4 Types of Objectives for a Successful Business
Now that you have some idea of where you are, it’s time to figure out where you’re going. Business objectives are an important component of your planning as it will determine how you design your business, how much it will cost, how much work you will need to put into it, and your timeframe for success (or failure).
Do not take the business objective step lightly. There should be no wishy-washy vision in your mind. Telling yourself, “We’ll see how it goes,” is not enough. You need to be realistic about what you want as well. There is no need to feel guilty because you don’t match some idealistic vision of the entrepreneur.
If you’re in it for the money, fine. If you don’t care about money and you just feel great helping people, that’s fine too. If you just want to make a living doing what you love, fantastic. Why you do what you do is nobody’s business but your own. Be honest with yourself and plan accordingly.
The following are a few of the most common business objectives that I’ve found in the fitness industry. Consider which one is the closest to your vision, or simply select one if you haven’t created a clear vision of your business in the future yet. Keep in mind that the suggestions for Design, Cost, Workload, and Timeframe are all in relation to applying the techniques in this book to the business objective.
1. THE MIGRATOR
I want to leave my current career and make at least as much money in the fitness industry.
This is probably the most common objective in the fitness industry, at least among the people who didn’t start their careers in this business. If this is you, then you have probably always had a passion for fitness, studying it, applying different techniques, experimenting with your diet and nutritious recipes, etc.
The only problem is that you’re stuck in your 9-to-5 making a living because you have a family, obligations, etc. You have always dreamed of doing fitness on a daily basis, helping people get into shape, and finally putting all that fitness information you’ve gained over the years to good use.
DESIGN: SOMEWHAT IMPORTANT
You need an overall design that looks professional, but doesn’t need to be extremely unique.
COST: MINIMAL
Replacing your job means that you’ll need to minimize costs in your new business from start to finish.
WORKLOAD: MODERATE
You need to spend your spare time working, but it shouldn’t affect your current job until you’re ready to transition.
TIMEFRAME: MODERATE
You should be ready to work part time on your fitness business, but should have a reasonable timeframe for a transition (I usually hear 1-3 years).
2. THE CRUISER
I want to be self-sufficient doing a minimal amount of work to make a living.
This is another extremely common goal for people in fitness. They love what they do, but they also love living life to the fullest. That could mean that you like to go on hiking trips, hit the beach, or simply spend more time with your family instead of working. You love helping people, but at the end of the day you would rather help fewer people while making enough money to maintain your lifestyle.
DESIGN: IMPORTANT
Your business will rely on passive income, meaning that the impression people have of the business online is important.
COST: MINIMAL
For passive income to work, you can’t run up your expenses too much, but you will need to invest in some reasonable technology and branding.
WORKLOAD: HIGH TO LOW
The workload will be high to get it up and running correctly in order to be low in the future.
TIMEFRAME: SHORT TERM
If your system is designed and executed correctly, it should start generating income within 6-18 months. It may not be a ton at first, but it will grow.
3. THE FUTURE MOGUL
I want to create a million dollar business and have 100+ employees.
The Future Mogul is someone who has big ambitions and isn’t afraid to spend the time to make them happen. They may not know exactly what it will take to make a large, successful company, but they’re willing to learn and will keep trying until they make it happen. They love fitness and believe that they have what it takes to create a large business. More than anything, they believe that they could be a leader in the industry, helping guide the future of fitness towards their vision.
DESIGN: EXTREMELY IMPORTANT
With this type of company you need a recognizable, professional brand from the start. Every element should be considered for long term growth and impact.
COST: HIGH
You’ll need to invest in the right branding, marketing, and technology to build something unique and professional.
WORKLOAD: HIGH
Even with the right professionals, you will need quite a few skills to make this company grow and thrive. It will take lots of time and effort.
TIMEFRAME: LONG TERM
Growing the company into a grade-A player in the fitness industry will take a lot of time. If power and influence is what you’re after, you’ll have to think in terms of decades when it comes to products, development, and strategy.
4. THE CASH OUTER
I want to eventually sell my business for $100 million+.
This person is pretty similar to the Future Mogul, but they are more interested in money than power. They want to put in the work necessary to grow a successful brand, then sell it to the highest bidder in order to move on to a new project or retire all together. They are professional, hard working, and realistic, understanding that the goal will take some time but believe there is a light at the end of the tunnel.
DESIGN: EXTREMELY IMPORTANT
Your design must be professional and unique, and the best design will complement the design of potential purchasers of your brand.
COST: MODERATE
It is possible to minimize your costs for this model, but it will still require that your technology and branding are professional.
WORKLOAD: HIGH
No matter what, this model will require a lot of work to figure out what works and what it takes to grow a sellable brand.
TIMEFRAME: LONG TERM
Companies or individuals that purchase other brands like to see results; this will require years of high growth financials.
