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Thrivetime Show | Business School without the BS

How to Know if You Are Ready to Open Up Another Business | Ask Clay Anything

Thrivetime Show | Business School without the BS

Clay Clark

Entrepreneurship, Business

4.71.5K Ratings

🗓️ 28 December 2019

⏱️ 25 minutes

🧾️ Download transcript

Summary

Clay answers a question from a gym owner about whether it’s a smart move on his end to own 3 gyms with his area.

Transcript

Click on a timestamp to play from that location

0:00.0

Hey Clay so my question is should I open a third business and so just a little

0:07.1

background I own two boutique training facilities one is afit gym, the other is an interval-based training studio,

0:16.0

so you think of like orange theory but with more weights.

0:20.0

But the third business here is going to be within probably about 10 to 15 minutes of both of my other training studios

0:28.4

This third business is going to be a big box gym so the big difference I'm thinking that it's going to be a big box gym. So the big difference, I'm thinking

0:34.2

that it's going to approach or it's going to appeal

0:36.6

to a different market because my two training facilities,

0:40.4

they have price points that are about 150 bucks.

0:44.0

This third business is going to be,

0:48.0

you know, they're going to be paying for access to equipment.

0:50.0

And so the price point is going to be more like $40 or lower.

0:54.3

So I guess my question is, do you think it would appeal to a different market or

0:58.9

am I going to be stepping on my toes too much because it's still within the fitness industry.

1:04.7

Little context, I'm still working probably 60 hours per week in these other two

1:09.9

businesses. You know, I do have some opportunities to kind of scale up and

1:14.7

coach less, but that's where I am right now. So what do I need to do to actually

1:21.3

pull the trigger and say it's a good idea and I'm not going to be spreading myself too thin to open up this third business.

1:28.0

You have questions. America's number one business coach has answers.

1:33.0

It's your Broda from Minnesota.

1:34.9

Here's another edition of Ask Clay Anything

1:38.1

on the Thrive Time Business Coach radio show. Yes, yes, and Steve Currington is our guest.

1:52.5

Sir, welcome on to the Thrive Time show.

...

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