Announcement

Collapse
No announcement yet.

Contemplating career & life changes

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Contemplating career & life changes

    I am at a bit of a crossroads life-wise at the moment and I thought I may be able to get some input from some of you smart guys and gals on here.

    A little history first and foremost. 27 years old. I've always done personal training(since 16ish). Opened a personal training studio 4.5 years ago and it's been smooth sailing since then. About a month ago my other trainer who I have had here since the beginning quit, opened her own studio about a block away from me(Yes, I am a huge dumbass for not having a non-compete signed, that is a product of my ignorance and counting her as a 'friend'.). That is a mistake I do not intend to repeat.

    Demographically: I live in a town of ~16,000. We are primarily a 'oil-driven' town being in Central Kansas. As you can imagine this oil fiasco has hit everybody hard and of course it's trickling down. There are 2 other gyms in town, a family owned gym with pool/racquetball, all that 'health club' stuff, but no legitimate personal trainers. Also there is a Anytime Fitness with 1 trainer. In addition to that there is my studio, my ex-trainers studio, and a 'cross-fit' style gym.

    I have primarily relied on word of mouth for the bulk of my advertising, as it seems the return is awful on advertising via radio or newspaper( I do enjoy Facebook advertising however).

    Personally: I have my house paid off, all my equipment is free and clear. The only expenses regarding the gym are rent, water/gas/electric, business insurance. I do have a small car loan and am far from upside down, so am considering selling that and buying something older to have more liquid capital.

    Since she has left I essentially took a ~$13,000 per year pay cut. She was paying 30% of her monthly training profit to me. I do not believe this will break the bank, but, I tend to over-worry about finances. I have considered finding another trainer but 1) my town lacks trainers who seem to have any clue what they are doing(I've worked with most of them) 2) none seem to want to put the kind of hours required in to make it profitable(I am here from 430am-7pm M-F and half a day Saturday).

    With the oil hit it seems as if things have slowed down a bit since people are not sure what is coming in the future.

    I have(what I consider) to be a good reputation in the community as being the one you go to when you've tried out the other trainers in town, so this decision is hard. I am contemplating selling my equipment, or having it sold via a 'equipment re-seller' but am not sure if the profit will be worth it. I believe I have ~60,000 in equipment but with depreciation obviously it is lower. Another option is to sell the 'business' to someone local wanting to start their own gig. My conundrum is I am honestly not sure what I would like to do in it's place. This is all I've ever done.

    I am interested in Insurance Sales for some reason as the recurring payments would obviously allow me to take things a tad easier. I've got my associates degree in Business Management. Quite frankly there are times I feel extremely burnt out on personal training. Between the hours and the small percentage of people who are willing to put in the time to make it successful, I can understand why this field is filled with individuals who do it for a few years and move on. I imagine at some point in life I will want to have children, or at least a serious relationship, but at the end of the day I don't feel like I have the energy to even go out there and try meeting someone. I know a wife would not be cool with a father who is gone from 430am-7pm and never sees their children.

    I feel like I am rambling. Maybe I am just looking for a 'suck it up and ride it out, chump' but honestly with this being my first business I want to make sure I am making the right decision. I obviously want the business to be profitable and for me not to lose everything I've saved up over the years on a business that is losing money. As I stated, it currently is not losing money, but I just feel the 'pressure' of it I guess.
    2013 NPC Heartland Classic OKC - 1st Men's Lightheavyweight Novice/Overall

  • #2
    I have a lot to do today with it being Monday and all but I will come back later and respond. All I will say right now is it is a very good idea to diversify so that you have options. I have done what I have done for a long time and continue to make a very good living but have also had thoughts that I don't know what the future will bring as far as popularity, my interests, retirement, etc.. I have already consciously diversified in the field to branch out as much as possible but also have considered things like getting a real estate license and things of that nature.

    Having options will never be a bad idea unless you start to branch out and aren't able to stay focused on one thing enough to be successful.

    Skip


    Facebook: Skip Hill
    Instagram: @intensemuscle
    YouTube: TEAMSKIP
    TikTok: @intensemuscle


    For Training Inquiries: [email protected]

    Use discount code "SKIP" and get your TEAM SKIP protein here: www.TrueNutrition.com/TEAMSKIPblend

    Comment


    • #3
      Not old/wise enough to offer any advice other than this.........

      You are 27 years old, you are not at a crossroads, you are at the end of the driveway. Make smart, informed decisions, but don't overanalyze. You cannot begin to imagine how much you will take away from the mistakes you make in life from this point forward, as you are finally mature enough to actually grow and learn from them.
      2010 NPC North Star

      Comment


      • #4
        Originally posted by Macho Man View Post
        Not old/wise enough to offer any advice other than this.........

        You are 27 years old, you are not at a crossroads, you are at the end of the driveway. Make smart, informed decisions, but don't overanalyze. You cannot begin to imagine how much you will take away from the mistakes you make in life from this point forward, as you are finally mature enough to actually grow and learn from them.
        I have to agree though I think that the decision does feel like a very important one especially to this point in your life.

        I was going to add to my earlier post but the more I thought about it I think your situation is one that a lot of people deal with (including myself) so it basically comes down to what you feel is your best move and whether you want to gamble or if you want to have a more secure outcome.

        Skip


        Facebook: Skip Hill
        Instagram: @intensemuscle
        YouTube: TEAMSKIP
        TikTok: @intensemuscle


        For Training Inquiries: [email protected]

        Use discount code "SKIP" and get your TEAM SKIP protein here: www.TrueNutrition.com/TEAMSKIPblend

        Comment


        • #5
          Thank you for the words everyone. I have started and made significant progress on my life & health insurance license so I begin that will be my next avenue. It sounds like it is a great way to transition into the insurance world as most appointments are done in home/after hours.

          I agree I am young, but really it does feel as if it's a crossroads as training is all I've ever done.
          2013 NPC Heartland Classic OKC - 1st Men's Lightheavyweight Novice/Overall

          Comment


          • #6
            If you have doubts, why not try to gain your license and maybe start the insurance business as a transition from one to the other and as you gain clients and test the waters you can start to sell of the equipment. For instance my ex wife is quitting her corporate job but prior to that she got her real estate license and worked on getting a client base on her off time and she will be quitting October 2nd to pursue her new career. So food for thought

            Comment


            • #7
              Insurance part time is definitely my first goal.

              One interesting thing that has happened is one of my clients who is a huge supporter of mine is a chiropractor in town & has a portion of his building he is wanting to rent out....

              I've crunched the numbers and if I can make it work it will save me ~12,000 per year, the only downfall is the space is smaller, but according to the square footage measurements I've taken on all my equipment it would fit comfortably.
              2013 NPC Heartland Classic OKC - 1st Men's Lightheavyweight Novice/Overall

              Comment


              • #8
                For what it is worth, I am a Professional Recruiter by trade so I have these conversations quite often. Doing something like PT insurance sales or better yet Real Estate would be an excellent way to start. Especially for Real Estate, you can pretty much make your own hours, make great money and also have the freedom to run your fitness business that you are passionate about.

                Comment

                Working...
                X