Kindly give our readers an introduction to your business. Please include what your business is all about, in which city you are located and if you have offices in multiple locations/ cities.
Fitaholic Fitness is a locally-owned and operated class-based boutique group fitness gym located on the border of Blaine and Ham Lake, Minnesota. We offer 30+ classes every week, morning and afternoon, Monday through Saturday, with a balanced mix of workout programming that includes both cardio and weight training.
Kindly give us a brief description about yourself (it should include your brief educational or entrepreneurial background and list some of your major achievements).
Mike has been involved with Fitaholic since it was established in 2016. He was employee #1 outside of the original ownership team, working to prep for opening day and then once the doors were open — teaching all formats of the group fitness classes. Prior to Fitaholic, Mike had been instructing cardio kickboxing classes in Blaine for 5+ years by then as a hobby, and going to work for Fitaholic gave him an opportunity to make it his day job.
Laura has worked in various public relations, communications and marketing roles her whole career, largely in health care and corporate roles, and never aspired to be an entrepreneur! But, the opportunity was right even if the timing wasn’t perfect. So she and Mike took the plunge, along with their young boys.
What inspired you to (start a new business venture) or (to make significant changes in an existing business)? How did the idea for your business come about?
Mike had been a big part of Fitaholic from the day it opened, but we didn’t have any ownership stake. At the end of 2022, the previous owner was ready to move on to different opportunities and Mike and I took a leap of faith to try our hand at running a small business. We finalized the purchase in March 2023 and have been working hard and learning a lot ever since.
What three pieces of advice would you give to budding entrepreneurs?
Talk to other entrepreneurs and really get a sense of what it takes to run a small business. It will help you set your expectations appropriately!
Embrace a learning and growth mindset! Know you’re going to try things… and they’re not all going to be successful. And that’s ok! Because it’s more information to help you do things differently or better the next time.
Get comfortable knowing that there will always be work you can’t get to! Owning a business is kind of like owning a house – the work is never done and there’s always somewhere you could spend more time or energy. Continuously prioritize your to-do list and do your best to work diligently through is the best you can do. And that’s enough!
What would you say are the top three skills needed to be a successful entrepreneur?
- Comfortability with risk and the unknown and a figure-it-out mentality!
- Ability to multitask, prioritize and compartmentalize!
- Grit
How many hours do you work a day on average?
Owning is business can be a 24/7 job if you let it. Our work hours ebb and flow because we are full-time parents to three young boys, and Laura works full-time outside of the business. We try to dig in when the to-do list starts to pile up and manage the regular work in between.
To what do you most attribute your success?
Having a complementary skillset as an ownership team. Mike was comfortable with all the front end activities that are customer facing, and Laura was able to take on a lot of the backend tasks that could be done remotely. That–and having a really great team. We have a really small team and really young kids, so we know we couldn’t do it without the support and flexibility and willingness of our staff who are always willing to pitch in to help us succeed.
How do you go about marketing your business? What has been your most successful form of marketing?
Our clients are our best marketing tool by far. Their transformations, their passion and their support absolutely are the heartbeat of our business.
Where did your organizations funding/capital come from and how did you go about getting it? How did you obtain investors for your venture?
Mike and I used some personal savings as a down payment for the business, and then worked with an incredible community bank partner (Village Bank in Blaine, MN) to secure an SBA loan for the remainder.
What is the best way to achieve long-term success?
I truly believe this comes down to personal investment, the standard you set, and the team you hire. Those things together have created an incredible community of people in and around Fitaholic Fitness, and your community is invested in your success!
Excluding yours, what company or business do you admire the most?
I really admire women who took big risks by bootstrapping businesses to make a better life for their family, and then had it pay off big. These crazy success stories give me life! Like fellow Minnesota entrepreneur Angie Bastion comes to mind. She and her husband started a kettle corn popcorn business as a side hustle to save money for their kids’ college fund, and grew it to a $250 million brand we all know now as BOOMCHICKAPOP.
What has been your most satisfying moment in business?
At our grand re-opening event for the business, our families and friends – including those non-local – all came together to celebrate with us. They got to see first-hand our incredible FitFam community, and hear stories of people’s lives who have been changed because of our little, local, family-owned business. It truly filled our cups!
What kind of culture exists in your organization? How did you establish this tone and why did you institute this particular type of culture?
We focus on integrity and putting people first. Everyone has been a part of a team or company, large or small, where this wasn’t the case. And that negative employee experience can be a domino effect. That’s the last thing we wanted for our small business, so we decided that if we put our employees and clients first, it will end up being better for business in the long run.
We also don’t take ourselves too seriously! Mike is a loud, energetic, sarcastic guy who likes to rouse people, and that sets the tone for our in-club environment. We want you to work hard, but we’re not here to get ready for the world stage. The healthiest people in the world have found balance and consistency, and if the place you go to focus on your health doesn’t make you want to be there, it makes accomplishing that harder!
In one word, characterize your life as an entrepreneur.
Controlled chaos!
How has being an entrepreneur affected your family life?
Owning the business is just part of the fabric of our family. It has been a part of our kids’ lives since they can remember. So their dad’s strange hours, or going to run around and play at the gym to burn energy in the wintertime while mom and dad get a few things done, or riding along in the car so dad can pickup equipment or apparel for our storefront… it’s just part of their norm!
What sacrifices have you had to make to be a successful entrepreneur?
Time and energy are the first things that come to mind. Sleep, for sure! And down time for myself. The spaces that aren’t taken up by my family and friends and my day job get filled with trying to keep building the business to make it more successful and keep it on the right trajectory. I’m tired–but I also know this is just one season!
For More Information Visit us at : https://fitaholicfitness.com/