Some gym owners wear that title and are satisfied with it.
Others want to be more than just the owner of a small business. They want to become fitness entrepreneurs – with multiple locations, perhaps; speaking engagements and books; online goods and services; and more ways to spread their message and bring in revenue.
Now, technically speaking, if you own a business, then you are an entrepreneur. And we don’t mean to slight anyone either way.
But we want to talk today about the rise of the fitness entrepreneur as we see it currently – what it means and how to make it work. Plus, we want to share advice from several folks who have made the transition and are happy to leave breadcrumbs along the way.
There’s so much to do in today’s fitness landscape in addition to owning a gym or studio.
“Personal branding” is a familiar concept.
Social media and Amazon are full of “influencers” and self-published authors.
Small franchises are sprouting up around the country.
Sky’s the limit! So, stop dreaming and start doing! Join the thriving fitness entrepreneur community. Get the tools, knowledge and support you need to launch and grow your empire.
Getting started
These initial questions are good for anyone at any point in their fitness entrepreneur journey – whether you’re thinking about opening your first gym or you’ re already on your way.
1. Who are you? What do you love? Where are your strengths?
2. What’s needed out there? Do market research to understand your target audience, their needs and pain points.
3. What’s your UVP? You probably know you need a unique value proposition, and this is true whether you want one studio or an empire.
4. How do you want to expand from a traditional gym model? Do you want to sell supplements and smoothies? Launch a line of branded merchandise? Lead groups on fitness vacations, or maybe plan a whole franchise system?
5. Think about scaling your business from the start – how can you create it so that you can also grow it the way you want to?
6. Explore technology. It’s always changing, and so fast – and much of it to the benefit of the small business owner or budding fitness entrepreneur. Things that used to be hard or exclusive to the few are now more easily available to all of us through technology.
7. Network. Join organizations in real life and online of likeminded businesspeople. Find mentors. Hire business coaches. Do it smartly and with a plan to learn what you don’t know and gain from others’ experience.
The ‘IDEAL’ business for a fitness entrepreneur
Fitness business coach Pat Rigsby has helped countless “gym rats” become fitness CEOs, and here’s how he describes the five characteristics of an “Ideal Business” in “The Fitness Entrepreneur’s Handbook.”
1. Independent. “You want the autonomy to build the business you want.”
2. Distinctive. “Your ideal business must stand out” with a special quality or style.
3. Enjoyable. Create a business and job you enjoy.
4. Authentic. It “must be reflective of you, your belief and your values.”
5. Lucrative. “You need to be able to enjoy the type of income that provides for both your ‘now’ and your ‘future.’”
So, Pat advises, think about who you want to work with? What kind of customer experience do you want to give them? How much income will you need to generate, etc.
‘Reverse engineer’ it
Doug Spurling says it’s important to imagine your ideal business and then work backwards to make it happen. “Just like you spend time reverse engineering, okay, how many clicks do I need to get on this ad in order to get X number of leads,” Doug says.
“Then, you can get into the tactical — so if I want to be working from home, what does the business itself need to look like? How many clients do I need, how many coaches do I need, etc.”
It’s easy to get caught up in the daily grind of just running a business and putting out fires. But try to keep that from happening. Make sure you’re paying attention to the bigger picture, as well.
That means hiring well, relying on others, and taking care of yourself in all aspects of life.
Start with a business plan
In the “fitness entrepreneur” world, fitness guru Todd Durkin does it all – books, speaking, podcasting and more. He advises wannabe entrepreneurs to start with a business plan that includes financial projections – and a healthy dose of skepticism.
In that plan should be your “base acceptable bottom line” – or how much you need to pay the bills, worst-case scenario.
And also add “desirable obtainable objective” – or how much money you can generate “if all the stars align.”
He says to remember that, when planning, your expenses will be double and revenue half of what you think.
“It’s easy to spend money, but it’s not always easy to make money,” Todd says, so do what you can to drive revenue. “Cash is king.”
When hiring, look for people whose strengths complement, not repeat, your own.
No 1: Hire well
Nick Garrity got into franchise systems because he wanted to help more people – including trainers, by ensuring fair compensation and growth opportunities. He values the “plug and play” aspect of using what has already been found to work within the franchise system.
With more locations, he can improve more lives among clients and employees.
“The most important thing is to hire good people,” says Nick, who has three Alloy locations in metro Atlanta. “You have to trust that your staff is firing on all cylinders. Do you have somebody you can trust?
“Every single day you’re putting out fires, but if you don’t have a team you can trust, then you can’t continue to progress.”
‘Think the long game’
Amy Lang closed her studio in San Francisco in November 2019, right before the pandemic, because she wanted to help more people, to have more freedom, and to enjoy higher profit margins with her online weight-loss coaching business.
“Going into the entrepreneurial space, I didn’t have to have as many staff,” says Amy, who launched an online weight-loss course, hosts a podcast, and published a book. “I could reach more people. And I was reaching people who really wanted coaching – as opposed to just being able to essentially rent use of the equipment and the space at my gym.”
She says fitness entrepreneurs must spend time thinking about the life they want and then build their ventures around that.
“Think about the long game – how do I want to structure this so it supports all the different parts of my life?” she says. “And make sure you connect with other entrepreneurs so you don’t feel like you’re in it all alone.
“Asking for help is not a weakness. You don’t have to have all the answers.”
We couldn’t agree more. The fitness entrepreneur community can be supportive, encouraging, and highly social, so dive in. Ask for help – and help others, too.
Explore it in countless ways, including Facebook groups, attending conferences, and reaching out to writers and podcasters who cover topics that are relevant to your aspirations.
You can start by learning more about leadership and other key topics at Naamly Online University. See you there!