Ambition is good. Vision is great but what is more important is profit – profit as determined by you: cash or lifestyle.
Stay tuned as I help you rein in our entrepreneurism and realise big is not always better.
Welcome to FR3 Minutes For Your Fitness Business with actionable tips this week to get the fundamentals right before expanding!
The world we now live in inspires people to open their own business or provides opportunities for the less risk adverse to push up the corporate ladder. The problem with the world we live in is we are inspiring people to run before they can walk let alone crawl.
The odd individual can run the 100m in world record time but the rest of us are still plodding long after they finished! We simply should not compare what we are doing to anyone else.
Don’t focus on your competitors . . . focus on your business and the fundamentals of business. Too many times we want to do Facebook advertising to generate leads and we have no conversion or sales strategy. Or we have 25 members or clients cancel with us in a month before we realise our business is going backwards.
In business all you have are fundamentals. If we are using the analogy of catching and passing, then when you can do that with zero mistakes then broaden your vision. But until your business is so systemised the basics work without thinking about them, then forget about multiple locations and a larger premise or hiring more trainers.
As a business owner or manager or someone who wants a career we must build our business, skill set and career on fundamentals. Your leadership role is to understand what the catch & pass skills are for your business. And you need to be able to do these fundamentals in your sleep. You have to be unconsciously competent at these skills. Period!
Without successful understanding and completion of the fundamentals you are destined for failure . . . you cannot build a house on sand you need a concrete slab.
As I said … ambition is great. A vision is awesome. Entrepreneurship pumping through your veins can be your fuel. But focus your energy and pour everything into making it a business that has a line of people out the door, down the street and around the corner.
Make it a place that cannot be ignored. And when you have achieved all of that with profit and a smile on your face with no grey hairs, then consider expanding or multiplying.
Thanks for watching FR3Minutes for your fitness business now join the Active Management community for more business tips at activemgmt.com.au/membershipoptions.
Justin is the Managing Director of Active Management, which he began January 2004. He offers coaching to businesses worldwide in everything from start up and design to marketing and sales systems. Justin also facilitates four Australian and New Zealand ‘fitness industry roundtables’ events, which allows him to see a huge cross section of business models.