An original by Dr. Andrew Stotz, My Worst Investment Ever features investors and financial titans from around the world to share their heartbreaking tales of investment misfortune.
Listen and discover the best practices for risk management that will keep you in the game.
In This Episode…
Jack Thomas is the founder and CEO of BASE, which was voted as Asia’s Gym of the Year 2018 at the Fitness Best Awards. With eight years of experience in Asia’s fitness industry, he runs a multiple seven-figure fitness business in Bangkok with a team of over 30 coaches.
Jack also hosts the Fitness Business Asia Podcast, a weekly show with a mission to raise the standards of Asia’s fitness industry. He regularly speaks at leading fitness industry events in Asia such as the FIT Summit, Asia Fitness Convention, and ExPro Fitness Convention.
My Worst Invesment Ever
Difficulty of Launching A Business
Jack admitted that the first six months after they opened in August 2016 was the toughest. Although he had experience in running a business, launching one was different. He said that not focusing properly in sales and marketing was his biggest regret. Instead of consulting marketing agencies, they decided to do it internally.
With little knowledge in sales and marketing, he interviewed someone who he thought was the right person for the job.
Bringing In The Wrong People
One moment, he was launching a business. The next thing, he hit rock bottom. Yes, he had clients coming in and did some free trial runs but they were never converted to fully-paying clients.
The manager he hired whose job was to introduce packages that catered to their clients’ needs was letting these clients walk out the door without offering them products of the gym. It was not until they were pretty low on funds that Jack discovered how wrongly-fitted that person was for the job.
Lessons Learned
Tidy Up Your Recruitment Process
Every time something goes right or something goes wrong; look back, and analyze what went right and what went wrong. Incorporate the things you have learned when updating your recruitment process to make things better later.
Get People Who Are Excited in Sales
If they are allergic to sales and they do not want to do it, it’s going to be hard to turn that person around.
The Products Won’t Sell On Its Own
When your employees stop selling and expect your products to do all the work, sales don’t happen.
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