The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Closing business, now what

Goldstandard

Contributor
Nov 19, 2017
25
26
23
America
So after many months of thought and work, I'm closing my brick and mortar fitness business. Beginning of next year. Very sad, had an office and everything made a go of it for 5 years. Deciding to move also next year so now what?

I just don't think I'm going to be able to adjust to some dumb@$$ telling me I was 5 minutes late clocking in or timing me for coffee or bathroom breaks. Not after being my own boss. I don't think I can handle a rude customer without telling them to get lost either. Could be a rough year.

Won't have any money to start a new business. I don't really have a great resume or any Hi tech skills so It looks like it will be minimum wage until I can figure something out or some menial restaurant construction laborer job.

Sounds pretty dismal and depressing. Not sure what to do. Any ideas? Lack of money being the key so that leaves out trade schools and college. I'm over 5o so that's not a fun prospect either. I'll also be battling agism.

I realize I sound like a whiny man baby. Sorry. But in all seriousness. What would you guys do? Reading Chris Guillebeau book Side hustle in the meantime.

Thanks!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

FreedomXX

New Contributor
Jun 12, 2018
11
11
15
Berlin
I realize I sound like a whiny man baby. Sorry. But in all seriousness. What would you guys do? Reading Chris Guillebeau book Side hustle in the meantime.

Thanks!
It is a personal decision and who am I to brag?
But give sales a go for a month I would suggest, either in your own business or for another product. This will keep you your own boss and get some flow going.
I would spend 10 hours a day reaching out to people, with a designed message to sell and keep the cash flow.
Focus on numbers like, reach 50 people a day, get 7 new clients a week.
Goals and numbers will give you the energy, a designed message will get you conversions.
 

Merging Left

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 20, 2014
388
697
279
29
What type of fitness business? Like a gym?

You must have picked up on a lot of organizational and management-level skills in those 5 years. Can't you parlay that into at least a mid-level management position at a different fitness business?
 

minivanman

Platinum Contributor
Speedway Pass
Mar 16, 2017
1,311
3,234
764
49
DFW
I think you are jumping the gun all the way around. Lots of questions that need answers. Why is your gym failing? Lack of clients? Area sucks? ________?

You don't need to move forward until you've fixed the problem(s) with your current business..... unless they are out of your control.

But just so you know, lack of cash only stops the people that don't really want to do 'it' to begin with.
 

Rich Wood

Contributor
Jun 17, 2018
31
77
107
Salt Lake City, UT
I have a great deal of respect for individuals like yourself. True entrepreneurs who laid it on the line for several years. Don't get down on yourself. Think of this time as a rejuvenating opportunity, to pivot into something you really want to do. Less work, more free time to pursue things you love, that may not cost a lot, such as improved exercise and health, time with friends and family, inexpensive travel, etc. Create positive routines to jump start your next career.
There are many positions in companies that could use your expertise, possibly as a talented COO, or CMO - working for a small to medium sized business.
Polish up your resume and reach out to those in your close network. Reflect your skills and capabilities, not necessarily what companies you have worked for or for how long. Also, start-up companies are always looking for talented and wise folks that have been there before, sometime failure is more important than success, as it guides others away from traps. Highlight what you have learned and how that can be leveraged to assist other companies.
I wouldn't shot-gun out your resume, but be selective, and know the value of yourself and your experience.
If you like sales, you can make a mint in selling RV's, Vehicles, Businesses, or other expensive things like life insurance, vacation homes, or annuities and such. These institutions and organizations that sell these products and services, are always looking for seasoned professionals who are trusting and have executive presence to assist perspective clients through the transaction process. They also offer a lot more freedom, flexibility, upwards earning potential, and mostly with less risk than possibly running your own company.
Savor the opportunity to be free of the burdens and stresses of running a company for a bit, and you will find your next passion.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.



Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom