Time For Transparency
Incite Tax Blog is built on one basic principle: Profit Is A Choice. This is something we believe down to our bones. We work hard to help you learn how your choices can improve your profits. The unfortunate side of that is when one of our businesses is not profitable, we can also see the choices we made that have made it that way, and the decisions we would have to make to get to profitability. And in the case of our gym, we weren’t profitable, and we realized our path to profitability was not one we wanted to take.
Spreading Too Thin
One of the problems, ironically, that led to selling the gym was that Incite was doing too well. We are proud to say that we are an industry leader in our field. All of our hard work paid off! The downside of this was that making Incite profitable took up the time I needed to bring the gym back up to profitability. In particular, our customer retention was below where we needed it to be. Even though our conversion rate was fairly decent, meaning that our sales were fine, we weren’t keeping clients. Gyms profit models are based on client retention. And the work I had to do to retain clients wasn’t something I could do without sacrificing Incite success.
An Educational Process
I discuss in the video the immediate factors that led to our decision to sell the gym now, and what the process of selling the gym looked like. The process was a fantastic learning experience for me. Throughout the video, I share some of what I have learned through this process. If you are a business owner trying to decide if you should sell, this video is an excellent guide for you. And even if your business is doing well, this information is useful to have. Markets do change, and sometimes a business’s success is exactly what makes buyers interested in it.
The gym may be gone, but Incite isn’t going anywhere anytime soon. In fact, the amount of time that I’ve gained now that I’m no longer running the gym has freed up a lot of my energy for Incite. By making the choice to focus on Incite I can help increase Incite’s profitability even more. After all, profit is a choice. Will you be courageous enough to make it?
To watch my full video, click below!
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