The natural size of many businesses should never be anticipated to scale heights such as listing via an Initial Public Offering, because not all businesses are destined for an IPO as part of their exit and growth strategy. We’re going to get a little more specific though, zoning-in on a specific business in a specific niche, which is a health & fitness lifestyle business. The operative word is “lifestyle,” which suggests that you never really have ambitions of recreating the kind of growth a private company with many shareholders would be aiming for, especially if going public is part of that exponential-growth-pursuit trajectory.
Define the glass-ceiling
This is perhaps one of only a few instances in which a generally negative business growth process can be viewed in a positive light and of course I’m talking about glass ceilings. Ordinarily a glass-ceiling is a barrier to growth because it entices certain individuals who are pursuing specific careers to aim for heights they can never realistically reach. However, in the case of someone building their career as an entrepreneur in the health & fitness industry, particularly as a lifestyle business, a glass-ceiling is a great marker for a point beyond which they should never really try to grow.
You don’t have to become a multi-national supplier of your own range of health and fitness supplements to a chain of gym brands across the world, for instance. If it’s a lifestyle business you’re building, you need to explicitly define a point at which you’ll be satisfied with the profits you make and the corresponding amount of work you’ll have to put in to sustain those profits.
So define your glass-ceiling and be explicit about it, although it’s okay to leave room for some adjustments, as per the dynamic nature of any business environment and industry.
The simplest form in which to do this is by defining certain goals you have in relation to the operation of your health and fitness lifestyle business, like you might want to only have to work 20-30 hours per week and then not want to have anything to do with “work” once you’ve “knocked-off.” On account of this, you will avoid the trappings of trying to grow too rapidly, which can otherwise have you chasing apparent opportunities you shouldn’t be pursuing and running the risk of losing focus.
The correct way to specialise
Because of the existence of an easy way to get into the health & fitness industry, i.e. a web-based business such as a blog with an integrated e-store, what is generally considered to be sage advice is that of specialising in a specific niche within the greater niche. That’s not the full story, with a better way of specialising being that of targeting specific markets within a niche you generally target as a whole. For example, your health and fitness centre could offer specialised services uniquely tailored to EEOICPA claims beneficiaries, but that specialised service would exist as something like a special package instead of it being your only service.