INspired INsider Podcast [One Question] A Painful Business Partnership with Ryan Lee Founder of Freedym
Business Partnerships can be painful and on this episode Ryan Lee ( I consider one of my early internet mentors) and founder of Freedym.com (the Netflix for lifestyle entrepreneurship) shares about one of his. Ryan is a former Recreational Therapist, Gym Teacher and Personal Trainer. In 1999 he started an online fitness business while living in his parents basement and grew it into an empire that did 7-figures per month. More importantly many of the people he has mentored have gone on to do big things.
Here's a glimpse of what you'll learn:- [0:25] Jeremy's introduction of Ryan Lee of Freedym.com
- [1:19] Ryan's lowest point business wise.
- [3:53] One of Ryan's proudest business moments.
- [7:32] What went through Ryan's head when he made 7 figures in one month.
- [13:28] The best things that came out of a $25 mastermind group.
- [14:00] Where you can find Ryan.
- [14:36] Ideas Ryan wants to give away that he'll never work on.
There is a stigma attached to business partnerships. Many people have had difficult or painful experiences trying to make a partnership work. On this episode Ryan Lee tells the story of a partnership he entered into that was painful on a number of levels - but he doesn't blame the partnership itself. Instead he blames himself for stepping outside his primary areas of strength.
If you're going to entertain the idea of a partnership you need to make sure that the thing you're doing is well within your core competencies. That's the lesson Ryan Lee learned as he was trying to make a fitness product into the next big thing. In the end he felt that he let everyone down because he overextended himself into areas that weren't his strengths.
Even though he's incredibly successful, Ryan Lee is a pretty low key, no nonsense guy. On this episode he talks about what it was like to bring in 7 figures in one month, why he'd never spend $25,000 on a mastermind group, and why he has gotten incredible value from a $25 mastermind group and has become good friends with all of the participants in the group. Ryan's got a cool story so be sure you take some time to listen.
Ryan Lee believes that if you're going to do something you should enjoy it. He made that statement during this conversation on Inspired Insider when he was talking about a company he built that makes up to 7 figures per month - and yet he's going to step out of it. He doesn't feel like it's the best fit for who he is and who he wants to be. You can hear Ryan's story about that decision on this episode.
Resources Mentioned on this episode