tylercanhas

[tylercanhas]

Week 13

Now during the last week of operating “ShredwithTyler” as part of the course, looking back I have realized that one of the factors that seem to be working for my business is that in my area, being Halton, the government does not seem to want to go into full lockdown.  They keep adding more and more restrictions onto the bigger commercial gyms though.  While working at the front desk for LA Fitness, I have witnessed visits by representatives of the health department and the police to ensure that all newly implemented rules are being followed. Some of the locations have been hit with large fines for contravening the rules. Since I do not fall under the same scrutiny, and I am still allowed to have up to 5 people at my place, my training business has not been negatively affected, especially since clients have more often opted to train virtually in the past couple of weeks. The fact that I am able to continue training clients during this difficult time is a huge positive for me.  

The benefit comes with a downfall, however, considering I have to constantly check the updates for the province as well as for the municipality to ensure that I do not contravene any of the restrictions. If I was to be fined for going against current rules, I would not be able to continue and any profit would have to go towards paying potential fines.  This responsibility causes a lot of anxiety and stress on top of the stress that already comes from opening a new business for the first time.

Aside from this, “ShredwithTyler” is doing well! My client's morale seems to be high and everyone is looking forward to their sessions, as it breaks up their day and adds some positivity, which makes them leave their sessions with a smile. Not only are current clients enjoying my services, but they are also passing on the information to their friends, and I am starting to see the benefits of word of mouth advertising with signing on new clients.

I have learned that when it comes to running a business, I need to be flexible and be able to adapt to changing circumstances. There will always be outside factors that will affect the business so I need to be able to anticipate the impact on my schedule and I need to be ready to react and pivot if needed. Once we are not facing the same amount of restrictions, running this kind of business will be easier, but will present another set of challenges that I might have to adapt to.  

Realizing that it is pretty easy for myself to get burnt out by worrying about things I cannot change and overloading myself with work, I have started to work on staying calm and reflecting on the changes and taking my time to react to them, as more often than not it is beneficial not going with my first instinct but taking the time to look at all options and then making an informed decision. Working smart rather than hard has proven to be advantageous when operating this  venture.

[tylercanhas]

Week 12

Over the past week, “ShredwithTyler” has benefitted from larger, commercial gyms still trying to force customers to sign a contract and commit to at least a 6 months contract to start a training program. At this point, where people in Halton are expecting a lock down just like in Toronto and Peel, this commitment is too much to subscribe to for many people interested in getting back into shape. The thought of being locked into a contract which they might have to buy out off, or lose sessions makes many people shy away from commercial gyms. They would rather train with me in a private safer setting with no obligations other than paying for the sessions received. For now, at “ShredwithTyler”, I have implemented a pay as you go system, so with the fear of going back into quarantine my clients don’t have to worry about losing money.

One of the things that has been disadvantageous for me over the past couple of weeks is the fact that commercial gyms have started to lower their prices for gym memberships and adding free introductory training sessions, making them more competitive. On the flip side, however, people are still capped at an hour workout time, and they need to book an appointment, which adds a lot of frustration to their days, as scheduling a time at the gym comes with its own frustration.

All in all, the business is going well and my days are starting to fill up more and more as the weeks go on, and my clients are still happy with my services as well as motivated by their progress. I believe that “ShredwithTyler” will be very successful, once the pandemic comes to an end and our lives return to a more normal setting. The hurdles the pandemic brings, will be eliminated and potential new clients will start their fitness journeys, and I will see the new sign ups along with the existing clientele to run a profitable business.

The past weeks have shown, that in contrast to working a salaried job, where a pay cheque with at least a base salary and varying commissions or bonuses, as an entrepreneur, there is no safety net. If my clients cancel their sessions, and I cannot find anyone to take the space, there is no income, and yet, my expenses need to be paid and I still have to cover my living expenses. The independence of running my own business definitely gives me independence and freedom to set my own schedule, but it also comes with a set of challenges.

[tylercanhas]

Week 11

When first designing the gym, we decided to take some space from the weight area and to add two rooms, one being a 3-piece washroom with a fully functioning shower, and the other being a change room.  When adding the washroom, I knew that this would be a big plus for my clients, as they did not have to leave the area to use the facilities and they had a private area to change in, especially when they came straight from work, or had to go to work after our training. The second room being a change room was a bit more of gamble, as I was not sure if it was wise to take space from my weight area and dedicate it to a change room.  Now that it is fully set up with a bench and coat hooks, and cubbies for clients to put their belongings, it is being used frequently and clients seem to appreciate the room.

A big problem right now that I am not able to control is the current COVID pandemic.  I am trying wo function under the current restrictions and find a balance between keeping my clients and myself and my family safe while still managing my time efficiently and profitably. With the ever-changing rules and regulations, it is very difficult to sign up new clients and reach the numbers I had forecasted in the beginning of the startup.

I believe that the project is going very well under the circumstances and all my clients seem to be happy and profits seem to still be in line with my original projections. I also predict that when we start seeing vaccines and know a better timeline to an end of this pandemic, I will be able to build a much bigger clientele.      

One take away about running a business is that everyone has their off day and I am learning to deal with client’s moods and temperaments. A poor night sleep or a headache or a problem at work will affect a training session, and there is nothing I can do about it other than smile and try my best to change their attitude with good training session and make their day just a bit better and have them leave with a smile on their face. This is also a learning experience for me, as it is so much tougher to motivate my clients and present myself to them with a positive attitude when I am not in the best of moods. Even if I am not the most motivated on any given day, I still have to put a smile on my face and inspire my clients to give their best during our session.

[tylercanhas]

ShredwithTyler

There are two main things that I believe are working in my “ShredwithTyler” venture, which are the morale of my clients and the layout of my gym floor. When talking about the morale of my client I am referring to my clients’ attitude after each session. When they are leaving the gym clients, they have a big smile on their faces and seem to be in a good mood which shows me that all my clients are liking the training sessions and feel rewarded. Also, I was confident in the layout of the gym when first setting up, but I felt like I might have to make some changes to it to best suit my training style, but throughout the first 10-weeks I have found that the first layout works perfectly for quick and efficient workouts.

When it comes to what is not working, I believe the system I have in place for booking and canceling training sessions could be better. There is a problem with clients canceling within 24 hours and this causes my schedule to become messed up, and inefficient. Right now, because I am working from the gym in my house, it does not seem to be that big of a problem. Once I start training my clients at their homes, or open up a small gym outside of my home this would become a bigger problem. At this point I might have to charge for my sessions up front and charge for a ‘no show’ if the appointment wasn’t cancelled with at least 24 hours’ notice.

I feel that my business is off to a good start, and is almost where I had planned to be but because of the pandemic, there are a lot of future clients who are currently not able to start training. Potential training clients are very hesitant to go into a gym environment, even if it is for a 1:1 session. Therefore, when the restrictions are lifted, I believe that ‘ShredwithTyler’ will be in good standing.

One of the main elements, I have learned about running a business is that if I am not working, I won’t be paid, so it is extremely important to use my time wisely and efficiently.

The biggest eye opener about myself is that I need to stay organized to work well, because the second I start to get disorganized, I get stressed out and things start to fall apart.  Therefore, my focus needs to always stay on implementing and updating a schedule for myself that is detailed and organized.

[tylercanhas]

Start-up Venture

One part of my new startup venture that is much more successful than I could have expected are the online sessions using Zoom or WhatsApp, depending on my client’s preferences. When first considering the online meetings, I thought it would be more difficult and cumbersome to set up the call and I was concerned that my WIFI would not work as well as it has so far.

One negative part of running a business is the fact that I am dependent on my clients to show up for their scheduled session to make money. I try to book one session after the other, but some days throughout the day I will have multiple cancelations, which will create holes in my schedule and lost revenues. Aside from that, I feel that the business is running well, and I believe I am on the right track to success.

Something I have learned during the first few weeks of running a business is that unlike in a salaried position, if you I am not working, I will not make any money, however the expenses will still have to be paid. This experience has also taught me about my self is that I need to stay organized and have a proper schedule every day or I will start to get stressed and not work as efficiently, which also impacts the quality of the sessions I provide to my clients.

[tylercanhas]

Financial sourcing

My start-up financing is definitely “love money”, because my mom is already running a personal training business out of our professional home gym and has agreed to let me use the space at no cost to me until I have established a reliable client base. Since we cater to different market segments, we are not competing against each other, and have agreed to organize the gym schedule to accommodate both our clients. In the long run, if successful, I certainly do not have a problem in offering my mom equity in my business or joining into a partnership and expanding our location to service more clients with a more flexible scheduling arrangement.

Also, I am making a personal investment from my current savings as well as re investing revenue generated within the first few weeks from my training business.

[tylercanhas]

Operation plan

When it comes to my operation plan, I have already started to look at expansion plans for my training business, including possibly buying a store front space for my gym with rental apartments on the top floor.  Starting up, I will be running my business out of my home and online, as I already have all the equipment and space I would need.  This being the case it will be easy for me to be able to start selling my personal training services.  As a next step, I am planning on re- invest my profits into the business for the purchase of real estate and possible renovations to include office space and a gym area close to my house and still in the same market area. Initially, I am starting my business as the only trainer, while working out of my home but once I expand into a new location, I might add a small team of 2 or 3 trainers, who would work with me to take on a bigger client base. I do not require licenses at the start, but I would need to have clients sign a waiver to limit my liability so that I am fully covered if something beyond my control was to go wrong. At the same time, I am looking at increasing or adding a separate insurance policy to my home insurance, to make sure I and my clients are covered for any unforeseen mishaps. I do not need a lot of help starting my business other than feedback, referrals, and testimonials from my clients that I could share when promoting my services on social media, google and my website.

[tylercanhas]

Never be left hanging!!

[tylercanhas]

Competitive Analysis

Goodlife 

One of the biggest competitors my personal training business will be competing against is GoodLife Fitness, which is a bigger commercial gym with a number of locations in my area offering personal training.   When looking at a GoodLife’s website their main benefit is the well-established name and the global as well as the local adverting they show. Their site is very organized, and offers one stop shopping, including gym memberships, fitness classes as well as personal training. A weakness I noticed is that the website does not seem to be updated in a timely fashion, as it does not state anything about the Covid epidemic and the policies that are in effect, such as having to book an appointment for a gym session. A big Canadian gym like GoodLife should have Canada’s Health and Safety rules and guided lines posted on the homepage. Also, GoodLife’s branding is geared to target people starting their fitness journey, and trying to attract people with a corporate rate. Local Goodlife reviews seem to be generally positive but there are some negative reviews about the professionalism of the management at the club.  As for pricing, they seem to be at the top of the spectrum with memberships, including $49.99 enrollment and then $34.99 bi-weekly plus training rates starting at $199.  

Orange theory 

Orange Theory is a gym that focuses on group classes, they do offer some different services, but I do believe they will still be one of our main competitors. Orange theory’s website is good, as they have to a lot of information on the home page and it is also easy to find a local club. At the same time this leads to some negative factors about the website, which is a cluttered and unorganized appearance. Also, their target market seems to be anyone over the age of 14, where parents have to sign the liability waver for the young adults.  The reviews seem to be along the same lines as Goodlife, where they have mostly positive reviews with a few negatives being about unprofessional management at various locations.  When trying to look for pricing on the website, they only publish prices for one-time visits at $35 per visit.  

HomeBodyFit 

Homebody Fit is the most similar type of personal training business to mine in my market area. Their business model is:  one trainer providing personal training in the client’s home, virtual training via zoom sessions, and boot camps once Covid rules will allow.  A strength of HomebodyFit’s website is that it is current with all the new covid-19 updates, but a weakness I noticed is that there is too much information on the home page which makes it appear cluttered and unorganized. They do not specify a target market, but looking at the testimonials it does seem that he mostly works with males and females 35 years and up. All the testimonials for Homebody Fit are all very positive. There do not seem to be any other reviews available. Pricing is not posted on the website and potential clients need to get in contact with the owner, Matt Johnson, whose information is on their website.  

[tylercanhas]

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[tylercanhas]

Strengths and Weaknesses

My name is Tyler and in the few positions I have held as well as in my academic and personal life I have discovered that my top strengths are my communication and my people skills. In my current position at La Fitness in the operations department, I have the opportunity to draw on these strengths during every shift. My responsibilities include helping members by answering any questions they may have regarding their memberships, payments, class schedules and general inquiries about the facilities. Occasionally I have to calm members down when they are upset about the way they were treated, either by staff or other members, or diffuse a situation where an argument between members is threatening to escalate. I also have to ensure that the facilities are being kept safe for the members and have to assist in case of an injury or in case a member is not feeling well. My friendly and personable demeanor and my ability to stay calm and communicate a plan of action to the guests is part of my strengths. When relaying a plan of action or presenting a solution to a situation I have to ensure that I stay within LA Fitness’ guidelines while making sure that the member agrees with the solution and walks away satisfied that their wellbeing was considered and their issues were solved keeping their best interest in mind. I feel that these strengths will help me in the start up of my own training business as my goal is to run a profitable business while communicating with my clients about their goals.

                At the same time, I have discovered a couple of weaknesses, which are my lack of attention to detail as well as my organization skills. Since I have become aware of these weaknesses, I now prepare myself carefully by using a google calendar making sure that all my events are in one place and setting appropriate reminders for due dates and appointments. I set aside time every morning, to make sure that I am well organized for the day and look ahead at the rest of the week to make sure I stay on top of the thing that need to be done. Then I can focus on the task at hand without worrying that something might have slipped through. As part of this process I also make sure that my physical workspace is as neat and de-cluttered as possible so that I am able to apply that to my work life as well.