It doesn’t take a genius to know that opening your own business involves risk.
As box owners, we understand the reality that most small businesses do not survive their first year, but we’re still willing to make the jump. Maybe it’s our competitive nature, or the accessibility of an affiliate entrepreneurship that makes us believe that anything is possible, maybe it’s the so-called “success” we’ve seen others have that pushes us to think we are capable of the same.
Truth be told, the success you see down the street may not be what it seems.
While many businesses can survive with their owners working additional jobs to the pay the bills or foregoing a salary to keep improving their facility, in most cases, this can’t last forever.
According to the Small Business Administration, only half of all new businesses survive five years or more. The even bleaker outlook is that only one-third of these enterprises survive 10 years or longer.
So how do you get your business out of that rut and among the elite class of businesses who can boast of longevity? Business survival rates have changed little over time, so don’t rely on the economy. Rely on yourself.
One place you can start improving the chance of survival for your business and seeing improved profitability is by challenging yourself to determine what aspects of your business you don’t understand and come up with a way to change that aspect.
What can you improve your knowledge on?
Business tax laws, credit card processing fees, search engine optimization, planning for retirement, member attrition rates, the options that could help your business are endless. From something as simple as picking up a book on business management, taking the time to research gym management software or finally hiring a CPA- what can you do this month to improve either your service quality or business efficiency?
Think about it this way: if you felt a deficiency in your ability to coach gymnastics or Olympic lifting you would seek outside knowledge either through literature or attending a certification class. If you feel a deficiency in some aspect of your business knowledge then, shouldn’t you become just as much or even more invested in filling that gap?
Instead of reacting to what your competitors do or what “they” have, become proactive in your dream to become a bigger and better business. The Japanese believe in “Kaizen” or the continuous improvement of processes because at the end of the day, no business is ever perfect. But those who strive for perfection across all aspects of their business, those are the ones that last.
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This post written by Amy Duchene, co-owner with her husband Mark, of CrossFit 915 in El Paso, Texas. They also have their own kid’s fitness company, CuzImABeast, that offers informational articles, WODs, coaching videos, and cartoon learning aids for CrossFit Kids programs.