I Thought My Business Was Profitable… I Was Wrong | Tyson Grubb Ep. 177

Guest: Tyson Grubb, CEO of Instrument Choice, EO Adelaide Member since 2012 Host: Linh Podetti, EO Sydney Member since 2022 and Owner of Outsourcing Angel What if your business looks profitable… but actually isn’t? In this episode of the EO Business Podcast, Linh Podetti sits down with Tyson Grubb, Founder & CEO of Instrument Choice, an Australian e-commerce business specialising in scientific and measurement equipment. Tyson shares how he built a thriving online business in a niche industry—long before most people believed it was possible to sell these products online. But nine years into the journey, he discovered a critical mistake: he had been misreading his financials, and the business wasn’t as profitable as he thought. This episode is a powerful reminder that understanding your numbers isn’t optional—it’s essential. 🎙 In this episode, we cover: - How Tyson built an e-commerce business from scratch in 2007 - Why most suppliers believed his business model wouldn’t work - The dangerous mistake of misreading financial statements - The “0.1% rule” that transformed profitability - How small cost improvements compound over time - Hiring scientists instead of salespeople to build trust - Staying ahead with digital marketing and AI **Chapters** 0:00 Intro 0:15 How Tyson Started His Business 1:30 Why E-Commerce Was a Risk Back Then 1:20 Getting First Customers with Google Ads 1:30 The Financial Mistake That Changed Everything 2:00 The 0.1% Cost Rule 2:00 Hiring Strategy: Scientists vs Salespeople 3:00 AI, Google & The Future of Search 3:00 Lessons After 20 Years in Business ABOUT TYSON Tyson Grubb is the Founder and CEO of Instrument Choice, an Australian e-commerce business specialising in scientific and measurement equipment. Since launching the company in 2007, he has grown it into an eight-figure business serving everyone from university researchers to industry professionals across Australia. With a background in electronic engineering, Tyson built the company around a simple philosophy — “Just be helpful” — a mindset that has shaped its customer experience, culture, and long-term success. Outside of business, Tyson is a passionate entrepreneur, EO leader, mentor, “yuppy farmer,” and proud dad of two who believes success is about more than just numbers. CONNECT WITH TYSON Website: www.instrumentchoice.com.au LinkedIn: https://www.linkedin.com/in/tyson-grubb-3a09b14/ ------------------------ ABOUT EO Entrepreneur's Organization (EO) is a global business network of 18,000 + influential business owners in over 220 chapters across 76 countries. We offer world-class events that encompass engaging entrepreneur and business stories, skills-specific workshops, and exciting social gatherings. Our mission is to drive both business and personal growth through peer-to-peer learning, providing support for the holistic entrepreneur experience covering business, family, community, and personal aspects. As a not-for-profit organization, all our funds directly contribute to member benefits. If you're a business owner with revenues ranging from US$250k to US$1m, you can join our Accelerator Program. If your revenues exceed US$1m, you can join the main EO Program in your nearest local chapter. To join or find out more about your nearest chapter, visit https://www.eonetwork.org/why-join/apply-for-membership-form. For further information, please contact: Podcast Host Linh Podetti: linh@outsourcingangel.com.au General Inquiries: support@eonetwork.org.au EO Sydney: www.eosydney.com.au EO Global: https://hub.eonetwork.org/ EO Youtube https://www.youtube.com/@EntrepreneursOrganization -------------------- ABOUT THE HOST Linh Podetti is the CEO and Founder of Outsourcing Angel, a Sydney-based company that helps to create jobs for people in the Philippines while creating freedom for business owners around the world. Outsourcing Angel provides Systemise & Scale Up Services as well as Recruitment of Virtual Assistants to help business owners grow a business that doesn't rely on them. Linh has been an active member of EO Sydney since June 2022, and she actively seeks out opportunities to promote and uplift fellow entrepreneurs. Business Website: www.outsourcingangel.com Personal Website: https://www.linhpodetti.com YouTube: https://www.youtube.com/@360degreesuccesslife Linkedin: https://www.linkedin.com/in/linhpodetti/ Instagram: https://www.instagram.com/linh.podetti/