Essential Soft Skills for Entrepreneurs

When you think about a job, your mind may jump to the hard skills required to be successful at that job. However, soft skills are just as essential, especially for entrepreneurs. In particular, there are a few soft skills that are essential for successful entrepreneurs.

Communication

It could be argued that communication is a soft skill that is necessary for nearly every profession. Communication is especially important for entrepreneurs because they are continually meeting with their team and clients. The outcomes of these meetings are ultimate what drives business for entrepreneurs.

A successful entrepreneur will make a conscious effort to create an open environment for communication. This applies to communication with themselves, their team, and their clients. When all channels for communication are open, the entrepreneur and the business will have more success.

Negotiation

It is not likely that an entrepreneur got into the world of entrepreneurship without necessary negotiation skills. This skill is critical to help the company or organization make positive gains. To be a successful negotiator, an entrepreneur must understand where the other person is coming from. To gain this understanding, the entrepreneur will need to reflect on their communication skills to ask the right questions to gather the information they seek.

Positive Outlook

It can be tempting to give in to negative emotions when things do not go as planned. However, the successful entrepreneur knows the importance of a positive mindset. Positivity in the world of entrepreneurship is directly related to resilience. There is no doubt that there will be good days and bad days. A positive mindset doesn’t mean that the entrepreneur cannot acknowledge when things go wrong. A positive mindset means giving taking a moment to address what went wrong and then get right back to work, making a plan so that the same thing does not happen again.

Active Listening

Active listening goes hand in hand with effective communication. To be an active listener, the entrepreneur must avoid distractions and focus on what their communication partner says. This cannot be easy in a fast-paced environment but will pay off in the long run.

3 Tips for Opening a Gym

Opening a gym can be either lucrative or disastrous. Before taking that leap, there are many factors to consider, which is why this article will simplify the process. Although certain individual factors may vary based on a professional’s background and location, some consistent foundations are present in successful gyms.

Personal Trainers

An essential factor in every gym is its trainers. This means the gym owner should have already acquired respect from clientele and relationships as a knowledgeable trainer. It’s magnetic when a gym owner and trainers are elite at their jobs. Being an owner is a step up from being a trainer. Gathering new clientele and being on the floor to show their coaching ability should be second nature for the owner.

Making Money

Most gyms don’t survive, so a new gym owner must manage their finances well. This isn’t very easy, but to elaborate succinctly, an owner needs to:

  • Have financial success before opening their gym
  • Charge a respectable price for classes
  • Pay their trainers well

These are immensely important, but the final two cannot be emphasized enough. A gym’s staff is why it survives. Employed trainers should be incentivized via commission for building clientele, but should also already have experience and can thus be paid a respectable base salary. An owner should create an exclusive environment, and part of that has elite trainers on staff who are happy and paid well.

Environment

A gym’s environment is paramount. Clients should feel the hype of the gym. Popular music should be playing with a high-quality sound system, and trainers should be energetically coaching their class/clients. This may seem secondary, but humans are sensual beings. Clients should enter and leave feeling like no other gym has that energy.

Overall, opening a gym is a huge decision, and the right steps need to be fulfilled for it to be successful. Be developed as a trainer, network with long-time clients and professionals, manage finances well, and pay staff respectably, and an owner will find that the pieces fall into place.

FTC Voluntarily Dismisses Baseless Suit

On Friday, August 7, 2020, the Federal Trade Commission (“FTC”) used a procedural mechanism typically reserved for baseless lawsuits to voluntarily dismiss an action the FTC had brought against Traffic Jam Events, LLC and David J. Jeansonne, II (“Traffic Jam” and “Jeansonne”). This action was in response to Traffic jam and Jeansonne’s success in roundly defeating the FTC’s requested temporary and preliminary injunctive relief, which the Court heard on June 25, 2020, and denied in a written opinion issued on June 26, 2020. In that opinion, the Court made numerous citations to the lack of evidence presented by the FTC to support its claims. 

Following this victory, Traffic Jam and Jeansonne moved to dismiss the case in its entirety, arguing that the FTC had failed to state a legal cause of action against Traffic Jam and Jeansonne. That motion was set to be heard by the Judge on August 11. In the late hours of Friday afternoon, the FTC, after initially opposing the motion to dismiss, filed a voluntary dismissal of the entire action. Traffic Jam and Jeansonne have successfully fought – and will continue to do so – against the FTC’s baseless charges that they violated federal or state law, and will continue to protect the name and reputation of both Traffic Jam and Mr. Jeansonne.

Legal scholars have criticized the availability of this procedural loophole, which allows a litigant to file a baseless claim, risk-free, and then avoid the imposition of costs or other mechanisms to compensate the defendant for having to defend against a baseless suit. Tax-paying citizens waste their money on this meritless suit. Traffic Jam and Jeansonne also expended significant fees to defeat and dismiss a lawsuit that should have never been brought in the first place.

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What to Look for in a New Gym Location

If you are struggling to find the perfect place for your gym, you’ve come to the right place! If you are looking to open your first gym or you’re a veteran looking for a new location for your exercise empire, consider these things while looking for the perfect location.

Find a Place with Natural Light and High Ceilings

Having state-of-the-art equipment is excellent, but you also need to have a place that has high ceilings and natural light. This can help the location look and feel larger than it is. This will also allow you to have some flexibility if you want to change your business model. If you’re going to add rope climbs or batting cages, you will need at least 20-foot high ceilings. Not to mention, everyone loves a gym with a lot of light. No one wants to work out in a dungeon! It just isn’t motivating.

Do Competitive Research

Researching before you buy is essential! The fitness industry is a competitive one, which is good! This means there is more information available to you before you buy it! Check out the related businesses in the area to ensure you can make a great offer to your clients. You also want to be able to position yourself properly. If you’re close to a chiropractor, a massage therapist, or a physiotherapy location, you can create a healthy relationship with your neighbors while giving and receiving referrals.

Ample Parking

Having adequate parking is something many gym owners don’t think about until it is too late. It is even worse if your clients are forced to pay for parking or circle the area for twenty minutes before they can park! Having a lot of free parking will make a massive difference for your gym.

Keep a Classy Bathroom

Having a great gym is more than just about working out! You want to provide an experience. Clients love beautiful bathrooms that are classy, not only functional. They want a place to take a shower after they’ve worked out. Morning clients are very particular about their showers before they have to head off to work. Have at least two or three showers available for both men and women.

4 Tips to Improve Your Boxing Workouts

People who are new to boxing might find the idea of stepping into the ring very intimidating. However, a few tips can help give you the courage you need to step into the ring and channel your inner Mohammed Ali! It is essential to know that overall fitness will help your boxing. Make sure you are starting with endurance training, conditioning, strength, and even yoga. Boxers are very intense athletes, and if you want to start incorporating boxing into your fitness routine, you can get into fantastic shape! Here are some tips for mastering boxing before you hit the ring!

Focus on Footwork First

Getting the proper stance will help you stay out of your target range while you transfer your energy through the core and into your fist. To maintain appropriate footwork, you need to maintain balance, angle, armor and aiming. Keep your lead foot angled towards your opponent and have your body angled away. This ensures your body is a smaller target.

Protect Your Punch

Having a great jab is the key to your boxing game! You need to start with your legs, not your fist! All your energy in your jab comes from your legs, then it is transferred through your core and explodes through your fist. When you extend your arm out in front of yourself, you need to make sure you turn your palm towards the ground before you have extended your arm completely.

Practice Your Cross

Once you’ve mastered the jab, you need to start working on your cross. Again, the power isn’t coming from your arms. Instead, it is coming from the way your hips are rotating. To perform a proper cross jab, ensure your hips are rotating forward, allowing your heels to lift. The momentum will extend through your arms to create a more significant impact when you throw your jab.

Learn the Hook

A hook can be an incredible move once you’ve mastered it. It is even considered one of the most dangerous moves in boxing. It can be delivered with just as much power as a cross jab when it is executed properly. Start with your rear hip rotating forward and then pivot on your lead leg.

4 Leadership Tips for Business Owners

As a business leader, developing a strategy for interacting with your employees involves stimulating productivity and keeping morale high. You can achieve both of these goals simultaneously by presenting yourself as a positive role model. The following tips can help you improve your relationship with your employees, so you will all work well together.

Share Your Mission Statement and Goals

The leadership challenges you experience may be a result of communication unclear regarding the goals and philosophy you have for your business. If your employees don’t know your objectives, they’ll have a more challenging time helping you meet them. Take the time to define your goals clearly, so everyone will be on the same page.

Set a Good Example

When your employees see you give in to bad moods, react to others with frustration, or behave in a generally negative manner, they’re going to assume this is acceptable behavior. Before long, your business will be suffering from a toxic work environment that will impede productivity. The reverse is also true, however. If you can present yourself as enthusiastic, cheerful, and energetic, your positive demeanor will infect the rest of your staff even on your bad days.

Transparency Encourages More Participation

When you adopt a more transparent management style, your employees will develop greater interest in the company. This involves meetings and communication that lets your employees know what challenges the business may be facing and your plans for meeting those obstacles. You may even benefit from asking your employees for suggestions and solutions. By encouraging more participation, you’ll be helping your employees feel like they’re integral parts of the organization.

Recognize Accomplishments

When your team reaches a goal or performs better than expected, don’t take the credit for that yourself. Instead, recognize the hard work and dedication that your employees put into achieving that goal. Alternatively, it would be best if you were willing to take the blame for failures. When a mistake occurs, try not to shift blame to your team, because this can lead to negative feelings and low morale.

In general, taking the time to lead by example and promote open communication lines will help you lead an active and productive team. Your employees will become more efficient in meeting your goals when they understand the direction you have for the company. Driving with a positive and energetic demeanor will help you bond with your employees and create a team that works well together.

Developing a Business Plan for Your Gym

A business plan is the road map of a new or existing gym business. Here, entrepreneurs detail their objectives, including target customers, competitive advantage, equipment lease proposals, or how they will charge for the services. The entrepreneur wants a clear direction of what, when, and how to run the business. They use the following steps to come up with a concrete gym business plan.

The business plan will have the following sections.

The Executive Summary

This first part includes a quick pitch to investors summarizing the business idea. It aims to capture the fund managers’ interest or justify why the business owner thinks their concepts are viable. In turn, this section is prepared last.

The Market Research and Analysis

The market research gives insight into the viability of the business idea. It includes a SWOT analysis and a feasibility study for the proposed gym location. The entrepreneur uses the findings of the target market demographics, customer expectations, or the logistics of running the workout sessions to come up with factual objectives, marketing, and financial projections.

Products and Services

A gym entails providing coaching lessons, rent of gym equipment, or sale of workout videos. This section lists all the proposed products and services. From here, the entrepreneur can come up with a marketing plan and a financial plan.

The Management

Who will run the gym? What attributes do they have that are an asset to the business? Are there plans to form any strategic partnerships with a fitness coach, manufacturer, or sports icon? This section lays out the organizational structure.

The Marketing Plan

The marketing plan details the proposed income streams and marketing strategies to achieve them. They include offering monthly subscriptions, private coaching, and running a wellness and fitness program. The marketing plan comes up with marketing strategies that will enrich the customer experience.

The Financial Plan

The financial plan converts the ideas into cash. It includes the startup expenses budget, the sales budget, an income and expenditure statement, a balance sheet, and a cash flow statement. In turn, it gives a clearer picture of areas that do not add up, are over-ambitious, or underutilized.

Finally, entrepreneurs have to break the business plan into small achievable goals. They set a time frame to get licenses, assets, and marketing campaigns. Plus, they will have to file tax returns at the end of each financial year. Hence, keeping tabs on all the paperwork is crucial.

Setting Realistic and Achievable Fitness Goals

Whether you’re working on a New Year’s resolution or want to change the way you look and feel, setting a realistic fitness goal can keep you on track. Goals are a great way to get to where you want to be, but this is also a method of holding yourself accountable. If you’re having a bad day, your goal will provide you with the motivation needed to keep moving.

One Goal

People often try to set too many goals for themselves at once. Even if you have multiple things that you want to accomplish, set one goal, achieve that goal, and move on. You can also make yourself anxious if you have too much on your plate.

Create Your Own Goal

There’s a lot of information on the internet when it comes to fitness. Please don’t get caught up in how other people look or what they’re doing. Think about your health. Set your goals based on what you see for yourself in the future. If you know that you’ll never be able to run a marathon like your neighbor next door, don’t feel you need to make that your goal.

Make Sure It’s Measurable

You must measure your progress in some way. This might be counting the pounds as they come off or checking off certain distances with your running. It’s hard to progress towards a goal if you don’t know how you’re doing.

Don’t Set the Bar Too High

You may want to set a small goal for yourself to start with. This is an excellent way to build up your confidence level. After you’ve achieved that goal, move on to something that will be more of a challenge.

It’s easy to get caught up with everything going on over a day, week, or month. When it comes to fitness goals, people often set the bar too high. This sets them up for failure. To avoid throwing your goals to the curb, think about your fitness goals before you set them. Ensure that they’re something you know you can achieve with a little bit of time and effort.

The Future of Entrepreneurship

Americans have always valued entrepreneurship. The classic American success story involves arriving as an immigrant, starting a business and scaling it up into something impressive. While that’s an enduring template, it’s essential to acknowledge the way entrepreneurship evolves. The economy is always changing, and the roadmap to business success changes from era to era.

For the year 2020, there are several significant trends to note when it comes to entrepreneurship. The first is the type of people who are starting new businesses. In 2020, many entrepreneurs are young. Four percent are under 30. That’s not a huge percentage, but it’s a significant number of individuals. Remarkably, so many young people are taking substantial risks early in their careers.

The second trend of note is the type of business people are starting. Instead of opening stores or becoming general contractors, most new businesses are service-related. That can mean business services, food service, or lifestyle services like coaching and personal training. The knowledge economy is becoming more important all the time. General retail and home services each account for less than 10% of the new businesses being started.

The way that entrepreneurs are going about their business has also changed. In the past, it was an advantage to be able to do more than one thing well. That was true of many retail and service-based enterprises. With the ubiquity of Amazon and Walmart, there’s no need for more entries into that market. The real way to succeed as an entrepreneur in 2020 is to niche down. By providing a particular service to a specific market, new businesses can thrive. The detail is where many people and businesses need the most help right now.

Another trend in the way new businesses are coming together in partnership. In the past, there was a big dividing line between tech and other industries, especially in the startup phase. Today, it’s common to see partnerships where one party handles the marketing and sales, and the other controls the coding and development—finding a trustworthy partner with a complementary skill set has always been a key for business success. It’s good to see effective communicators and great engineers coming together and achieving greatness.

7 Tips for Retaining Your Best Employees

A good employee is an asset to the company. Good employees can lead to an increase in sales and customer satisfaction. Retaining good employees is the key to the success of your business. The evolution of the workplace has made it hard to retain good employees. Job hopping has also made it hard for employers to keep their employees. The following are the best ways to retain your best employees.

Quality Supervision

Poor management can make you lose your best employees. Most employees leave their workplaces because of supervisors and managers more often than they would leave because of their job. Managers should provide feedback about performance. They should also clarify the expectations and potential earnings.

Create a Good Working Environment

Employees should feel included in the company. A firm that celebrates diversity in the workplace can encourage the employees to stay. Companies should develop incentives such as fitness centers to make it attractive to retain the top talent.

Provide Opportunities for Growth

Top talents want to work where they can grow and learn. Employees are likely to stagnate if they do not have new opportunities. Managers should organize workshops and seminars. Career-oriented employees must experience growth opportunities in the organization.

Appreciate the Employees

Managers should respect and recognize their employees. The common forms of appreciation entail bonuses, gifts, and monetary rewards. Commissions should also be calculated daily. This can raise motivation and help retain good employees.

Create a Work-life Balance

Companies should understand that employees have a life outside their work. You can quickly lose your top talent if you consistently ask them to work late and to come early. Technology has made it possible for employees to work remotely. Working remotely provides flexibility that employees would want.

Manage your Employees with Trust

Managers should promote open communication in the company. This helps to build trust between the employees and the management. Company leadership should also rely on transparency and relationships. Employees are likely to stay in a company when they have confidence in the management.

Hire the Right Person

The company should hire the right people for the right positions. The job descriptions should be updated periodically. Recruiters should ensure that candidates have the required skills. It is also easy to retain trained personnel.