4 Factors Why Most Small Businesses Fail (Including Personal Trainers)
Everyday businesses fail, stores close up shop and people are left puzzled. Why is it soo damn hard to grow a business. There are dozens of factors but if you look closely most businesses that fail have these 4 major things in common.
1. Lack of Creativity
Unless you have come up with an outright brilliant idea that has never been discovered before, you will not be the only ________ (fill in the blank) real estate agent, bakery, or dry cleaner in your city. In fact there are 5 dry cleaners with in a 5 minute walk of my home in Chicago… and not one of them has ever done anything or said anything creative enough to get my attention. I don’t know their names, their phone numbers or their prices.
2. Lack of Knowledge
Too many people decide to go into business for themselves without ever taking a hard look at what they really know. The ones that do reflect on what they know, don’t know quite as much as they think.
So are you supposed to sit around and learn everything before you open your business. Of course not that would be ridiculous! But what you should do is write down the things that you are not good at and either start soaking up everything you possibly can or plan to hire someone that does. You may be the best darn personal trainer around but if you do not know internet marketing, or marketing in general, you better find someone who does. (hint, hint):)
Also, just because you majored in business in college does NOT mean you understand business or marketing. I hate to break it to you but most of the stuff you and I learned in business school is just about worthless in today’s ever changing business environment. (I’m speaking from experience, I learned Nothing, ZILCH, Nada about personal trainer marketing in school)
3. Fear
Your first response is probably, “I know I know, people are afraid to fail”, this is true but people are equally as afraid of succeeding. What will happen if this thing actually works? I’m dead serious, think about it.
There are less barriers to entry than ever before, for creating your business. Guess what, there is also more opportunity than ever before to grow a kick butt, highly successful business.
Some other common mistakes small business owners make are:
Penny Pinching - if you have an opportunity to trade one dollar for two dollars, spend as many dollars as you can. Be smart but do not be cheap.
Punished by Pride - if you don’t know something, admit and get help from someone who does. When you do outsource it is important to understand “good is good enough” if you dwell on the little things you will never accomplish the BIG things!
Hiring the Wring People - It is crucial you build a great team around you. This takes time and will involve some trial and error. Keep at it and keep people accountable for what they do, in a polite way of course.
If you are considering opening up a personal training studio or business in general I hope you have found this and the other posts on this blog helpful. If there is anything you would like me to write about please comment on this post.
Best of Luck,
Keith
Tags: marketing tips from personal trainer expert, opening up a personal training studio, personal trainer business advise