All the Stuff They Don't Tell You When You Want to Start or Grow Your Business
Hello, friends! 👋👋🏼👋🏾 Figuring out what does and doesn't work in business is frequently trial and error. But it sure is nice when someone can kind of give you a heads-up or a roadmap as a guide of what to expect.
In Part One, Johnny Bonilla, the founder of JBO Fitness, shared how he defied expectations to start his own gyms. Many things were a surprise to him. Now, he wants to make sure you don't get caught off-guard as you navigate a path for your own business. In the Tip Jar, Bonilla gives you a list of tasks, as well as a book he found helpful.
Grab your pen and paper, dictate it into your smartphone or open a new document on your computer. You'll want to take notes on his suggested follow-up items for your big venture.
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MAKE A CHECKLIST
“We didn’t know that there was more to it than just showing up and training individuals.”
Sometimes, you know you have a service or product that would help others. But where do you take it from there? And what about all the other stuff that goes along with it?
You know, the stuff no one tells you about when you want to start a business.
I asked Johnny Bonilla, the owner of JBO Fitness, to share with us all that “other stuff.”
Making the dream come alive
And he had quite a list.
He chuckled and then said, “They don’t tell you all the late nights and the stress. They don’t talk to you about how… innovative you have to be. They don’t speak to you about having a mentor. They don’t speak to you about the financials... you know, the investment that you have to make in order to make it work. They don’t talk to you about systems.”
Johnny signing paperwork for one of his gyms
THE TIP JAR (tips provided courtesy of Johnny Bonilla)
STARTING OUT: “Get the business name….I think a mentor is extremely important, too.”
“Get your federal ID number.”
“Make sure that you look into getting business credit to help you with your start-up costs so that, if you have to purchase certain things, you can put it on your business credit…. And that would help a lot. Because you don’t want certain things like that affecting your personal credit.”
STEEPED IN SKILLS (mid-career): Bonilla recommends reading the book, “The E-Myth: Why Most Small Businesses Don’t Work and What To Do About It” by Michael E. Gerber.
He says it was an “eye-opener” for him because it taught him “… to delegate. You have to make sure you have a team on your side.”
STARTING OVER: In Part One, Bonilla said you need to have a strong why. Now, he explains the reason why it’s so important and what can happen if your reason isn’t strong.
“When things don’t go your way or things are not falling into place, it’s easy to jump ship and go someplace [else] and get another job that makes good money.”
DON'T IGNORE BEING STUCK, HOPING THINGS WILL JUST WORK THEMSELVES OUT
New equipment for one of the gyms
Bonilla and his wife started the business with a test group in a church parking lot and had moved to progressively larger warehouses.
But there was a point where Johnny Bonilla of JBO Fitness wondered if he and his wife had made a mistake, giving up their secure jobs to go into the fitness industry.
They felt stuck.
They thought to themselves, “We’re getting people through the door. But we’re losing a lot of people, too.”
Before, when Bonilla's wife worked at a large company and he worked at the post office, they could travel and go on family vacations.
Bonilla says, as the owner of a small business, all of that went away. They weren’t making enough money.
Something had to change.
SOMETIMES, IT PAYS TO TAKE A RISK - A CALCULATED RISK
“If we wanted to grow, we needed to do the right marketing, get the right mentorship, get the right information. Get the right systems. You know, do the right thing for retention.”
And, then one day, he got an email.
He didn’t know the sender. And he wasn’t familiar with the program being pitched in the email which was, specifically, for gym owners. But it was inexpensive and, so, he figured it was worth exploring.
Besides, Bonilla said to himself, “What’s the worst that can happen?”
DO THE RESEARCH & EDUCATE YOURSELF
So he reached out to the sender of the email who was going to be visiting Florida and teaching a seminar.
Bonilla decided to go through with the class and the program.
That’s why he’d add "attend seminars" to the “what they don’t tell you” list.
ACCEPT OPPORTUNITIES TO BE MENTORED - OR SEEK THEM OUT
Johnny with the mentor who helped him with a system for customer retention
What he feels was also key was that the man took him under his wing and mentored him.
“He ended up teaching me certain things that I needed to know in order to get people through the door. Retention. How to keep them. How to provide good service. And that’s when we started to see growth. That’s when we started to see people coming through the door. And we were able to keep them.”
DON'T FORGET TO CELEBRATE HOW FAR YOU'VE COME & HOW YOU'VE HELPED OTHERS
Just before Johnny opened his second gym
It’s been a few months since Bonilla opened his second JBO Fitness location.
As he applies what he’s learned to that location, he reflects on the road that led him here – from the rough part of New York to challenges starting and growing his business to keeping things going and, most of all, making a difference in people’s lives – just by helping them with their fitness goals.
“I’m glad that I went through everything I went through in life and I ended up here…"
"Just to see how many lives we have impacted…. When we impact these individuals, not only do they receive that impact in the gym, but they also take it outside of the gym. They become better moms, better dads, better employees… better people.”
Johnny after receiving an award from the SBDC
NO NEED TO GO IT ALONE
HELP ON THE OUTSIDE...because we can all use a helping hand:
LLC: Is It Right For You?
Have you considered registering your business as an LLC (limited liability corporation)? What’s the upside and the downside, tax-wise for you? Are there any other benefits or responsibilities or details you should know? Find out in this FREE webinar.
SCORE (Service Corps of Retired Executives)
“Deep Dive into LLCs – Compliance Considerations, Business Liability & Taxation”
Tuesday, April 26, 2022
1:00 p.m. EDT – 2:00 p.m. EDT
Virtual Webinar
FREE
https://www.score.org/event/deep-dive-llcs-compliance-considerations-business-liability-taxation
WORKING ON THE INSIDE...because we know our culture has a hard time asking for help:
Happy Employees Through the Lean System
I’m all about encouraging positivity. So this webinar caught my eye because it not only claims to help you foster a climate of trust, respect and employees who are engaged in the mission, but it’s led by author, David Hinds, as well as a prominent CEO, Andrew Koenig. Koenig is the CEO of City Furniture.
He and Hinds are going to teach you the Lean system for building an environment of engaged employees. Regardless of whether you currently have employees, register for this FREE webinar to learn some leadership skills that will serve you for the future.
SBA (Small Business Administration)
“The Lean Way to Growing Employees Who Love What They Do”
Monday, April 25, 2022
6:00 p.m. EDT – 8:00 p.m. EDT
Online Webinar
FREE
https://www.sba.gov/events/1709637
INSPIRATION FOR THIS ISSUE:
After the buildout of one of Johnny's gyms
I once had a boss who hated surprises - of any kind - good or bad. And she made it very clear from the beginning. I kept that top of mind. I also truly enjoyed and respected working for her. When you know the ground rules and expectations from the start, it helps.
But, of course, that’s great in theory. Life and work throw surprises at you. While we welcome the good ones, some of them can be a gut-punch.
In business, you will get surprised. When you’re an entrepreneur, the surprises can feel extra good or extra bad because you’re also responsible for the business.
So wouldn’t it be great if you had a checklist of what to expect or what to tackle to lessen the blows of any bad surprises?
Johnny Bonilla provided that. As I asked him about becoming an entrepreneur, he rattled off, in rapid-fire succession, all the “surprises”, all the things no one told him or that he didn’t expect. I thought his answers would make for a great little list of things to watch out for and prepare for as you start or try to grow your business.
While some entrepreneurs will tell you they’re glad they didn’t know all of the pitfalls (otherwise, they would’ve never opened their businesses), I hope Bonilla’s info helps you address or enhance the systems and infrastructure of your business – so you can better face any surprise that comes your way!
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Words to live by: "I am strong"