Question

Topic: Career/Training

Start A Business Or Continue Being Self Employed?

Posted by Anonymous on 1/21/2013 at 2:58 PM ET 250 Points
I have been in the fitness industry for 15 years and have been very successful and make great money. Now am at this point in my life (age 33) where I am not sure to continue working as self employed or start a business where I will have the potential to make much more money but the liabilities and risks will be alot higher. Right now at my current state, I almost have no stress, I love with I do and no risks. But, I don't want to look back in 10 years and think that I never found my full potential. I've been ranked as the top fitness trainer in the nation by some of the biggest fitness chains in the world in the past. I am now independent for a year. Please help me with this. I have about 200k in cash, the business will require about 150k of it (i can try to get some loans), but its the space rent thats high at 12k/month and thats not even including any other bills. My other plan was to buy a house and continue working as I am currently and try to promote myself some more to get more clients and make even more money.
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RESPONSES

  • Posted by telemoxie on 1/21/2013 at 3:18 PM Accepted
    I strongly recommend starting a business that is small and part-time, but continuing to put bread on the table and build a war chest doing what you are currently doing. At some point in the future, maybe the new enterprise grows and becomes profitable and you know longer require to work as an independent contractor. But on the other hand, that might not happen. By beginning small and part-time, you can start to get your ducks in a row and get organized without the pressure of drawing a salary. I would be more than happy to talk with you about this further by phone, no charge, if you like. You can find my e-mail just by clicking on my profile.
  • Posted by Moriarty on 1/21/2013 at 3:28 PM Accepted
    Hi, the issue of "space rent" at $12k makes me think. What does this provide for you? Where do you get your current clients from? - and what would you do with $12k saved in expenses using your own facilities in the back room of your house? What would you lose from the current arrangement? Where would those clients come from?

    To my mind with years in the business, knowing your best clients, these questions will be easy to answer. If you think it will be difficult to go it alone, then start small and work up. If you are the best, then you will quickly establish a sensible network - just from your current satisfied clients who want your input and nobody else's. With their help and insights into who they are your advertising campaigns would be extremely effective. That might take the like of Telemoxie to discover - in any case, it would be money well spent (sorry, that should be "invested").
  • Posted by Jay Hamilton-Roth on 1/21/2013 at 3:50 PM Accepted
    Do you need a physical space or can grow a business certifying trainers (since you're well-known) instead (or even create a series of videos, online webinars, etc.)?
  • Posted on 1/21/2013 at 3:52 PM Accepted
    You are the only person who can answer your question. That's because each of us has our own risk tolerance and our own goals in life. If you can live with the risk and want more upside earning potential, then you'll probably not be satisfied with more of the status quo. On the other hand, if quality of life is your primary driver, and you don't need lots more money, then why not just continue to enjoy what you're doing.

    There is no right or wrong answer here. It's all about what's most comfortable for you.
  • Posted by Peter (henna gaijin) on 1/22/2013 at 11:23 AM Accepted
    It sounds like you know the business you would start, but are not sure about the financial aspects. I would do more research. Specifically, I would look into getting the book I talk about in this blog post:
    https://expandabroad.blogspot.com/2005/08/start-up-book-recommendation.html. it covers all the basics of starting a business done in language that non-lawyers can understand.

    Read through the book and understand the basics of business. Then focus on the financial aspects it talks about. it will help you figure out whether your business model will work.

    I don't know the business model for personal trainers, but that $12k a month rent is a huge flag for me.That is a lot of money, and you will need to bring in a lot of income to cover that plus your other expenses.
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