Finally settled on a plan, looking for some feedback

[Steve-O-68]

My business partner (Neil, also a forumite) and I have finally decided on a plan and are moving forward. We're going to target 25-64 yearolds who make over $64K and who are strapped for time. There's over 2 million people in the KC metro area, and just looking at a few of the affluent suburbs, we've got a potential market of over 150,000 that fit our criteria.

We're offering in-home training, specializing in plans that can be done in 30 minutes or less. We'll borrow from (read: steal) Ross's stuff, EDT, Crossfit, Afterburn, Tabata, TT and even some Westside stuff. We'll also offer 'conventional' workouts that last between 45 and 60 minutes, but our niche will be the 30 minute folks.

In addition to training, we're also planning on doing some nutritional coaching. In Missouri, one doesn't need to be an RD to offer nutritional advice or create nutrition plans. We're a bit undecided on what our scope of practice would be in this area, but I digress.

We're also working with a web developer to hook us up with a kickass website. Articles, video examples of exercises, MP3, forums, e-coaching, etc.

We've already put a lot of time and effort into our venture, but in actuality we're just getting started. We've both been training for a few years part time, as we both currently live in corporate hell. We're looking to transition to training full time within a year, after we get enough $$ saved up to live off of for at least 6 months. Once we get to that point, it's full steam ahead.

Initially, it'll just be us. But as we become profitable, we plan on opening our own private studio where we can train, and hire other trainers to continue the in-home training side of the business.

I haven't gone into a ton of detail here... there's several other things we've got in the works to compliment our niche, but I didn't want to write a novel.

I guess what I'm looking for from you guys and gals would be:

Do you see any pitfalls?
Anyone else made the jump from corporate strife to independent bliss?
How did/do you market to your niche?
Any advice?

Some of the posts here and in the Roundtable forum have me a bit scared, but I think that will only serve to drive us more than a sure thing would.

Thanks!

[Isaac Wilkins]

I do some in-home training, and it's a good thing. I would definitely take some thoughts into consideration, though:

Driving time and scheduling. You're not UPS or FedEx. You don't have their logistics management systems. Assuming you become popular you can soon be in a nightmare of sitting in the car and shuffling back and forth.

People are going to pay a premium for you to come to them, but are they going to pay enough (I don't know, some will, some won't)? For example, let's say you charge $40 for a thirty minute session. Well, shit, that's like $80/hr! Wrong. Chances are it'll take at least 15 minutes of car time each way, so really you're making $40 an hour which is bottom of the barrel PT cost around here (I don't know about KC).

What I do is base my cost ($60/session/1 hr) to travel, then I add mileage based on mapquest. It's not perfect, but it's been working. Then again, in-home training isn't the bulk of my work, nor do I want it to be.

Also, you're probably going to have to teach them to be warmed up (whatever method you use) and be ready for when you get there. What if they're running late? Then you won't be able to get as quality a workout as you'll have to spend time warming them up. People should, if you have an appointment at 5:00pm think about their appointment being at say 4:45, just to warm up. We know they won't do that.

That brings me to another thing: Rush hour charges? Sitting in traffic is a lot different at 5:00pm v. 2:00pm.

I would definitely cap your time. As you're building your business think about how much training you want to do initially. Say somewhere around 20 actual hours. Once you hit that, hire an Instructor. This type of training can rapidly chew up your time, leaving you with no time to work on your business.

I'm not downing your plan, it's certainly a viable business. I'm just pointing some things out to think about.

[Steve-O-68]

Thanks for the input, Isaac. We've got some things in place that will cover most of what you talked about. The rush hour charges is definately something to think about, though.

[DKing]

For the nutrition coaching, look at Meal Plans 101. It's Chris Mohr's software. I know Gobbla reviewed it here already. For the deluxe version its under $200 and spits out a meal plan with exchanges and stuff, that can be the start of the coaching and then additional work is working on food choices, healthy prep work, shopping etc... But having the plan is golden.

http://www.mealplans101.com/

Good luck, I look forward to seeing how this works.

Danny

[Steve-O-68]

Awesome idea Danny! Thanks!