Your Own Personal Training Studio – The Grass is Greener Part 3

In 2007 One-to-1 Fitness came to be, 2000 square feet, every penny we had to our names on the line and nothing but hopes, dreams and healthy dose of fear for the future. What a ride it has been, from 3 trainers and no staff, barely 100 appointments a week to now 11 trainers, 2 support staff, 2 massage therapists and routinely over 500 appointments a week in double the space. Last year I am proud to say we were a strong finalist for the local chamber awards for Small Business of the Year.

The question on your mind might be would I recommend opening your own studio to everyone? That’s an easy answer, no.

I wouldn’t change for a moment any decision we have made (even though there are plenty we could have done better or done without.) the experience we’ve gained at every step has been invaluable and will shape multiple new opportunities in the future.

The main advantages of owning your own studio are:

1)      Leverage – You may now hopefully leverage your time and the time of others to produce bigger results, higher volume leading to greater sales and a very predictable income.

2)      Flexibility – If you focus on building a proper business plan and work to systemize your business throughout you enjoy the flexibility of being away when you wish, possibly for extended periods, or being able to leave on a moment’s notice always knowing your clients will be taken care of.

3)      Assets – All the money you have tied up in equipment, your regular volume of sales (if you use EFT) will provide value to financial institutions allowing you to continue to grow fast than you could without.

4)      Income Potential – Within a system you now have the opportunity to earn significantly more income. To a degree your income potential is only limited by your ability to push the business forward but this potential also comes with a price, sometimes worry and responsibility.

5)      Something Saleable – And of course the big goal for any business owner, someday being able to sell your product to someone else and finally enjoy the fruits of your labours monetarily.

Now before you go sign the lease on your studio location and open up shop don’t forget to review the potential obstacles in your way.

1)      You are the last to eat – Heaven forbid business or the economy takes a down turn. As an employer you now have a responsibility to your staff all their needs must often be met before your own.

2)      Does risk bother you? – Expect to sign general security agreements that tie every asset you own to the business, are you prepared to risk your home and every asset you own on your new venture?

3)      Start up costs – Even a successful business will often owe its owners or shareholders a significant amount of money for years. Are you comfortable with the idea of tying up tens of thousands of dollars in your new venture?

4)      Your success will be limited by the strength of your team. – Unfortunately your vision or opinion may not always be shared by others. Yes you are the boss but you can’t force anybody to do anything. Company culture is more important than you will ever know and not entirely in your control. How will you balance the social structure of a growing team?

5)      You are the owner, manager, trainer, boss, crook, janitor, chief marketer, systems analyst, and nearly any other role, title or comment you can imagine. As soon as you apply director to your name you are the one that ever aspect of your business must matter the most to. To how clean your sinks and toilets are to when the vacuuming was last done, to how you will track and outpace rising employee costs (EI, CPP, holiday pay etc, on average every dollar you pay an employee will cost you 15-20 cents more. How money do you currently earn each month? Apply that math for a moment.), to customer service and quality control. Be prepared to make late night journeys for when the alarm goes off or the roof decides to leak, plan on dealing with any unhappy customer when someone makes a mistake, and be prepared to receive the least amount of appreciation.

Hmmm, after looking at just some of the aspects of the good and the bad how do you feel about the idea of owning your own personal training studio?

If you are now wondering, would Cabel do it all over again? The answer is a resounding yes, there are still far many more days I wake up excited about the potential before me than there are days I cringe in the corner in fear. Just be prepared for both!