4.9 • 4.4K Ratings
🗓️ 25 February 2021
⏱️ 7 minutes
🧾️ Download transcript
Don’t take more than you can handle. Today, Alex (@AlexHormozi) talks about the mistake he committed during the time he was running Gym Launch, how this mistake not only cost him the value he was bringing to clients but also cost him millions. He also shares advice to avoid this kind of mistake.
Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.
Timestamps:
(1:22) - One of the biggest issues is that gym owners don't have good tracking for their data. They’re unaware of churn, net profit, organization, etc.
(3:34) - A major piece of advice? Don't bite off more than you can chew
(5:09) - You have to keep the business stupidly simple in order for it to get as big as you want it
(6:14) - Learn how to say no. Sometimes your emotions can sway your decision-making
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0:00.0 | Hey guys, real quick. So Layland, I are definitely working on our social media presence if you guys haven't noticed and we're just breaking now into linked in. |
0:06.2 | Alright, it's not as bad as I thought. It's actually been pretty awesome so far and you guys have been really cool in there and people are sharing our stuff a lot. |
0:12.2 | So if we aren't connected on LinkedIn, go ahead and let's connect and let's rock and roll. |
0:17.1 | Everything is always our fault as entrepreneurs. |
0:21.2 | Welcome to the game where we talk about how to get more customers, how to make more per customer, and how to keep them longer. |
0:25.5 | In the many failures and lessons we have learned along the way. |
0:28.0 | Hope you enjoy and subscribe. |
0:30.0 | What is going on everyone, happy Thursday. I want to make this video to continue this series on the stakes. I have many many of them. |
0:39.0 | And this one is a hard one because everything is always our fault as entrepreneurs because we're the ones who make the decisions and ultimately the buckstacks stops with us. |
0:51.5 | If you make a bad hiring decision and that person sexually harasses someone, it's ultimately your fault. You're the one who's liable. |
0:58.5 | Because you should have done more background checks or you should have seen it in the way the person acted or whatever. |
1:03.5 | But it is your fault. |
1:05.5 | And so this mistake was 100% of my own. They are all 100% of my own but this one was especially mine. |
1:12.5 | And this was because in the gym space I continue to have a huge proponent of data tracking which maybe I'll marry these two things together. |
1:24.5 | Maybe I won't. I don't know. We'll see where it goes. |
1:26.5 | One of the biggest issues is that gym owners don't have good tracking for their data. They don't know what their turn is, they don't know what their revenue is, they don't know what their profit is. |
1:34.5 | They have no way of organizing their customers since they have the messages and organizing between trainers and providing accountability and all these other things that they have to do. |
1:41.5 | So they live between Google Docs. Google sheets, Google Docs and taping things together and having a process or somewhere else and it's just this huge mess. |
1:49.5 | And there are some theorems that are out there but they're usually partial solutions. |
1:53.5 | And so I was like, you know what? I'm going to build the best theorem for gyms. That's what I'm going to do. |
1:59.5 | And I made so many mistakes with this. And so I spent the next nine months building out a CRM and I spent about a million dollars in development and way more than that in time and labor on my own team. |
2:14.5 | And really my own time because this is what I put all my time and effort into because this was going to be the next thing. |
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