391. Our Top 9 Business Mistakes We Made in 2022 + How We Turned Our Company Around From Nearly Failing (My Most Vulnerable Share of 2022)
The Fitness Business Podcast with Erin Dimond and Jordan Dugger
Erin Dimond and Jordan Dugger
4.9 • 670 Ratings
🗓️ 15 December 2022
⏱️ 33 minutes
🧾️ Download transcript
Summary
This was extremely difficult to outline and speak on but hopefully it helps someone or many someone's out there in similar situations. I (Jordan) learned a lot this year when it came to business and a lot of it was what not to do. I'm going to share the good, bad, and ugly so hopefully you can avoid some of the mistakes I made this year. Topics include:
- June 2022
- Problems in the Business in July
- Losing Money and Our Expenses Exploded
- The Turnaround
- Q1 of T4E
- Offer Confusion
- Trying to Be a Direct Response Company
- Our CRM Process
- Changing Our Offer and Messaging
- Recruiting and Hiring
- Let Me Know What You Thought!
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Transcript
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| 0:00.0 | We were like looking at all our expenses. |
| 0:01.7 | Because what happened was due to a number of different decisions that I'm going to share |
| 0:04.7 | with you here in a second, our expenses got way out of way crazy, way out of line. |
| 0:10.0 | And a lot of it was my fault being egotistical, thinking that revenue is just going to keep |
| 0:13.9 | growing, never ending and like we just keep adding expenses. |
| 0:17.0 | Like our expenses got up to like $420,000 a month. |
| 0:22.4 | And like, man, that's like way obscene, right? |
| 0:25.2 | That means we have to have a $600,000 month just to maintain like minimal profitability, |
| 0:30.9 | which is still not that great of profitability, but it's like enough to keep driving the business forward. |
| 0:35.2 | And it was not pretty. |
| 0:36.5 | So again, like I'll explain how we kind of turn these things around. |
| 0:40.8 | It was not easy. |
| 0:41.8 | It was very stressful. |
| 0:42.6 | But my sleep issue just only got worse. |
| 0:46.2 | What up everyone? |
| 0:46.8 | Welcome to the FitBiz podcast. |
| 0:48.0 | Jordan here with a solo episode all around our top mistakes that we made in our business |
| 0:52.6 | in 2022. |
| 0:53.8 | Man, there's going to be a lot to learn |
| 0:55.0 | here, a lot to cover. And this is going to be a really vulnerable share because I'm going to |
| 0:58.8 | just open up and share a lot of the mistakes and how most of them, if not all of them, were my |
| 1:04.8 | fault. And so I'll just kind of jump in. And what I'm going to do is kind of fast forward to kind of the most important part of the story. |
... |
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