building a business, debt-free

I have been asked to post about the germination stages of Second Chance FitCenter, and the financing behind it.

I have borrowed no money in this venture, and while I still have the potential to lose money on it, I won’t be in debt because of it.

The most expensive piece so far by far was the certification, which was just shy of $800.  Beyond that, I have spent money on the AZ Corporation Commission (confirmation of LLC should be any day now); business cards; domain names; membership to a professional network; insurance; equipment; paint and blinds for the room: total so far is almost $900.  I found some of the equipment on Craigslist and bought some at a local used sports equipment place, which has helped to make everything a bit cheaper.

I have a little bit of work to do that will include a lawyer (lawyer not yet chosen, so cost undetermined), and I need to buy a defibrillator ($800 on Craigslist; $1400 new).  Once those two are done, I will be able to open for business.  The next big thing on my want list is mirrors.  I found many for cheap on Craigslist, but I have no means of transporting large mirrors, so it’s looking like the buy-and-have-installed is the best option.  Best quote I’ve gotten so far for what I want: $600.

Oh.  And I’ll spend some money on advertising.

Basically, I’m buying things as I go, and have been able so far to only spend cash.  (I was disappointed that the local used place doesn’t wheel and deal for cash.)

Beyond recouping expenses, I will need to earn the half of my salary that I have volunteered to give up to pursue this.  It will certainly take some leg work, but it can be done!  I think that it will end up financially better than teaching, I think it will end up stress-level better than teaching, and really, I still will be teaching, just about health and fitness instead of about music.  I expect the commitment level of clients to be as varied as that of my students at school.

I have big dreams for my little fitness center, but my starter dream (haha) is just for it to work really well the way it’s set up now.  I’ll ramp up the dreams later 😉

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3 responses to this post.

  1. Posted by Ed Arabas on 9 June 2010 at 22:23

    Best of luck with your ad-venture. I ran a consulting business for two years that was way more successful than I deserved. I quit it, but what an experience. If your heart is in it, a positive experience is assured!

    • Thank you! I have high hopes! The getting started part is scary but very exciting — lots of adrenaline!

  2. […] here to read the rest:  building a business, debt-free « Change Is Possible By admin | category: debtfree | tags: credit-card, debt-free, debt-via, finances, […]

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