BILLIONAIRE MINDSET: The Gymshark Story | Ben Francis

Summary

The video script narrates the inspiring journey of the founder of Gymshark, who, after failing to become a professional footballer, found purpose in his family's entrepreneurial spirit. He started by creating a fitness website, struggled with dropshipping, and eventually found success in selling fitness apparel. The narrative highlights the importance of perseverance, learning from failure, and the courage to take risks, which led to Gymshark's global recognition.

Takeaways

• 🏋️‍♂️ Early Passion for Sports: The speaker's initial love for sports, specifically football, and the realization at a young age that he would not become a professional athlete.
• 👷‍♂️ Learning from Grandfather's Business: Gaining early exposure to business and manual labor through assisting his granddad, which included learning valuable life and business lessons.
• 🏡 Risk and Entrepreneurship: The impactful story of the granddad remortgaging his house to fund a business project, illustrating the significant risks entrepreneurs take.
• 💪 Gym as Life Changer: The transformative effect of joining a gym at 16, which improved physical health, mental health, and academic performance.
• 💻 IT and Coding Interest: Discovering a passion for IT and coding, which led to creating iPhone apps and websites, combining tech skills with a passion for fitness.
• 👕 Starting Gymshark: The humble beginnings of Gymshark, starting with dropshipping supplements due to an inability to afford initial stock.
• 🛠️ DIY Approach: The hands-on creation of Gymshark products, including sewing and screen printing, reflecting a strong work ethic and commitment.
• 📈 Business Growth: The rapid growth of Gymshark, driven by a focus on products that customers wanted and a responsive approach to market needs.
• 🚀 Embracing Failure: The importance of viewing failure as a learning opportunity and not fearing it, which has been crucial to Gymshark's success.
• 🌟 Long-term Vision: Maintaining a long-term vision and ambition for Gymshark, even when facing significant challenges and setbacks.

Q & A

What was the speaker's initial passion and how did it evolve?

The speaker initially loved sports, particularly football, and aspired to be a professional footballer. However, by the age of 15 or 16, he realized he would not become a professional athlete and shifted his focus to business, learning from his granddad's entrepreneurial journey.

What significant risk did the speaker's granddad take for his business?

The speaker's granddad had to remortgage his house to fund a significant project involving building a furnace for a company in Germany. This risk could have resulted in losing the family home if the project failed.

How did the speaker's experience with his granddad's business influence his own entrepreneurial ventures?

The speaker learned about risk-taking and the importance of hard work from his granddad's business experiences. This influenced him to invest his life savings into Gymshark, a risk that seemed small in comparison to his granddad's but was still significant for him at the time.

What was the turning point that led the speaker to join a gym?

The speaker joined a gym for the first time at the age of 16, initially to build muscle and confidence, as he felt very skinny and not good at school.

How did the gym experience impact the speaker's academic life?

After about a year of consistent gym attendance and seeing physical progress, the speaker applied the same discipline to his school life, which led to a rapid improvement in his grades.

What sparked the speaker's interest in IT and tech?

The speaker developed an interest in IT and tech during an IT class in school, which he credits as the class that changed his life.

What was the initial business model for Gymshark?

The initial business model for Gymshark was dropshipping, which allowed the speaker to load the website with thousands of different supplements without having to buy any stock upfront.

What was the first product Gymshark sold, and how much profit did it make?

The first product Gymshark sold was a supplement worth £52, of which about £2 was profit. This was considered the best £2 the speaker had ever made at the time.

How did the speaker's family contribute to the early stages of Gymshark?

The speaker's family contributed to Gymshark by teaching him to sew. His nan and mom both taught him sewing skills, which were crucial in the early stages of producing Gymshark clothing by hand.

What was the biggest challenge Gymshark faced, and how did it impact the company?

The biggest challenge Gymshark faced was a website crash during Black Friday, which led to orders going out without being paid for and other issues affecting thousands of customers. This led to months of damage control and rebuilding the company's foundations.

What lesson does the speaker emphasize as crucial from his entrepreneurial journey?

The speaker emphasizes the importance of courage, stating that both small and big decisions require courage and that every decision Gymshark made was made with courage and self-belief.