You’ve been personal training for a while and you believe you’re ready to open your own personal training studio. You’ve dreamt about it for a long time and wonder if now is the right time to consider flying solo and leaving the security of your job or the comfort of low overhead. Before you take the leap into studio ownership there are five questions you should ask yourself. While owning a studio can be a rewarding and fulfilling step, there’s plenty of sweat equity wrapped into making it work. Here are the five questions to consider before taking the plunge.
1) Am I in a financial surplus? This is probably one of the most important questions to ask yourself. If you are in personal and/or business debt this probably isn’t the right time to consider opening a studio. If your finances are a mess then I suggest you consult with a financial planner who will get you on the right track. Inform them of your dream to open a studio and they will tell you exactly what you need to do in order to make this dream a financial reality.
Don’t count on your clients for money. It’s a wonderful and kind gesture for a client to offer you financial support. However, it’s been my experience that when the time comes to collect on this fine offer, many clients back out. If you are relying on their goodwill to finance your dream you are making a mistake. The best scenario is to secure your own financing and then if a client should wish to invest, you can decide if this is an offer you would like to accept.
2) Do I have the necessary business acumen to run a successful business? I’m sure you are a good trainer, maybe even a great one but that doesn’t make you a solid business person. We all have blind spots and it’s best to recognize what those are ahead of time and work either to improve them or outsource them. For example, if your math skills are less then desirable or you couldn’t market yourself out of a paper bag or you lack the fundamental knowledge of how a business is supposed to run then I suggest you become a student again. That’s right. Hit the books and learn what it takes to be a successful entrepreneur before you even consider opening your doors. You may discover that it’s not what you expected and decide to keep things as they are. Or you fall in love with owning a business and can’t wait to move full steam ahead.
3) Am I willing to do whatever it takes to make the business successful? While running your own business is very satisfying it will take up a lot of your time. If you’ve been working as an independent contractor or as an employee, be prepared to double the amount of work you will be doing. Not only will you be training you will be the marketing department, sales department, customer service department, accountant, bookkeeper and chief executive officer just to name a few hats you will wear.
In addition if you have a family, a social life or enjoy a recreational pursuit all of these things will need to be factored into your day to ensure that you don’t burn out. Maintaining a positive and balanced lifestyle will become the challenge as you nurture and grow your business. It’s like having a baby. The first five years are crucial stages in your businesses development. Are you prepared to commit that much time and energy into building it? Do you have the time and the energy which is an even more important question to consider? Will your family support you when you are away from them or will this start to become an issue adding to your already stressful and demanding schedule? How ever much you think you are going to work add on a few more hours and you will be right.
4) Are you going to create a solid business plan? Oh no, not the dreaded business plan! Yes that’s right. If you are serious about opening a studio then you MUST create a business plan. I know this step sounds daunting but it will answer some much needed questions about the business you intend to set-up. If you’re thinking you don’t really need a business plan because you know other trainers who have set up shop without one, well think again.
Just because they were able to start a business and skip this step doesn’t make them successful. Would you advise a client to start training without a program to follow or goals? Of course not. As a trainer you know that this is the most crucial step to the success of a client. It’s also the most crucial step to the success of your business. If you really can’t see yourself writing a business plan then I suggest you hire someone to help you or even do it for you. Do whatever it takes but if you are serious about opening a studio and being successful then the journey starts with a plan, a business plan.
5) Can I handle the pressure? I love owing my own business. I thrive on the challenges and I revel in the variety of my day. That’s on a good day. Then there are days where business is slow, bills pile up and I wonder when my next gig or coaching client will come my way. Then I realize that if anything is going to happen I have to make it happen and that’s where the pressure comes in. Be prepared that your income will vary. You will have profitable months and some slow months. Staff will surprise you and let you down, clients will come and go and if you are going to survive you must learn to go with the flow. It’s all part of owning your own business and if you freak out every time a challenge comes your way you are going to end up very unhappy and stressed.
If you aren’t someone who handles pressure very well or is inflexible then you are going to struggle with your business. This requires some tough introspection and a touch of honesty. Now is the time to seek to understand yourself and whether you can handle the pressure or will you crack.
Answer these five questions honestly and do the necessary work to ensure you have the best chance of making your studio a resounding success. Success is no accident, it takes planning, preparation and continuity. Are you up to the challenge?
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