LA, Dallas, or Washington D.C. We provide individual financial training. Certified Financial Trainers™ work one-on-one with clients to teach them financial literacy, how to be accountable for their money, and how to make smarter, more strategic decisions about their finances. Over 90% of The Financial Gym’s clients achieve their financial goals and gain peace of mind about their financial futures.
What do you love about your job?
The best part of my job is being able to dictate the type of company I run which is one filled with compassion and empathy for our clients but also our teammates. In financial services, this is truly unheard of.
Over the course of your career, what would you pick as your greatest failure? Why?
Two years ago, I was in the middle of raising another round, feeling very confident when 2 investors pulled out of their commitment. I had just hired 4 new Trainers because I thought I would have the money to pay them and there I was with $1.5 million gone.
What did you learn from this?
This was just one of the many tests that have happened while I have been on this entrepreneurial journey. I learned that I just have to keep on going.
How did you turn it into an opportunity for self-growth and/or success?
I look at it as though I’ve gained a new battle wound that I can be proud of, learn from, take with me to the next challenge, or use to help another female entrepreneur through her stressful time.
What’s your favorite mantra of encouragement?
“She believed she could so she did”
What wisdom would you like to provide others currently experiencing failure?
I think women have a lot of insecurities and the outside world contributes to that. But, if you can believe in yourself you can do anything. For example, when I started The Gym, out of the 30+ people in my life that I spoke to about it, only 2 of them thought it was a good idea. The rest thought I was crazy. If I had listened to them, The Gym wouldn’t exist. I’m not even counting all of the investors who didn’t give us money…
What are you the most proud of?
I am most proud of the success that our clients achieve. To date, we’ve worked with over 3,000 clients and seeing people achieve financial goals they never thought possible because my team gave them the path and plan to do so makes me so proud of what I’ve built.
Follow Shannon on Twitter and Instagram. Check out the Financial Gym on Twitter and Instagram.
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