The precise definition of an entrepreneur is a source of debate. Some people use a broad definition of self-employment to cover everyone who works for themselves. Others have a narrower perspective, arguing that an entrepreneur must not only work independently for their own firm but also be innovative and leadership-oriented.
A fitness entrepreneur is a person who creates a business based on a new idea in the fitness industry. A fitness entrepreneur is defined by the personal risk they are willing to take in order to start a new firm, innovate, or engage in some other sort of fitness business. They are in charge of the company and bear the risk of its success. The fitness sector is fiercely competitive, although it has suffered a setback in the past 2 years. It is, however, persistent. so, fitness entrepreneurs frequently benefit the most from their fitness company's success in exchange for taking that risk but sometimes they might not.
Some of the most successful fitness entrepreneurs exhibit this perseverance. In this article, we try to analyze the thought processes and mindset of the industry's finest brains, as well as what constitutes a successful fitness entrepreneur in today's post-COVID era. Let's first have a look at the top 5 entrepreneurs of the fitness industry and then deep dive into the traits of theirs that led them to where they are today.
Payal Kadakia is the founder of ClassPass and she had to pivot multiple times before she got the ClassPass model correct. The startup, which used to be a search engine for fitness courses, now sells monthly memberships that allow clients to sign up for sessions at numerous locations. Users have booked more than 35 million classes, ranging from cycling and yoga to dance and Pilates, at 8,500 locations in 39 cities across the world.
What started as a single fitness club in Northern California has now grown into the world's largest privately-owned fitness network in terms of membership. Mastrov used Nautilus equipment at a nearby health club to rehab his knee after it was injured in 1983. When the club's owner sold it, Mastrov bought it with the intention of converting it into a 24-hour fitness business. The fitness company that was then known as 24 Hour, Nautilus developed quite quickly, and a decade later, it purchased several of its competitors and rebranded as 24 Hour Fitness. The fitness company, which employs 18,000 people, currently has over 3 million subscribers in 400 sites across the world.
You remember the craze: VHS videos of Blanks speaking stern-yet-motivational phrases over fast-paced music while instructing workout courses. Tae Bo originated as a regimen Blanks taught in his own fitness programs in the late 1970s, mixing elements of taekwondo and boxing (thus the name). Years later, he produced training films, which became a success owing to late-night infomercials and celebrity endorsements like Paula Abdul and Shaquille O'Neal. Between 1998 and 1999, Blanks sold more than 1.5 million video packages, grossing more than $80 million. His total sales to date are worth $100 million, all thanks to videos of a new workout, Billy's Boot Camp.
Mud. Water. Barbed wire. Most people would consider these a nightmare, but for some, they are an invitation. Spartan Race, a series of challenging obstacle-course events, was launched by Joe de Sena in 2010, with the inaugural race in Vermont attracting 1,500 competitors. Endurance test, like Tough Mudder and Warrior Dash, has exploded in popularity in recent years of the fitness industry. Spartan Race does not disclose sales data, but many of the races start at $100, and in 2017 more than a million individuals participated in one of the company's 200 events in 30 countries. Over 5 million members have taken part in total.
Joey Gonzalez is a successful fitness entrepreneur who initially attended a Barry's Bootcamp exercise as a customer in 2004. Joey Gonzalez walked into this popular boutique workout brand's home office as the CEO in just 11 years. Barry's Bootcamp's expansion has been fueled by private equity money, with the company being valued at over $100 million with close to 50 studios' worth of red rooms.
Joey Gonzalez and Barry's Bootcamp recently celebrated their 22nd anniversary, transitioning from client to trainer, trainer to the manager, and manager to CEO. Joey still conducts classes, the first of which he taught in the Los Angeles region. The fitness company, which started in Los Angeles and now has 50+ sites, has over 40,000 customers each week, and Joey still teaches classes, which was the first thing he liked about Barry's Bootcamp.
If you want to enter the exciting and often challenging field of fitness entrepreneurship, you'll find that the most successful fitness entrepreneurs have a set of personality traits that make them well-suited for the kind of role they play. We'll go through the characteristics of money-making fitness entrepreneurs in the section below so you can see if you're on the right track.
The following are the top ten traits of a successful fitness entrepreneur are:
The Go-Getter is someone who acts now rather than later and thinks in terms of the short term.Fitness entrepreneurs must be proactive rather than reactive in their approach. Successful fitness entrepreneurs control their own fate and never allow themselves to be influenced by so-called external factors. This is a very crucial business trait as a fitness entrepreneur. With the fitness industry evolving at a higher pace, one should always be a go-getter rather than worrying about the change that is happening around.
Always ask yourself, "What is the next step that I need to take?" and "What do I need to do now to get things started?" The people who plan the next actionable assignment and can be open about it are the ones who will get to work on it. The go-getters act right now and take definite actions rather than being the worriers and losing all the determination. Thus it is extremely important to be a go-getter if you are an entrepreneur in the fitness industry.
The fitness industry economy will continue to shift in the future. Many of these influences are uncontrollable and external. We do, however, have influence over how we grow to become more agile, stronger, and adaptable to different circumstances. This is how the fitness entrepreneurs that succeed are able to stay ahead of the competition at all times.
For you to thrive as an aspiring fitness entrepreneur, you must evolve and embrace the change. There will be times when you would get lucky, as well as experience more than normal growth and development. But there will be times otherwise as well, where you would have to see what's changing in the market and figure how you need to adapt.
However, deep introspection and increasing mastery of knowledge in your chosen industry which is the fitness industry are critical to building good momentum and maturing into the fitness entrepreneur you know you can be.
Embracing change and being curious is all part of a bigger picture of keeping ourselves engaged in learning new things. The desire to learn new things can take your fitness business to the next level you've always tried to reach. Maintaining a thirst for fresh knowledge may also help your company stand out while also helping you to detect potential market prospects.
Fitness entrepreneurs may gain inspiration, avoid common pitfalls, and set themselves up for success in entrepreneur industries by continuously learning. We live in an era where the thoughts and ted talks of some of the world's most brilliant business minds are only a Google search away.
A dependable and professional team is the foundation of any successful fitness business. This may involve hiring a personal assistant, trainer or collaborating with an experienced accountant. Because sales are the soul of every business, we propose hiring someone who can help you increase revenues by either boosting sales or improving the sales process of your fitness studio or business. For improved efficiency, we also propose hiring workers who are versatile.
The idea is to hire the greatest instructor or individuals to assist you to reach your objectives, as well as people who share your vision. Although each team member brings a unique set of skills to the table, the entire team should always be on the same page when it comes to the company's vision and values.
None of us could have foreseen the crisis that occurred in 2020 even in our wildest dreams. The COVID-19 pandemic claimed millions of lives, disrupted livelihoods, and caused financial hardships for many businesses. It taught us that our health comes first and that your business must be financially prepared to deal with anything life throws at us.
As a fitness entrepreneur, make a list of all of your expenses, including rent, utilities, marketing, and any miscellaneous expenses. Then add line items for expenses you'll incur as you are the sole member: health insurance, business insurance, and self-employment taxes, to name a few. Remember that you'll have to put aside roughly 35% of your self-employment revenue for taxes, so adjust your prices accurately.
When you're initially starting out in a fitness firm full-time, one of the most difficult things to keep under control is your cash flow. I.e. to save. It may take some time for clients to pay you or for you to generate revenue. From registering your firm to acquiring equipment, there may be unanticipated initial expenditures. Save and spend as per your client base and most importantly, have a system to manage your fitness business finances, So, you must take into account every little cost on your journey of becoming a fitness entrepreneur.
Successful fitness entrepreneurs are all risk-takers who have overcome one major hurdle: they are not frightened of failure. That’s not to say they will abandon the situation and move forward. Fitness entrepreneurs are typically successful because they are calculated and can make the best judgments even in the most difficult situations.
They understand, however, that even if they take the best option possible, things don't always go as planned and may fail in the end. If you've ever heard the phrase "nothing ventured, nothing gained," this is precisely what it means: don't be scared to try something new and give it your all. Again, there isn't a single successful fitness entrepreneur sitting on his couch contemplating "what if? "You've got to get to work even after millions of failures.
Our society is not functional without communities. Businesses are now using the strength and passion of their own communities to engage in meaningful engagements with their consumers by adopting a community-driven strategy. The current shift in the audience from millennials to Generation Z (GZ) is already having a huge impact on fitness businesses, as the GZ has a completely different mindset, and their advocacy for freedom and need to express their needs through various digital channels is forcing businesses to change their business strategy in order to capture their attention and loyalty.
One of the most evident developments is how the co-working community is transforming the way businesses operate these days. Community-driven businesses are collaborating with the worldwide community to benefit their operations as well as work for a larger cause. Developing a relationship with your community is the key to running a successful fitness business. Your studio or store must respect and collaborate with your consumers. Today, all of the major social media platforms and organizations are advocating a community-based management approach to give back the support society and your community has supplied you over time.
When you think about what makes a successful fitness entrepreneur, adjectives like grafting, hustling, hard work, and no sleep come to mind. Sure, success needs motivation, determination, and perseverance. The finest fitness entrepreneurs, on the other hand, work smarter, not harder. To simplify the business, they rely on talented people, software, and technology.
Successful fitness companies develop innovative methods to run their businesses, from marketing automation to gym management software. Member signups and payments, for example, can be expedited using management software. The days of tedious data input and printing contracts for members to sign are long gone. Digital contracts, member portals, and automatic payments are all useful tools for streamlining a fitness company's operations. Bookee app is a versatile fitness business management software that can do it all for you. All you have to do is sit back and take care of more important things other than mundane admin tasks.
You'll need a great business plan to start a successful fitness company. Some individuals try to skip this phase and go straight to the real meat of creating a company .i.e. focusing on just the business tasks. Others believe that a business plan is only required when seeking a loan. While this is one good reason to write a detailed business plan, it is far from the only one. A business plan is a must-have if the idea is to attract investment capital and it must be exceptional.
Fitness entrepreneurs need a detailed, well-thought-out business plan to succeed. You will never encounter a more difficult writing task than the drafting of a business plan, whether you are beginning a new firm, seeking extra investment for current product lines, or proposing a new corporate division. Only a well-thought-out and well-presented business plan can secure the required funding and support for your business idea. It must correctly and attractively represent the fitness business or the intention behind it.
To ensure that you cover all of your elements, you might find it useful to employ a business plan template. When creating a profitable business plan, you must keep following a step-by-step process which we have elaborated for you in our blog.
A fitness entrepreneur must make difficult decisions and stick to them in order to be successful. As a leader, they're in charge of directing their firm's course, which includes everything from finance and strategy to resource allocation.
Having all the answers does not always imply being decisive. If you want to be a successful fitness entrepreneur in the entrepreneur industry, you must have the courage to make difficult decisions and follow through. If the outcome isn't what you expected, the decision to take remedial action is just as important.
When it comes to becoming fitness entrepreneurs, we are living in the greatest age in human history. Everywhere we turn, new trainers and coaches are launching their own businesses, and the sector is currently over-saturated. We can say that the above-mentioned 10 traits can make you a top-notch fitness entrepreneur with immense earning capabilities. You can become one by putting in hours and creating a profitable and growing business with exceptional leadership and communication skills, enthusiasm, and a strong work ethic.
So, it's better late than never to enter the fitness industry. Today, operating through a fitness business management software has become a necessity for every fitness business. Put on your sweatpants and get ready to become the fitness entrepreneur of today by booking a demo with us.