The Benefits and Pitfalls of Owning Your Own Studio
Starting your own business can be one of the scariest or most rewarding things that you can (or will ever) do in your life. Just like most BIG decisions, there are several pros and cons, peaks and valleys, and ups and downs that accompany the journey.
Think about all of the times in your life where you needed to make a big decision and you probably either scared yourself out of making it (or nearly did) because of fear. There is the old quote that says, “fortune favors the brave,” and if you combine that kind of courage with strategic planning, laser like focus, extreme determination, careful team-building and a little bit of luck, you can achieve anything you want in life.
So, if your goal is to start up the best fitness facility in your community, then that is definitely within your reach. But just as any smart business person would do, you should definitely do your homework and identify the benefits, pitfalls and risk-reward ratio, before you take the leap of faith.
Let’s first take a look at the associated benefits of owning your own fitness studio.
- You control your own destiny.
- You make your own schedule.
- You and your hard work determine your income.
- You create the vision and brand for your business.
- You make every decision from hiring staff to choosing decorations at your studio.
- You create your own legacy.
- You are viewed as a leader.
- You create jobs in your community.
- You get to lead a team.
- You create impact in your community.
- You get to be creative.
- You get the opportunity to challenge not only your team but also challenge yourself.
- You experience a sense of pride and accomplishment for starting, maintaining, and owning your own business.
Now let’s take a look at the associated pitfalls of owning your own fitness studio.
- You are taking a HUGE risk financially where you can end up risking your house, savings, and/or even your livelihood.
- You work a lot of hours especially in the beginning.
- You could end up spending less time seeing your family and/or even taking care of yourself properly.
- You never really “turn off” mentally, your mind is always on your business.
- You may hire someone who doesn’t bring value to your team.
- You can get hit with potential lawsuits.
- You can have disgruntled customers and/or employees.
- You have increased competition in your community.
- You have increased costs with payroll, workers compensation, liability insurance, marketing, etc.
- You will experience a certain level of stress.
- You will ultimately decide the fate of your business.
Finally – now that we have gone over the benefits and the pitfalls of owning a fitness studio, let’s discuss the rewards of taking such a huge leap of faith.
- You help countless people get healthier, leaner, feel better, look better, have more energy, increase their confidence, live better quality lives and even save their lives.
- You create several jobs in your community and you employ people who are raising families.
- You increase your income and provide more for your own family and for yourself.
- You have more time for your family and for yourself.
- You live out your dream job and enjoy every day that you walk into your own business.
- You inspire a number of individuals through your hard work, dedication and commitment, to bringing the best fitness facility to your community.
- You leave a lasting mark in your area.
So, is taking the leap of faith to open your own studio worth it?
Only YOU can make that decision!
Starting and growing a business is hard work and it takes a lot out of people to get their businesses to the next level. Not everyone is meant to own their own business. If you look at the statistics of failed businesses in their first year, it can be scary even if you have done all of the proper homework before starting your business.
Yes, there is definitely a huge risk involved when going into the private sector – and if you think that you can handle that, then by all means go for it with as much ferocity as you can. But if you find that it’s not for you after doing some homework and exploring your options, then that’s okay too. You just have to figure out what you’re happy doing in the long term.
Do you want to take those risks to maximize your life OR do you want to play it safe and not risk anything and have more time?
Again, that depends on YOU and only YOU can truthfully answer that question.
So, in exploring whether or not to start your business, just remember that it’s critical to address your risk-reward ratio, plan very carefully and get ready to work your butt off – good luck on your decision!
About the Author
Mike Z. Robinson is the owner of the highly successful personal training facility, MZR Fitness as well as Mike Z. Robinson Enterprises which features & highlights a myriad of options to help fitness professionals grow their businesses and careers. Mike was the 2015 IDEA Personal Trainer of the Year, is the author of the E-Book: “Fitness Up, Everything Up”, and he is also a Media Spokesperson for both the American Council on Exercise & IDEA Health & Fitness Association.