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Here's Why I Shut Down My First Business Even Thought It Was Profitable, and Successful

Writer's picture: Tom FoxleyTom Foxley

2 years ago, I closed down a profitable business that was an industry leader.


I fired my clients. It was a recurring revenue business, so the revenue went to zero overnight.


I let my team go - all of whom were wonderful people who I still respect highly.


Also, I had a great reputation. We helped thousands of athletes be mentally prepared for competition and the ups and downs. We were good at our jobs.


Myself and the team had coached guys and girls who were the biggest names in the world of CrossFit at the time…


Yet I made the decision to close the business down.


Why?

Presenting a seminar in my former business

First, I’ll give you the symptoms:


  • I had to force myself to do anything in that business. Every single day felt like a slog against what my heart was telling me to do

  • It turned a small profit, but really it just kept ticking over. The only way it would scale is if I built a huge business, which I wasn’t interested in.

  • Whilst the clients were great people and I’m still in touch with a few of them today, I felt detached from their problems.

  • Most importantly, I felt like I wasn't stretching myself so I wasn't engaged in the business’s purpose. I was truly outside my zone of genius.


All of these point to 1 thing: inauthenticity.


At the heart of it, I'm a craftsman. I am excellent at creating deep, meaningful change to allow people to become who they’re meant to be.


I adore the concept of creating freedom, and care less about podium finishes.


I’m not an empire builder, and to succeed, that’s what this business needed - someone who cared less about growth and more about bottom lines.


It all came to a head when I began coaching CrossFit gym owners and coaches.


I loved seeing them create freedom that affected their families and helped them create a business they truly loved.


I realised I only have this one life. And actually, I have a gift of helping business owners, and a fascination with everything that goes into mental performance in business.


To do anything other than helping small business owners thrive was a waste of my potential.


Since then, my life in business has been far from plain sailing. There is still plenty of growth for me and the business.


Yet I adore the work I do. My roster is filled with clients I handpick and would happily grab a few pints with, or play golf with, or hike in the peak district with (we did all of these this year).





The new business I have created allowed me to spend so much quality time with my growing family when my daughter was born.


It allows me to train when I want.


And most importantly, it allows me to serve others in a way that just wasn’t possible before.


Now, I help a handful of clients each month create a life and a business that serves them. Not through marketing strategies, or business coaching, but through mental fitness.


Because the limits that really hold them back are their internal stories:


  • “I’m not bright enough to make this work”

  • “If I turn down small jobs my reputation will be ruined”

  • “If I take time off other people will judge me and think I’m lazy”

  • “My wife will think I’m taking the piss if I don’t work 14 hour days”

  • “I don’t deserve a business that thrives”

  • “I’m destined to be broke”

  • “There is never enough time/money/leads”


These are all stories that I’ve worked on with clients this week.


And whilst they have very deep origins, they show up in very obvious level ways:


  • An inability to focus on just one goal

  • A lack of clarity over the life they want to create

  • Self-doubt and self-criticism

  • No financial growth

  • Stress and overwhelm

  • The fear of failure

  • Marketing and sales problems


Like I said before in this blog, you get just one chance to live this life, and you have a unique contribution you can make to the world.


To build that you need:


  • Clarity of outcome

  • The mental fitness to navigate the choices you must make

  • Emotional resilience

  • The character skills to thrive.


This is the path that will create the freedom you seek.


You get one shot at this, be the person you were meant to be.

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