4 Hard Truths This Entrepreneur Learned From a Fitness Business
Grow Your Business, Not Your Inbox
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While young people seem to be constantly glued to their screens, it may come as a surprise that they’re actually more interested in working out than their parents. This is something that the fitness industry has leveraged to the fullest, using various marketing tactics aimed at young fitness enthusiasts. But starting a fitness business isn’t as easy as it seems. Competition is fierce, with plenty of personal trainers all trying to get the same set of customers.
Hakar Mahmoud knows this all too well. He launched his fitness business despite several obstacles along the way. During this time, Hakar learned four hard truths about starting out in the fitness industry.
Develop a business plan
Generating clients and providing them with customized fitness programs may sound easy, but you need to plan everything well in advance. Hakar suggests a five-fold program to start a fitness business: research, mission statement, investments and finances, goals and competition. Spend enough time on planning because it's the foundation on which your business would stand. The elements in the five-fold program would cover all the aspects of starting your business and making it successful.
Define your USP
What sets you apart from other fitness experts? Is it your customized fitness programs, unique diet plans, or the way you motivate clients? Figure that out first because it would later help to promote your business. Compare yourself with your competitors. Note down your strengths and weaknesses to define your unique selling point. Once you find that out, you can tell your potential clients why they should choose you over others.
Plan your finances
There are two common ways to raise funds for your business: investing your money or taking out a business loan. Either of the two gives you the freedom to keep 100 per cent of profits. But you are also responsible for any losses and paying back the money to the bank. The second option is to gather funds from co-founders and investors. While you will share the financial burden with them, you also need to share your profits.
Hakar recommends that you make a list of all the possible costs you will incur beforehand, such as fitness equipment, office supplies, rent, staff wages, electricity, and insurance. Being honest with your financial status helps you make an educated decision about how to amass capital to start your business.
Marketing your business is essential to keep it afloat amidst the competition. Remember, there are already some big fishes present in the ocean. You need to show them why you are worthy despite being new. Hakar, who is also a digital marketer, thinks that you should take to social media to promote your business initially. Once you start making profits, you can invest in other digital marketing strategies.
Hakar, for one, started by reaching out to his potential clients through his Instagram page. He became so popular that even Hollywood celebs hire him as their personal trainer.
Starting a business isn't easy. But your journey all begins with a single step. With these tips from Hakar, you should feel more confident knowing that you can avoid common mistakes and forge the quickest path toward launching your fitness business.