I feel an overwhelming urge to start a business. I work as a manager at a gym. I respect the owner a lot and he dangles the idea of me owning part of his next gym. Should I view my boss as someone who I can talk to about my desire to be an entrepreneur? –@adampimentel
When I first started my first business I always kept my stable salary from my corporate job going until I had the money, clients, and salary to make the leap.
You want to make a leap. But a leap of faith is too much to ask.
So your instinct seems correct: to hold onto a job you love and are learning from. Whether or not you ask your advice for advice (he won’t give you money) is not necessary – he wants to teach you and you want to learn so you will.
On the money side: he will be overbearing as a partner (no judgement against him – thats how people are). So you want to go it your own way or with family or good friends.
I would start thinking in two ways:
Are there any local gyms for sale? You can borrow, beg, plead, and negotiate to pay for it. There are businessbroker listing sites to see gyms that are for sale.
I’d outline how much it costs to start from scratch a gym: there’s renting the space, leasing the equipment (don’t buy), insurance, and getting trainers to get clients in there.
Then I’d start brainstorming on how to make your gym special. What does it? Maybe you have post-workout massage in the back so the muscles that are worked on get properly stretched out afterwards (i’m making that up – i have no idea about what happens to muscles). Maybe you sell protein powders and you set up “Super Gyms” for people who really want to go for it.
You have the desire. That’s great. I had the desire for about 2 years before I was able to make the full plunge although I was making double income for awhile (stable and unstable/startup incomes) before I made the leap. I was very cautious.
A) Keep the desire
B) Learn everything you can
C) Come up with 10 ideas a day on your business, starting tomorrow
D) Be as cautious as possible
E) Plan the leap, but don’t rely on faith. Plan EVERYTHING
F) No partners that you’ll hate later. My first partner was my sister. It was a very successful business. but we don’t speak. That’s what happens.