People open fitness studios for a variety of reasons, but they often aren’t the right ones.
Here are 10 reasons why it might not be the right fit for you.
1. You think a fitness business will make you rich.
It might also make you go broke.
2. You love training clients.
You might teach a class or work with a member here or there, but as a business owner you will be doing less of what you love, and more of working on the business instead of in it.
3. You love fitness.
As a business owner, your workout will be low on the priority list behind the satisfaction of your members.
4. You have enough equity in your home or retirement account to invest.
While a great way to fund an investment, this by itself is not a good enough reason to risk your family’s home.
5. You received an inheritance.
Invest your inheritance wisely instead. 70% of lottery winners go broke. I like index funds like Warren Buffet recommends.
6. You need a business for a US work VISA.
There are better, safer and more reliable businesses to buy. I would advise buying a business with a history of profitability.
7. You want to buy a business for your spouse/child/family member.
I would never recommend ‘buying a business’ for a family member. They will not have a stake in the business and will not have the sense of ownership you hope they will have without the same risk of loss that comes with being an entrepreneur.
8. An existing fitness studio became available for sale at a good price.
It is probably being sold for a reason, what are all of those reasons?
9. A friend asked you to invest.
Going into business with a partner is like getting married. Do so very, very carefully. If that same friend got an airplane, would you trust them enough to go flying with them?
10. You want to get in on the groud floor of the next big idea.
50% of businesses fail in the first 5 years, 20% in the first year.
“If you look at somebody that’s unsuccessful you will generally find someone who is thinking about themselves. They’re worried about how they’re going to pay their bills, what they didn’t get, what they need to get, how somebody wronged them. It’s all about them. I was that person for a long period of time. You look at successful people, I mean really look at them – they are thinking of others first. They were thinking how they could serve other people with their business, how they could help them, what they can do for others. I never had that, so I got surface level success for what was empty. Give first… if you want to have a happy life.” – Vincent Pugliese
See related article: Two reasons to open a fitness studio