Fitness Business School – The 3 Business Paths

Full Transcript

Hey, Pat Rigsby here. And in this episode, I want to talk with you about three different paths that business owners can take and help you determine which path is the right one for you. We’ll get to it.

Welcome to the fitness business school with Pat Rigsby, the podcast for fitness entrepreneurs who want to make more income, have greater impact, and enjoy more freedom in their ideal business. If you’d like an accelerated route to these goals, email me at [email protected] and put BGA in the subject line and I’ll get you all the details about our business growth accelerator program.

Over the past year you know, like you, I’ve really been immersed in everything that’s going on and how to navigate the now while still prepping for the future. And it’s really become apparent to me that business owners basically fall into one of three categories in how they respond to challenges and, and how they’re going to forge their own path in 2021 and beyond.

Now, the first of those categories is those who choose to do nothing. And you know, when we hear about businesses failing, when we hear about people closing their doors more often than not, it’s been that, that group of business owners that category these guys, they, they wait things out and think they’re just going to pick up where they left off before the pandemic, or, you know, they’re not willing to be adaptable. They’re not going to evolve and change. They, you know, they, they liked the way things were and that’s enough for them. Well, I don’t wish this on anyone. I’d tell you that with all the changes in the evolution that’s happening now, not just in the fitness industry, but you know, really for business owners in every corner of the globe, I feel that most of the businesses that are going to continue to fail over the next year to 18 months they’re going to come from this category. You know, they may not reopen if they’ve been been shut down or, you know, they’re going to burn through whatever money they got with the PPP or E I D L loan, and they’re just going to die a slow death, right. And you know, maybe, maybe that’s a bad thing. Maybe it’s not. I mean, I think there are pros and cons to both because sometimes those businesses were on life support to begin with. And this mindset was why sometimes those businesses are, are owned and operated by people who probably aren’t best suited to be business owners. Maybe it can be a wonderful employee for someone else. Maybe they got into business and feel like they bit off, more than they can chew. And so this allows them to reroute and find a different path. So, you know, category one is, you know, those business owners that just choose to do nothing and make no mistake. It’s a choice doing nothing is just the choice.

And then category two – people that do something, right. And honestly, this is the majority. Most business owners are doing something to adapt and evolve and try to find their way through this. Right? They piece things together. They band-aid some solutions and do whatever they gotta do to get by plenty of people who, you know, they, they did some paid in fulls at deep discounts to try to create some cash flow. They’ve recorded some workouts and have passed those along all along online. They’ve done Zoom workouts begrudgingly to, to figure out, okay, I’ve got to do this to keep people engaged in paying and, you know, and with those people there, they’re doing it and something. And honestly, under the circumstances, maybe that should be commended to a certain degree, but it’s probably not going to be enough to allow these business owners to maintain the level of business that they had pre-pandemic or grow and evolve into what the new business landscape and our industry is going to look like. And so, you know, yes, doing something is far better than doing nothing. And it’s probably enough of a patchwork solution to keep your business alive. But it’s probably also going to result in more struggles that are extended well beyond whatever the end point of the, the pandemic may be.

But then there’s this third category. Those people who are doing what I would call the right things. And honestly I hesitate to use those words because I don’t know that anybody knows what the exact right tactics are, but I feel pretty certain that there are rights strategies and the people who you employ them are going to be the ones who navigate these circumstances and the circumstances that are soon to be embarked on here in this next wave of business, as things opened back up and people get more comfortable going into facilities, you know, they’re going to be the ones to be prepared to thrive as we move forward over the next 12, 18 months business owners that have found ways to be just as valuable to their clients over the past year, even when they couldn’t train them in person, business owners, who’ve developed a strategic plan built to blend offline and online to serve their clients. Maybe even better business owners that have dialed in their brand and message to be perceived as more than just a workout is we move into this next leg of the industry where competition, isn’t just going to be local anymore. It’s going to be global.

And then business owners who are proactively doing more to serve their market now to grow and reach new people, to, to take a leadership position in a community that is often, you know, it’s void of much in the way of leadership, these business owners who are adapting and doing some version of those right things. They’re going to be the ones who come out on the other side, not only just fine, but they’re probably going to be in a better place at the end of 2021 than they were going into the pandemic, because this has forced them to adapt and evolve and be nimble. So if you’re not in category three, yet my advice to you is start working on moving to that point. The more strategic take, the things that I just shared to heart and make them a part of the way that you operate. And, you know, as always, if I can help, and there’s a way that we can work together to, to help you move into that third category to choose that third path, please let me know, because I really think those are going to be the businesses to thrive in the future of our industry.

Thanks for listening. I’m giving away a bundle of my bestselling books, the ideal business formula, the fitness entrepreneur handbook in the path. All you have to do is go to patrigsby.com/podgift to get it. Also, make sure to subscribe to The Fitness Business School with Pat Rigsby so you don’t miss an episode and you get yourself on the fast track to creating your ideal business.