Hey. I've been a pt now for about 5 years. I've been successful, however in the city I live in there is a strong fitness market currently, but it is dominated by big chain gyms and a few typical personal training studios, the two best one's I work at currently. I am a father of two, and my wife can only work so much. I love what I do, but i've come to the conclusion that the only way for me to have a more secure future, and I say that loosely, is to open my own pt studio. So, to put it simply from here i'll list my pros and cons for starting this thing up, and if others who have applicable knowledge or experience could respond i'd really appreciate it .
Pros: Great Business name (brand name even)
-great location and low cost
-unique services and "niche" style of training that is in high demand yet not provided anywhere in the entire city
-good amount of clients would follow me (us) to business (although I don't want to depend on them that much)
Cons: No capital or $ to start it up (yeah that's a big one, my credit isn't very good and I would have to seek out private investors
-The other trainer that would be running it with me lives far from desired location and has not convinced me that he is totally committed other than just saying he is
-I am not confident enough in doing it myself because I am not good with money in terms of accounting etc.
With all of that said, I know to start it up I would need around $20,000. The rent to the beautiful store front space is $1500 per month with 1200 sq ft upstairs for the one on one training and for group classes, as well as 900 sq ft downstairs for changing, storage and office. I have tried to start up an in home business myself and even paid out much $ for advertising to no avail last year. I did not have a plan or a good name and marketing strategy. I do now though. I have sought out the advice of friends and family who are attorneys, CEOs, small business owners, accountants, and even a business development specialist/consultant and they all think the "why us" factor is superb and they love the name and concept too. Although, they are concerned due to me having poor credit, no capital, and my partner being dicey so far. I am posting on here to seek the advice of others who work in the same field as me and have either successfully or unsuccessfully started their own small pt studio for advice, any would be great.
James
Pros: Great Business name (brand name even)
-great location and low cost
-unique services and "niche" style of training that is in high demand yet not provided anywhere in the entire city
-good amount of clients would follow me (us) to business (although I don't want to depend on them that much)
Cons: No capital or $ to start it up (yeah that's a big one, my credit isn't very good and I would have to seek out private investors
-The other trainer that would be running it with me lives far from desired location and has not convinced me that he is totally committed other than just saying he is
-I am not confident enough in doing it myself because I am not good with money in terms of accounting etc.
With all of that said, I know to start it up I would need around $20,000. The rent to the beautiful store front space is $1500 per month with 1200 sq ft upstairs for the one on one training and for group classes, as well as 900 sq ft downstairs for changing, storage and office. I have tried to start up an in home business myself and even paid out much $ for advertising to no avail last year. I did not have a plan or a good name and marketing strategy. I do now though. I have sought out the advice of friends and family who are attorneys, CEOs, small business owners, accountants, and even a business development specialist/consultant and they all think the "why us" factor is superb and they love the name and concept too. Although, they are concerned due to me having poor credit, no capital, and my partner being dicey so far. I am posting on here to seek the advice of others who work in the same field as me and have either successfully or unsuccessfully started their own small pt studio for advice, any would be great.
James