Small Business Closing: Failure or Opportunity?
A Little Background
In 2007 I started an online fitness production business. I produced a CD for group fitness instructors and personal trainers to use with their clients. The goal was to provide clean, Christian focused songs. That venture was the start of my entrepreneurship -unless you count the time I sold baked goods to my neighborhood businesses and neighbors at the age of 12. I have always been a bit adventurous and seem to constantly have big ideas. In 2008 I managed the group fitness instructors and program for a local fitness chain. I did the basic work of a manager but saw more potential and began to implement programs, fundraisers and market strategies (I’ll get into all of that in additional posts). A few years past and I realized that I had been putting a lot of time and energy into another company and it dawned on me, I can do this on my own.
So I did. I started seeking advice from SCORE and a fitness business consultant Bryan O’Rourke and set out on a new adventure. My online fitness production company had evolved into a fitness consulting business (and remains as such) where I provide online personal training to anyone around the world. I took my online concept to a bricks and mortar model. My business was very unique for my area and unique in the fitness industry. I’ll share more about my fitness studio soon. It was a huge success at the beginning. I had a marketing plan that was working well and a support system that was incredible. What I didn’t account for was the failing economy and my families need for me to make money quickly.
The Tides Change
When I tell people my husband’s profession there’s generally a gasp and then a follow up question: “How are you all doing?” I’m sure you could guess- real estate. We all know that the real-estate market tanked and that the effects were/are far reaching. As I got further into my fitness studio it was apparent that I would not be able to make it, not because we couldn’t financially or the model wasn’t right, it was because I couldn’t wait to make money. If you know one thing about a small business it’s that it can take a while (maybe even years) before you begin to see the fruits of your labor. I knew I needed to shut it down and so I began to slowly dissolve the fitness studio.
I’ll be honest, as much as it was humbling, it was a relief. It was a lot of hard work! Anything you do well takes work and I don’t typically do things halfway so I was busy. But I would not trade that experience for anything. I learned a lot, I grew a lot and frankly it opened many doors. The opportunities are endless. I really thank God for my fitness studio closing. That sounds strange, but I do.
Everything’s an Opportunity
Why I can be thankful for what could seem like a miserable experience is because I had the opportunity to learn how to budget, do payroll (as an owner not as a manager), market, hire (as an owner not as a manager), partner with companies, fundraise and give (as an owner), campaign, and manage. It really is different, more at stake you could say, when you are doing these tasks as an owner and not a manager. That list really only scratches the surface. What have I been able to do since: publish articles in local, national and online publications, provide consulting, and collaborate with other fitness businesses and organizations. I am considered a fitness expert. I use that term “expert” lightly. I prefer to be called a fitness industry learner! That’s all I do every day, learn!
Do you have a business that is failing? Do you have a start-up? Are you wondering why this or that is happening? I am a poster child for the word opportunity and believe you are too. Why? Because every venture and even failed venture has a purpose. We may not know what it is as it is happening but we all have a choice: we can either seize the moment to learn and grow and then take what we’ve learned and put it into action or we can throw in the towel and be defeated. I just want to encourage you not to throw in the towel! You have had that opportunity for a reason. Find ways to take what you’ve learned and put it into action.
I look forward to sharing ways to seize opportunities in the near future. Below is a clip of my studio and why I started it.
RELATED CONTENT