I decided to walk away from my gym, Dimond Fitness after 4.5 years in business and now the doors are closing. If you're a fitness entrepreneur who is here to learn how to actually MAKE money and not how to lose it then it may be more beneficial for you to scroll past the video notes to the bottom where we talk about that. I do really really recommend watching the video though because if you're anything like me you think the key to success as a business professional is to open a gym and I may open your eyes as to why that isn't the answer. ;)
In part 1, I'll explain why we're closing. If you're nosey and just here to hear about the failure stop at minute 5:22.
If you're a gym owner or an aspiring gym owner watch part two ( starting at 5:22) for some helpful tips on what to do and what NOT to do when opening a gym.
1:08- The initial steps to opening the gym
2:14- What our business model looked like
2:30- Revenue, expenses and losses were for the first 4 years in business
3:30- How we were able to take a loss four years in a row.
4:48- Overview of major expenses and reasons for failure.
5:22- Things we did right.
6:18- Things we did wrong and a run down of expenses
11:04- How we made a huge cashflow mistake
11:22- Why we never had a chance to have a successful gym from the start with our business model and location.
12:35- Our profit ceiling and what the gym was actually making in terms of revenue
13:45- Our greatest mistake and how ego got in the way.
At the end of the day, it was an easy decision to step away from a failing business after realizing the potential with Online Business. My Online Business, Erin Dimond FItness- www.erindimondfitness.com was what allowed me to make so many mistakes with the gym (my baby.) So in some sense, I was business smart at least otherwise I may have ended up bankrupt. Since closing the doors my time and energy are invested in helping other fitness entrepreneurs scale Online Businesses to 6 figures and beyond.
When one door closes another door opens and the Impact Fitness Coaching Academy has been born. https://www.impactfitnesscoachingacademy.com/apply