This episode argues that the "oh shit moment" for gym owners during COVID-19 would be when they reopen, and fewer customers return than anticipated due to the accelerated adoption of online fitness. It urges entrepreneurs to embrace remote models now, highlighting the financial advantages of a larger geographical reach, cheaper leads, and improved closing rates in the online space, ultimately enabling them to build a six-figure online business within 30 days.
Key takeaways
Don't rely on pre-COVID-19 customer return rates for brick-and-mortar businesses; convenience-driven customers will likely stick with newly adopted online alternatives.
Expand your lead generation radius significantly for online offerings, as it dramatically increases potential customer reach and decreases lead costs.
Embrace a business owner mindset by focusing on scalable online models that offer higher margins and consistent lead generation, even if front-end transactions break even.
Leverage temporary shifts in lead costs and consumer behavior to rapidly build a profitable online venture; a six-figure income in 30 days is presented as achievable for average operators.
Prioritize strong community and culture for any remaining in-person operations, as this will be crucial for retaining customers who value the physical experience.
Sometimes, change is not for the better. Today, Alex (@AlexHormozi) tells those who have been thinking about opening a gym during this pandemic on why you should strike while the iron’s hot and the reasons why you should be opening a gym all stem back to the topic of human convenience.
Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.
Timestamps:
(1:07) - "Sitting and waiting won't work, expect fewer gym-goers due to pandemic"
(3:20) - People choose convenience, lights on but no show
(5:47) - Reasons to open a gym now: bigger radius, cheaper leads, consistent generation
(11:19) - Opportunity to start, uncertain future, reassurance from Alex
(12:28) - Don't let fear hinder sales skill learning, buying behavior won't change
(14:10) - Holding out and waiting not smart, convenience and speed win
Follow Alex Hormozi’s Socials:
LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition
What does this episode say about founder & leadership?
Don't rely on pre-COVID-19 customer return rates for brick-and-mortar businesses; convenience-driven customers will likely stick with newly adopted online alternatives.
What does this episode say about paid acquisition?
Expand your lead generation radius significantly for online offerings, as it dramatically increases potential customer reach and decreases lead costs.
What does this episode say about dtc strategy?
Embrace a business owner mindset by focusing on scalable online models that offer higher margins and consistent lead generation, even if front-end transactions break even.
What does this episode say about finance & fundraising?
Leverage temporary shifts in lead costs and consumer behavior to rapidly build a profitable online venture; a six-figure income in 30 days is presented as achievable for average operators.
What does this episode say about founder & leadership?
Prioritize strong community and culture for any remaining in-person operations, as this will be crucial for retaining customers who value the physical experience.
