by Nan Gibbons, Fitness Expert & Motivational Speaker
I met my husband in college, where I was studying exercise physiology and nutrition and he was majoring in business with a minor in accounting. Accordingly, we decided to open our own personal training company after graduation. I handled the personal training aspect of the business while he kept financial records and made important business decisions.
Unfortunately, our marriage only lasted a few years before we divorced, thus ending our business relationship. I was left with a company that was hit hard by the recession, and little experience with bookkeeping and business dealings. When you add to that the responsibilities of being a single mother to a young son, I was overwhelmed and scared that I would fail at everything and have to move in with my parents.
However, I was determined to not only succeed, but to do so in such a way that there could be no question I had done it on my own. I researched bookkeeping and the legalities of my business on the Internet, and I found an online payroll company to handle my timekeeping and payroll, along with the tax end of my business. I hired a receptionist to keep track of my correspondence and appointments, and together we were able to make sense of my ex’s portion of the business.
After going through my business with a fine-tooth comb, I spotted unnecessary expenses such as office equipment rental (buying was more expensive but paid for itself within a few months). Additionally, I found I was able to conduct most of my business over the Internet – my ex preferred ledgers and spreadsheets – which saved on office supplies and streamlined my business as a whole.
Finally, I made crucial cuts in order to keep up with the dwindling economy. While I had clients and routinely travelled to sporting events to seek out new ones, I was still operating on a shoestring budget. I reviewed the contract my ex had created, and discovered that there were loopholes in it that, when closed, not only ensured more reliable contracts, but made my services more appealing to potential clients.
I reviewed my finances and decided to lower my rates. I surveyed my competitors’ prices, found a high and low range, and settled just above the median. This way, my clients would understand that I was well-qualified in my field while still being affordable. I felt this would make my services more appealing, and I was right. After I made this change, I gained several new clients, and my business really started to flourish.
MORAL: Just because you don't know everything about your business doesn't mean you can't find help.
If you find yourself in a situation that you feel is too difficult, don’t lose hope! There are lots of resources on the Internet & people around you. There are also college students who, while not officially licensed, are qualified and eager to assist in other ways. If you have questions you are unable to find answers to, seek the advice of a professional. This will give you a better understanding of your business and help you gain confidence as well.
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Nan Gibbons is a fitness expert and motivational speaker who works with athletes all over the world. In addition to being health obsessed, she also loves blogging and techno music as well as her lab/golden retriever mix, Cody.
Twitter: @healthnut2011
