no-iron-fitness

Entrepreneurship: Taking the Plunge

With a recession in full swing, major corporations showing huge losses, and people from all sectors losing their jobs, folks are looking for other ways to make a living. The idea of becoming your own boss and becoming an entrepreneur seems to cross peoples minds more often during trying times likes these. In fact, throughout history huge fortunes have been made during economic down-turns.

 Deciding to become an entrepreneur can be an exciting and overwhelming endeavor. When I bought my first business I had no idea what the hell I was doing. I thought my passion for what I was doing would carry me through and I that I would figure out the rest on my own. WOW. Although passion is a crucial part of working for yourself, passion alone won't put money in your pocket.

The first thing you need to be is smart enough to realize that you don't know anything and you're going to need help. The first thing I did when I came to that realization is start reading; I read books on how to be successful in business. The first book I read was one that was recommended to me: the E-Myth, by Michael. E. Gerber, which radically changed the way I looked at business and how a business should be run. It also made me realize that I was going to be out of business very soon if I didn't get a handle on things.  

I went from a guy who hated reading to a guy that reads at least one book a month on my new profession of being an entrepreneur. My first piece of advice to anyone started a business is to educate yourself before you end up doing something stupid. Believe me, it's all too easy when you're new to entrepreneurship. 

Surviving Renovations

Renovating your business is a stressful affair. Unless you're a multinational corporation or have loads of money and are able to hand over the project to a firm that specializes in this type of thing, chances are you're overseeing the project yourself.

When we started renovating our training center we were naive enough to believe we would only need to close for a couple of days when in reality we should have closed for a couple of weeks. Fortunately, we had enough foresight to perform the work during our slow season.

Our business is membership dependent, so for every day we were closed we added a day to our clients memberships; just because you're stressed out and pressed for time doesn't mean that your clients have to be as well.

Choosing the right contractor is crucial--not only do you want to get work done at a fair price, but you also want to make sure  they really know their craft. If you don't know anyone off-hand ask around; friends, family, and business associates may be able to refer you to someone they trust. Always try to see some of their finished work.

It's also important to know that a residential contractor is different from a commercial contractor: know who you're dealing with, especially when it comes to electricity. Check to see if you need any permits, make sure you get those in order, and get an estimate in writing. We were lucky--I went to school with my contractor, and though my memories of Robert back in college consisted of him drinking himself into a stupor, putting a garbage can on his head and  asking "who turned out the lights?" God bless him, he's a great contractor.

When trying to figure out how much it will  cost you believe me, no matter how much you sit and rack your brains about all the little expenses that will arise, it's going to cost you more, so whatever number you come up with add a cushion of about 20%--and that doesn't include lost revenue from having to close down or reduce operations.

When performing renovations a little planning and research will help you sleep better while your business is getting a make-over.