29 Dec Entrepreneurial Chronicles: 6 Lessons Learned from Owning a Business
Owning a business is a journey filled with highs and lows, challenges and triumphs. It’s a rollercoaster ride that tests your resilience, creativity, and adaptability. As we near the end of 2023, it marks 10 years of my entrepreneurial journey. It began when I met my former business partner at a corporate gym as colleagues, and we hit it off really well. At the time, I was a part-time business student at Capilano University, and we had fun chatting at the front desk about what we would do differently. So when he asked me to join him on this adventure of opening a gym, I was a bit hesitant, but with encouragement from my romantic partner at the time, I took the risk. My romantic partner was an entrepreneur, and he shared that since I was in my 20s, it was the best time to fail and try something new, so I took the leap with my former business partner. We started renting out of New Body Alliance and Dance Addicts Studio before we opened a brick-and-mortar 1670 sq ft fitness studio in 2014 in the Burnaby Heights. I’m proud to say I was the first BIPOC (black, indigenous, person of colour) woman to open a gym in the neighbourhood at the time, and it was one hell of a journey. It was the beginning of when I would experience an explosive amount of growth alongside a shit ton of microaggressions, ageism and sexism. I released ownership in 2019 and continued to work inside the gym as an independent coach till 2022. As I move onto new chapters and pursue new ventures in my life, the lessons learned have stayed with me. In this blog, I’ll share my top 6 lessons, offering insights that may benefit aspiring business owners and seasoned entrepreneurs alike.
Lesson 1: Embrace Failure as a Stepping Stone
My ego initially did not like this lesson at all, and the ageism I was dealing with made it difficult to want to own any mistakes or failures. This lesson impacted the people around me because I didn’t have the emotional maturity not to take out what I felt onto my romantic partner, business partner or our members. I’ve had to own my shit, apologize and make it right. One of the fundamental lessons in entrepreneurship is that failure is not the end; it’s a crucial part of the journey. Once I released the need to be perfect and embrace failure, it shifted everything for me. I was able to reframe a situation and learn how to look at it from a different perspective. Each setback is an opportunity to learn, grow, and refine your approach. Whether it’s a service that didn’t resonate with the market or a marketing strategy that fell flat, viewing failure as a stepping stone rather than a roadblock is essential for long-term success. Your personal development as a human being is essential to the success of your business.
Lesson 2: Adaptability is Key
In the ever-evolving landscape of business, adaptability is a survival skill. Change is going to happen no matter what, and being ready for that is all you can do. Markets change, technologies advance, and consumer preferences shift. Whether it was going from manual bookkeeping in Excel to using online Quickbooks, upgrading our online booking system to the overpriced MindBody app or adding value with a towel service, we had to grow with the needs of our clients. Successful business owners are those who can pivot when necessary, embracing change and staying ahead of the curve. Flexibility in your business model, services, and strategies can be the difference between stagnation and sustained growth.
Lesson 3: Prioritize Strong Leadership and Team Building
No business can thrive without a strong foundation of leadership and a cohesive team. The environment of your business begins with you and then your team. How you show up as a leader and who you hire matters. If you prioritize the well-being of your team, they will naturally take care of your clients/members. Cultivating leadership skills and fostering a positive work culture are critical components of long-term success. This was more difficult than anticipated, and we have feel flat several times as a team. What I learned is a motivated and skilled team not only contributes to the day-to-day operations but also becomes a driving force behind innovation and customer satisfaction.
Lesson 4: Understand Your Market
Knowing your target market inside and out is fundamental to making informed business decisions. Conduct thorough market research to understand your customers’ needs, preferences, and pain points. A question I always start with is, “Who do I want to attract?”. Is it day-to-day people, athletes, students, etc.? Each demographic of people has different ways of interacting with a business. This knowledge will guide product development, marketing strategies, and customer engagement, ensuring your business remains relevant and competitive. I’m thankful for all the members and clients who supported us throughout the years as we grew and changed.
Lesson 5: Financial Literacy is Non-Negotiable
Financial acumen is a skill every business owner must possess. I cannot stress this enough. One of my biggest lessons with entrepreneurship was not having financial boundaries with the people I was working with when I first started, as the impact of poor financial decisions can be severe if not managed well. I was not ready for the ups and downs of money and how that would impact my personal life and the people who worked for us. Everyone working with you and in your business needs to understand this. Whether it’s managing cash flow, budgeting, or making investment decisions, understanding the financial health of your business is crucial. Regularly analyze financial statements, monitor expenses, and use the data to make informed decisions to ensure the sustainability and growth of your business.
Lesson 6: Customer Experience is Paramount
In a world where customers have countless options, providing an exceptional customer experience is a key differentiator, especially in a saturated industry like health and fitness. You’d be surprised how many people choose not to focus on a customer’s experience. From the first interaction to post-purchase support, prioritizing customer satisfaction is a must(within a reasonable range, as sometimes people can be assholes). It starts with building strong relationships, gathering feedback, and continuously striving to enhance your products and services to meet and exceed customer expectations.
In every lesson I shared here, I have failed to make it happen. I have negatively impacted people, and at the same time, I’ve also lifted more people. It took several attempts before I got it right. Owning a business can be a transformative experience if you open yourself to the lessons that come your way. It demands continuous learning and adaptation. Embracing failure, fostering strong leadership, staying adaptable, understanding your market, maintaining financial literacy, and prioritizing customer experience are invaluable lessons that can guide entrepreneurs through the challenges and triumphs of the entrepreneurial journey. As you navigate the intricate path of business ownership, remember that every setback is an opportunity for growth, and every success is a testament to your resilience and dedication.
Arianne Liu works on the Learning and Leadership team with lululemon in Vancouver, BC, Canada. She is the co-founder/owner of the mobile personal training service Unfold Movement based in Brunei and Canada. Arianne is also an instructor for diversity and inclusion workshops. She is the co-founder and former co-owner of personal training studio DyerFitness Inc. One of her many mantras that keeps her grounded is “progress over perfection”. Arianne believes in using her life, travel, and business experience as a form of education for herself, her clients and her community.
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