If you’re reading this and you’ve made it to your 2 year mark, your 5 year mark, or maybe even your 10 year mark… huge congratulations! We all know getting to any of these milestones is no small feat.
Because, let’s be honest… the road of an entrepreneur is never an easy one.
It often feels like going on a hike… barefoot, through a densely wooded mountainous forest, at night, with no flashlight, no food or water, and certainly no cell phone reception.
Even for the ones who seem like they have it all together.
What about the road for those who don’t make it to the 5 year mark? Or, maybe even a better question… for those that do? Starting a business and staying open 5 years is a monumental undertaking.
We’ve spoken with countless gym owners who are tired. We’ve spoken to ones who look like they’ve built a huge business because of the number of members they have, but they’re not profitable. For those people, business isn’t fun, it’s stressful. These owners got into the business because they loved helping others, and now it’s turned into the exhausting business of well, running a business.
So how can you make sure that you’re in the small percentage of folks who actually succeed and don’t get burnt out along the way?
1. Pay Attention to Your Cash Flow. This is the number one sinker for small businesses. Most people who start a business aren’t a “numbers person”, so they don’t ever really have control over or understanding of their numbers. Huge mistake. As a result, they don’t pay themselves, and are constantly focused on not having enough.
Suggestion: If this is you, stop putting this off. Commit now to focusing on getting comfortable with and knowing your numbers. First things first, order a copy of Profit First today, and set up your business using this financial system. It will get you in control of your numbers, have you paying yourself right away, and radically change your cash flow challenges. But, be prepared to work the system. There are no magic bullets!
2. Have a Marketing Strategy in Place. You would never (or very rarely) start a vacation or a building project without a plan. So, why do so many small businesses open their doors without a plan for how they are going to grow? Many owners we talk with are years in and haven’t created a marketing plan. Working without a plan will only get you so far. With so much competition rising up, those who have a plan that they’re executing on will be the ones who get out in front of the pack.
Suggestion: Join Hub. For the month of May in Hub, we’re focused on helping all Hub subscribers develop and execute on their Marketing Plan. We provide the how to, templates, courses, resources, and the expertise needed to ensure Hubsters are focused on the right thing.
3. Surround Yourself with Other Like-Minded Owners. A strong, supportive group offers you the ability to positively change. To see what others are doing, and use their experience to make changes in your own business, can be a game changer for your business. It gives you the accountability to actually make the changes. And then it provides encouragement and high fives when those changes happen.
Suggestion: Again, join Hub. Our Hub subscribers have come together to form one of the most powerful communities of gym owners that exists in the industry. They are quick to say that our private Facebook group has been one of the biggest benefits of being a Hub subscriber. It’s a safe place of question asking, idea sharing, and high fiving. Just being a part of this group is worth the price of admission. To take it a step farther, you can apply to join a M3 (Momentum MasterMind) group. These are small groups of 6-8 like-minded gym owners who meet weekly. They are led by a 321Go Business Coach and are all in similar places in their business.
4. Admit What You Don’t Know and Get Help. Another big reason businesses fail is because of the incompetence of the leader. This is not meant to be a derogatory statement at all, it’s just that many gym owners aren’t equipped to run a business. They just don’t know what they don’t know. And none of us know everything. But, the ones who admit what they don’t know and are willing to invest the time and money into really learning and applying what they learn are the business owners who will be around for the long haul.
Suggestion: Find a business mentor, join an accountability group, listen to podcasts, read blogs, and become a part of a motivating and inspiring FB group. The resources are there, you just need to tap into them. Invest your time and money in ways that will grow your knowledge, and ultimately your business.
We very much want you to succeed. So much so that everything we create and offer here at 321GoProject is geared towards that. Want to jump on a call with us? Click here to schedule one. We’d love to chat!
The act of taking the first step is what separates the winners from everyone else. – Brian Tracy