Improving my Entrepreneurial Skills

The first thing I would like to do to improve my entrepreneurial skills is to try to attend more events like the speaker you recommended with the Society of Entrepreneurs. I really enjoyed going and feel like attending such events not only helps light a fire inside you and provide motivation but also helps keep your mind going in the right direction. I also see events like this as a great way to start networking and meeting people who could potentially help you in the future.

The second thing I would like to do is to join a group like the Toastmasters. I feel that being able to intelligently speak in public has a HUGE impact in the way you are perceived. Even if someone is extremely talented, if they cannot communicate effectively to a large group people will give them less credit. I get nervous when I have to speak in public, especially if it is a group of strangers. I tend to speak fast and sometime mumble. I would love to work on this to help build up my skill level.

Improving My Financial Standing

Fortunately I have been lucky enough to receive three separate scholarships which have paid for my college as well as provided me with extra income. Unfortunately I was not very wise about what I did with the residual money. I would charge up my credit cards and then use the money to pay it off. Sounds good, Im building up my credit.. but the problem was: I did not learn the value of money. $3000 seemed like nothing to charge on my credit cards and easily pay off when the check came from the university. Of course, after four years those checks stopped coming, but I didn't stop charging! Now, $3000 is hard to pay down!! With no scholarship money and more living expenses, I am slowly paying down the debt that I have created for myself.

Here is what I plan to do to improve my financial situation:

-continue to pay down my credit cards and focus on getting out of debt

-start setting aside money for myself

-money for an emergency

-money for buying a house

-money for potentially staring my own business

-hopefully get a job that pays a decent salary so I can increase the amount I am putting towards all of the above!!

-Cut my living expenses

-reduce the cable bill

-continue to drive my old beat up (but paid off!) vehicle until I absolutely need to buy a new one

-cut back on eating out and watch the 'latte factor!' ( I actually got an espresso machine for Xmas so my Starbucks tab will significantly reduce!!)

-Try to be more aware of the little purchases that we all think of as nothing but really add up to a significant amount of money

-Create a budget and work hard to stick to it!

I have already drastically changed my spending habits. Although, I do struggle around Christmas time because I LOVE giving gifts. I no longer randomly go shopping to pass the time or buy things without really considering if I need it or will ever even use it.

Pricing Strategies for the Economy

When speaking with Mr. Marek about what they have done to fight the downturn in the economy he did not mention lowering prices, but rather, working to show the quality of the product they are offering.

Mr. Marek has held prices per session of personal training at a constant for the typical contract, or agreement for sessions. He has been able to do so by proving the value of his product. The value has been created through ABS's sales team utilizing client testimonials both written and video, before and after pictures, and demonstrations. ABS offers a free session with a personal trainer after a thorough fitness assessment to design the workout for your body. This session is intended to show the potential client the value of having a professional not only motivate you and keep you moving, but also to show you what you should be doing and how to do it appropriately. Although there is competition for ABS with Professional Fitness, another personal training company in the area, they have been able to fight their lower prices through word of mouth. Typically when a potential client has heard of Professional Fitness from another person, it tends to be from a negative stand point. Also, if that client meets with both Professional Fitness and ABS they can see the difference in the quality of the product from their initial session. ABS works hard to add customer perks, such as making contacting the trainer for additional help or questions convenient, keeping their personalized workout program in the workout facility and providing access to it with or without an ABS employee, measurements and tracking of progress as well as weekly flyers about nutrition. These are all examples of how ABS has worked to fight the damaged economy by building up their product rather than lowering their prices.

If, however, ABS is having exceptional difficulty getting a new client purely from a lack of certainty about the economy from the clients end, they will add in a clause in the agreement that if the client or clients spouse is laid off the contract can be temporarily paused or can be cancelled. Since ABS tries to sell only one year agreements, rather than month to month or by individual sessions, job uncertainty has caused a dilemma. By offering this clause, ABS has again found a way to satisfy the consumer without cutting back on their price or length of contract.

Financing ABS

ABS was started as a partnership. Garrett Marek had the idea and two other men had the money!

Garrett has committed his time in creating and developing the business, its employees and its processes. The other two men, whose names I was not given, both already worked in the fitness industry. One was the owner of a different personal training company in another area, and the other owned a few local gyms (which ABS is now located in.) They have provided Garrett with the financial backing to implement his idea for a successful business.

I was not made aware of how the other two men came up with the money needed to start ABS.

However, they could have used their own savings, the money generated from their other businesses or even business loans.

I found this situation with ABS to be very motivational. Garrett Marek did not have the money to implement his business plan on his own. Instead of taking on the entire financial burden himself, he was able to find two men who believed in his idea and his ability to execute it enough to finance him. Since I do not have a family business to go into or the savings to financially back a business venture, it is motivational to know that there REALLY are people out there who will help if they truly believe you are capable of making them money with the business!

Marketing

Advanced Body Solutions, LLC has marketed themselves in a few different ways.

Advanced Body Soultions has a website, eastcoastabs.com, and they have paid for a first page listing through a few different major search engines. The majority of people searching the web for any specific product or service will not go to the second page of their search to look at the results. Also, a lot of times people value the first few listings as more credible than the ones later on.

Advanced Body Solutions also utilizes emails to gym members who sign up for their newsletter. This use of email allows ABS to spread the word about different promotions they may have going on, such as bringing in a friend for free, buy a certain number of sessions and get some free, new years resolution promotions, etc. This email goes out to current clients as well as gym members who have not yet utilized the services at ABS, allowing them to get their name in front of potential customers.

Advanced Body Solutions has created a commercial which airs on some of the local network channels. This commercial is also shown on their website. By having a commercial ABS can reach a wider range of potential customers, not limiting themselves to only current gym members. This also helps with name recognition and being top-of-mind for people in the community.

ABS also offers their clients tshirt with slogans like "I train with ABS", which again gets the ABS name out in the community and also shows that other people are participating and working with ABS. By showing that others are not only working with them but also proud enough to wear a tshirt that says so, ABS is able to build a positive reputation and some credibility.

ABS also tries to market their services by providing different event in the community that are open to the public, such as boot camps and 5ks.