Becoming 9Round : 20-20 Vision
Your mind is made up. You’re tired of working for someone else, you’re taking control of your future and you want to open a fitness studio. You have a vision, sure. But how clear is it? Before you take the leap and commit to even starting the process of opening a 9Round, you need to check your vision.
Saying that you want to be a business owner is like reading the top row of an eye chart (we all know it’s a giant “E.”) In order to prepare yourself for what can be a very grueling process, you need to read all the way down to the itty-bitty text in the last row. Your vision needs to be clear, concise, 20-20. If you’re ready, below are a few questions to help you get started.
1. Why do you want to own a business in the fitness space? Are you prepared to take on all of the management responsibilities, the headaches, administrative work, marketing duties, the closing of sales inquiries, the customer follow-up, cleaning and maintenance, customer complaints? What kind of a living do you want? Is it all about the amount of money you earn, or does the impact you’re having on the lives of others figure into your equation? If you don’t earn hundreds of thousands of dollars, can you still be happy, can you still fulfill your financial obligations? These are questions only YOU can answer.
2. Who will be your tribe? Who will be supporting you in this process, at home and on the job? Who will be your staff, what can they offer you, and you them? Where will your clients come from – where do they live, work, are they young, old, single, parents? Who will you look to for guidance when there are questions you don’t have the answers to?
3. What makes you uniquely qualified to operate a fitness studio? What are your core competencies as an owner, leader, manager, and trainer? Do you have the ability to hire others whose strengths lie in areas where you have weaknesses? All locations have floors, ceilings and walls, but what can you offer that will help differentiate you from the competition, make you stand out, drive you toward success?
4. When will you feel that you have achieved your vision? When will you know you have achieved what you wanted? Can you measure it? Will you consider opening for business a success all by itself? Or will success be based on the cash in your pocket, the number of clients you have, retention rates, retail sales, five-star reviews, etc.?
5. How will opening your own business change your life for the better? This one is self-explanatory, and yet, possibly the most important question you can ask. Business ownership isn’t easy, and it’s not a 9-5 job. If you want to open a business because you’re tired of working long hours, you’re probably going to be disappointed. Will making an impact on the lives of others, while providing for your own, make your life better? Be open and honest with yourself about your expectations and what you need to get out of this in order to be happy.
The answers to these questions may evolve, or change as you continue down the path to business ownership. We suggest writing them down, and revisiting them often – for reassurance in times of doubt, and guidance when you feel you may have lost your way. Business ownership isn't for everyone, but for those who are determined, tenacious, and passionate - the rewards far outweigh the challenges you may encounter along the way. Starting your journey with 20-20 vision will be a great asset as you enter the next phase – due diligence. If you’ve completed your vision check and you are ready to learn more about 9Round, we suggest starting here.
This article is the first in a four-part series detailing the journey to franchise ownership. Next time, in Becoming 9Round, we will talk about the discovery process and the importance of doing your due diligence.