La rentabilidad y el crecimiento exigen controlar la entrega del servicio, fijar precios adecuados y priorizar la experiencia del cliente

and it turned out that two of the facilities that we had launched in january um and this is now at end of february beginning of march um they told a number of their clients hey if you refund you can just sign up through me and i'll do it for less because we had no control over the fulfillment right so we were selling and then other people were filling on contracts that we had sold and so and there was a lot of you know hey just refund sign up for me don't worry because we'd be gone right we were already we'd already left the location and these people were getting fulfilled on contracts and so…

My 7 year journey to making my first million. · 2021 · comprobar

I don't I don't really care just make sure it's right so I would bet that you probably have bad onboarding okay so basically the expect basically the Delta between what they're sold and then what their experience is in the first handful of days and weeks going into it and then the communication Cadence between touch bases they probably see limited value there and so I think um I would give you the same kind of like if I were to like buy 100% of your business tomorrow I would audit the sales process to handoff like I would bet you there's a massive amount of opportunity there in terms of like…

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I prefer to sell before because when someone has gotten the value, they want to leave. Mm-hmm. And so I want to do it before they've gotten the value because they're like, oh man, I want to get this done. And you're like, great. Well, let's, these are going to run out in three weeks. Let's get the next one on the calendar.

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And so if you sell a service, I think one of the easiest things you can do is upsell products. That go with the service that you just make your margin on and you can liquidate your ad cost up front. And so for me, I sold supplements. I'd sell two or $300 supplements to every person. And the margin I made on the supplements was usually enough to cover the cost of all of my advertising every month. So basically, I would just recover all my advertising bill with my supplements so I could spend whatever I wanted to get customers because then all of my service revenue was basically gravy on top.

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Yes. Okay. You're probably priced too low. And it's not because we want to destroy your gym. You're priced too low because at that price, you will not make a profit. The amount of times that I had gym owners who were like, my gym's full and I'm not making money. And I was like, do you see a problem? Like, you can't service any more customers, but you don't make any money. Get where I'm going with this? Like, something has to change. And if you're already full, we just need to increase the price.

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>> yeah. And I'll land the plan on that for >> you will never go out of business focusing on the customer. And I I'll tell you a quick story. So, the biggest business mistake that I I've made, the two most costly business mistakes I've has everything to do with this. Um, I had a competitor that ended up taking a And as soon as they took them and they were they were big ads for me, all of a sudden they were running ads for this this guy was offering one-on-one did that. And so and they were cheaper. change change the business up. And so I did this big kind of like relaunch internally to my…

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you're willing to expose yourself to is personal. But for me, I'll tell you a quick story. When I had my gyms, I invested a hundred percent of all my profit into opening locations. I then decided after a few years that I didn't want to be in the gym business in that way anymore. And so then I basically fire sold my gyms to then start gym launch. And so I could have made a lot more profit during that period of time. And I could have sold them for a lot more than I did, but because when I wanted to sell them, I wanted to get rid of them. And so I think in total, I think it made like $250,000 or…

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yeah so I think it has to do with just also making sure the clients see the value because after we give them like certain Tax Strategies they're kind of like oh I kind of learned this now I can find a cheaper accountant sometimes so even though there is that stickiness you know they especially some business owners will be like oh I kind of sell the value what you guys did last I I I'm not sure I buy that I think what someone says on the exit versus why they actually can aren't necessarily the same thing um cuz like I I already got the value is like literally what everyone says when they want…

7 Millionaires Asked Me How to Get Rich(er) · 2024 · comprobar

embrace how much it will suck and put yourself in no fail situations. A big part of why I even think I was able to stick with the gym business after realizing that I no longer spent almost any of my time doing the thing I was passionate about was because I couldn't get out of the lease. And all my net worth was in there. And so there was nothing else I could do. And so I had to make it work. And so your

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And I did it that way because I didn't know how I could sell those gym owners. And the deal that I made was I only make money if I make sales and I'll front the cash for the marketing. So they took zero risk on and I would do everything, including pay for my hotel, my flights, my food, my rental car, everything. But being able to do that, it allowed me to get way more yeses quickly, test out the system in 30 plus markets that I had, which then eventually led me to licensing that system to 5,000 plus locations. And that was the company that I sold to APG.

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What's crazy is that because I couldn't fit any more people in, what I decided to do was I decided to cut the session times in half and consolidate it to only one type of session and combine them again. And what happened next was I churned out like a third of my customer base because they were like, why did you change it? It was so great. And it was because I let the capacity tail wag the business dog. And so basically what I should have done was say, oh, I nailed it. I should open another location.

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i got home i still owed the salesman from the last month who had done that huge launch like this this all these sales that had happened and somebody had sold them right but i didn't collect the money from it and so i owed a 22 000 commission check and i had 23 000 left and it was on money that i never received and so um in congruence with the lesson that i had learned from you know the the clean exit of all these other things which is like just do right by everyone and then you won't have any emotional scars that you'll carry with you and so i wrote the check um actually i wired it for 22 000…

My 7 year journey to making my first million. · 2021 · comprobar

I did a Consulting day years ago with a guy who is in my space in the gym space many years ago and he had the same sales velocity as me so he was selling the same number of people as I was but we were making 70 times more profit than he was and his cost to acire customer was about the same as mine selling about the same number of units but the main difference is that his customers were worth $5,000 and my customers were worth $442,000 and so the thing is is that he just ran ads about like hey if you're in Fitness and you want to make money come to me and my ads were you have to be a gym owner…

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and and these contracts are just coming in right and we had them scan them so we had this mobile app and we had this central dropbox which of course is not pci compliant i had no idea what pci compliance was um and so we had this uh one lady that we used to work fiji that i was paying part-time to process this mind you i didn't understand what like how much work this was because we were doing like 50 sales a day right um between these locations at like 500 bucks a pop and i was paying someone for part-time four hours a day of contract work which was just insane it was like it was probably two…

My 7 year journey to making my first million. · 2021 · comprobar

my business I started an online uh to for-profit I then started a gym now I gym and the gym grew I kept doing this within the next 12 months I had a dental agency a Ciro agency and a business that grow four businesses at the same time where I was CEO of all of them it took me getting into a head-on collision in a your lack of ability to make decisions will kill you after that over the next 7 admit it I broke up with my partner um the launch thing and it sucked but I was able to just do the turnaround story it exploded we made a whole bunch

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I can give the whole gym membership away for free if you just buy personal training knowing that only one out of five people are going to

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>> But it just doesn't mean that everyone You have a responsibility to the And the business has a responsibility to make sure the business survives and >> And in order for the business to survive customer. So it's a it's a it's a

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which I fundamentally don't do this anymore because I have been screwed so many times, which is why I think that marketing, sales, delivery should be in-house

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One of the regrets that I have earlier on as I continued to double down on my gym chain was that I took all the profit from each gym and I kept putting it into the next gym. And I basically took nothing out for the entire time. Now, that's super risky. I was living on nothing, living cheap. I was eating cheap. I had a cash car that I owned outright and I just put everything I had, spent every hour of my day growing my business. Eventually, though, I ended up losing all the money from selling all my gyms and was left with nothing.

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And that next month I'm going to have to get another 20 just to keep the lights on rather than having spent more time on my reputation and the quality of my product so that when I sold the first hundred, they would never leave again.

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And they said, oh, if you want to transfer away from us that's going to cost $150,000. And I was like, what? And they're like,

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but somebody might own those relationships right and so the idea is as much of that as you can have complete control over creates a competitive mode

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and so for example I had a concept that we tested out at a gym it didn't work but I can still explain it to you is that I had a meals company

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And how do I run this profitably when I've got rent, I've got trainers, I've got equipment that breaks, and all of a sudden I was like, oh my God, I thought I was going to be in the scientific fitness business, when in reality, I was in the sales and marketing business.

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and then I lose it all and so I I sell all those locations I put the money in a new thing and then it's gone and so I could look back and say

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