If you have entrepreneurial dreams, they may have a glamorous edge to them. Successful business owners do seem to have it all. That’s because being your own boss has many perks and benefits. It is also challenging. However, despite the demands of hard work and time investment in having your own business, in the end, it is all well worth it. Just check out these 5 benefits of being your own boss.
Basically, the sky is the limit. You choose your own business boundaries. Want to keep it small and local? You can do that. Want to go global? You get to make that decision.
Challenges are not obstacles. They are opportunities for growth. Rather than being stuck in a dead end job, an entrepreneur is always learning and crafting new skills. Discovery of gaps in your professional knowledge and abilities inspires you to go further in developing new strengths and expertise. Become your own boss and experience amazing growth as a person and professional.
3. Help Others
If you are a “give back” kind of person, being a boss can be incredibly rewarding. Employing people in the community is a means of making it stronger. Offering employees opportunities to develop new skills and move up the ladder of success is one of the greatest contributions an employer can make in the lives of their staff members.
This refers to so much more than the legal and financial aspect of ownership. Truly, your own success and everything that contributed to it is directly attached to you. You get complete bragging rights. An amazing sense of satisfaction settles on your shoulders at the end of every day as you close up shop, pat yourself on the back and think, “I made all of this possible.” Go ahead. Be proud.
Being your own boss means you don’t have to explain yourself. Innovation and ingenuity have led to some of the most successful business models of all time. Entrepreneurs enjoy the untethered freedom not found in the traditional corporate world. Want to take a risk? You’re the chief. It’s your decision.
Where To Start
Now that you’re ready to roll, you need a place to start. Your next question may be, “What kind of business should I start?” One of the most lucrative opportunities for start-up success is in opening a fitness center. And success begins with crafting a great plan. The Small Business Administration (SBA) advises 6 easy steps to get you started down the path of your entrepreneurial dream.
Draft a formal business plan. This is the cornerstone from which every other building block is supported. It should include thorough market research and determine the one key ingredient by which most businesses stand or fall: location, location, location.
This is usually one of the major budget expenses for any business. How will you man the store? Determine who will be full-time employees, part-timers or contractors that work on-demand. Create a strategy for hiring procedures, payroll details, benefits to offer and opportunities for advancement.
3. Buy or Lease
Evaluate the pros and cons of buying or leasing fitness equipment. Some equipment, such as free weights, are standards that rarely change. That would probably be something worth investing ownership in. However, new technologies are always emerging. When it comes to things like the latest fitness cycles, you might prefer to lease. It creates the option for an easy upgrade when a new, improved model is available. Repairs, maintenance, and replacement is also usually part of a lease equipment contract.
Financing options deserve just as much attention as research on location and local market demographics. Government backed loans through the SBA may be an option. Private investors might be interested. Personal contributions of your own sources could be matched by your personal banking institution. Find out your options and make the best decision for your situation. Financing is not a cookie-cutter solution.
Of course, you want to remain organized and have a checklist of all the fine details that need to be performed before your fitness center’s doors open. This is also the time to think about the modeling of your mission. What kind of fitness center do you want to be? What is your mission statement? What is the mood and personality of the environment? Some of the most popular models enjoying rapid growth focus on the mind-body connection. In a world filled with negatives, people are searching for a fitness experience which channels all of their physical energy into strengthening their body while, at the same time, recharging their mental energies with positivity. Fitness instructors are not just about building biceps these days. The most successful ones are also life coaches who are supportive as they push their athletes further. It’s the spirit of challenge rather than competition, striving to bring out everyone’s personal best.
Before opening the doors, make sure you have secured the right insurance to cover your liabilities. In the event that the worst happens, it doesn’t have to destroy your future. Consult an insurance professional to determine what type of coverage you need and how much protection you should provide for employees as well as the public.
For more information on how to become your own boss, please contact us. Our fitness entrepreneur experts will guide you down the path of your own success.
David Michael Gilbertson is the founder and president of 3 Elements Lifestyle, LLC., a Fitness and Weight Loss company that specializes in YOU!. With more than 15 years of experience owning, operating and managing clubs of all sizes, David lectures, delivers seminars and gives workshops on the practical skills required to successfully help you with your health and fitness goals. David also helps you build the teamwork, management, and training necessary to open your own fitness center. For more information on Licensing and Consulting Services Visit his Web site at: www.3elementslifestyle.com or email at firstname.lastname@example.org or call 805.499.303.