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alanjlamore
08-17-2004, 08:46 PM
Any suggestions on what should be done in preparation of owning a gym/health club franchise or any other business for that matter?

I'm currently working on a degree in IT to get enough education and certifacation to have something to fall back on, but I know and have known for a long time that I want to eventually own my own business.

I've been thinking about a few different areas of interest, like making and selling computers, training domesticated animals, or running a gym. I would prefer a franchise since a lot of questions are already answered for you and the mother company wants to see you succeed.

I was wondering if I should get certified in some areas of personal training so I know if someone I hire knows what he/she is talking about, or would a business degree be more helpfull.

I've had some reservations about getting a dergee in business since from what I've seen, the schools are very outdated and I can't help but wonder that there's something wrong with the schools when 9 out of 10 businesses fail.

I'm definitly going to get more aquanted with marketing. I just don't want to waste any more time than I have to. I'm already wasting enough time getting a degree in something I'm good at but don't enjoy doing. All this wasted time is a result of the fear of failure. I want something that can susstain myself and my family while I venture into owning a business.

Oh, by the way the fanchise I've been thinking about is Gold's gym. There's no realy big named gym around where I live and the few small ones around here are all crowded.

I know this is a little off topic, but I was just wondering if there's any entrepreneurial people here with advice.

I've read "rich dad poor dad" and the author's other books, but there seems to be a hidden agenda to the focus of these books (trying to sell something) so the advice is a little biased.

mdolls68
08-18-2004, 04:43 AM
Alan,

A question. If you got into the Gold's gym franchise, how would you come up with the initial money or do you already have it?

My husband and I both have the entrepreneurial spirit. We own our own videography company. We are also doing stock trading to use that as a means of financing our next careers, which will allow us to not have to be concerned about money but concentrate on what we'd like to do and enjoy.

Some of the things we are learning is that this requires a lot of work. A lot. And, we've found that we are not always equipped. Recently we hired attorneys to help us properly setup our businesses, deal with tax structure, legal protection, etc. This is costing a fair amount of money.

I won't say I understand anything about running a gym, but you might want to find some people who do own gyms and ask them what the good and points points are, what is needed, etc. You can find gyms that people are really happy with, find out why, and ones that people do not care for. Demographics also plays a part in this.

Probably taking classes in the types of businesses you are interested in would help greatly. I know for our stock trading, I take classes, seminars, read books, practice, etc. How we fund all these things is through my engineering job.

Some of the things my husband and I see ourselves doing will literally take many years to accomplish. And, actually, I started on this quest when I was 10 yrs old. I'm 26 yrs into fulfilling my dream. Another 49 yrs left.

Successful businesses take a great deal of planning. And, sometimes you may fail several times before getting there. I know in the stock trading thing, I've lost hundreds of thousands of dollars a few years ago. That didn't stop me. I learned why that happened and changed. This year, my loss is only in the 5-digit figure. That's still a lot, but much less than 6-digits. Hopefully next year it will be 4-digit or less. Learn from your mistakes and get back up when you fail.

Blessings,
Molly

elissalowe
08-18-2004, 02:32 PM
Alan -

I don't know jack about starting or running a business (yet), but usually the best thing to do when you need information is to start with the basics. Such as:

http://www.goldsgym.com/franchising/

http://www.sba.gov/

Good Luck!

alanjlamore
08-18-2004, 04:26 PM
OK, I'll try this again. I had about 7 paragraphs written in response to mdolls68 but since I opened this link through my hotmail account, I got a message saying that my account has been idle too long and I had to close the window :s

Anyway, I was planning on something smaller to start out with. A friend of mine did some research on "geeks on call" and it only cost around $20,000 to start a franchise throught them, as opposed to the $300,000 to $800,000 for a Golds gym.

I also have some money saved up and have been doing okay with some of my stocks. I want to have at least enough capital saved up to be able to pay myself a salary and run the business for 2 years without the help of any profit or income.

I also have a guy that I found through www StonebridgeMRI com
and so far he's given me a lot of advice without asking for anything in return (yet).

I was thinkning that I could also get some help from 2 of my uncles, either advice wise or monetarily. They're both self-made millionares, one from owning a large bank in Florida with his wife as the Vice pres. and the other is a part owner of 5 Dennys and full owner of 2 pizzarias.

I know I should go to more seminars. I've only been to about 4 or 5. Some have been pretty informative, but others seem to beat around the bush and want you to buy their thousands of dollars package to find any reall info.

Some books have also helped like the rich dad poor dad books by Robert Kiyosaki.

Do you know of any other good books on the subject?

Thanks for the advice and that sba website looks interesting.

I know I said more in the other post I tried making, but I'm sure it'll come back to me ;)

colinw
09-10-2004, 01:21 PM
Hi Alan,
Hope Im not to late to jump on here, but i seem to around the same place as you..Ive actually just completed a degree in business, and I agreed it is now outdated, however it does look good on the CV, and bank managers do look at your educational background when handing out the Sheckles.

From reading your postings you seem to have a good grounding and passion for the lifestyle, so maybe it would be a good investment in you and your future to have a certification in PT-ACSM have some pretty weel regarded ones, and once certified you can always pick up a few personalt training clients to get some 'overhead' free cash coming in.

Definately talk to your uncles, they have the experience and business is business, weather its pizzas or bodies, the rent and wages must be paid..and im sure they would be delighted to pass their experience onto the family...

This guy Kiyosaki has a few good books out--and the principle behind theqwirting is good, few good ideas etc and he certainly gets you thinking, however (aparently-im not 100%), most of this guys income has actually come from his writings and not his businesses, and this only really happened when it got hooked up with some big marketing scheme--search the internet for his critics, however, it gets you thinking, There are better financial guides and writers out there, im traveling at the moment but ill be home in a few weeks and ill dig them out, although im not sure if they will be relevent in the US (Or there are probably better ones there),
Hope this helps
colin