Fitness First. The secret to start up success.

Mike Balfour, founder of Fitness First, is an entrepreneur who risked everything, but gained fortunes by believing in the success of his new venture. Born to a poor British family, Mike Balfour, did not have a good education. However, he was able to gain an accounting degree and had worked as an accountant for twenty years in various companies.

At the age of 42, Balfour has come up with an idea to open “dry gym”, a gym without swimming pool, squash courts and cafeteria. Back in 1992 the idea was unique as such gym-only concepts did not exist then.

The idea of creating a gym came to Balfour after experiencing a need for such gyms himself. ‘Working long hours in the office, traveling, not exercising, he came to the fitness industry as a customer, rather than a fitness expert.’ As a customer, seeking for a good place to exercise, Balfour understood the prospective of opening a “dry-gym”. The idea and concept of Fitness First was born.

Nevertheless, the beginning of Fitness First was not easy. Shockingly, Mike Balfour had to invest all his savings and assets into his new venture. He sold his house and risked financial ruin in order to open the first club. Moreover, convincing banks to give loans, guaranteeing his all assets to the banks as a payback, even borrowing money from relatives and friends were not easy tasks, but Balfour managed to get through. He believed in the success, because otherwise he would be a bankrupt. In Balfour’s own words” I had personal guarantees going out to everybody and it had to work, if it didn’t I’d be ruined. That’s how you do it.”

However, Fitness First was not only the one venture of Mike Balfour. After selling Fitness First Plc., he launched two new business ventures. One is a chain of health clubs, another one is related to luxury properties and hospitality.

The experience of Mike Balfour is very inspiring. The most amazing fact of his story, in my opinion, is the fact that he had risked all he had in order to make his ideas come true. Undoubtedly, not every entrepreneur has such absolute believe in the success of his new venture. On the other hand, when all your life depends on the outcome of a new business, it motivates you to work harder and try another plan, if the existent one does not work. According to Balfour ”The key is giving it everything, adapting as you go and having a Plan B.” 

All in all, Balfour suggests for any new entrepreneur to pick one good idea and make it work, to be prepared to take risks and to have an unconditional believe in the success, or else, no one will believe either.

 

 

 

 

References:

“The Secret to Start Up Success” by Annie Maul, Global Citizen magazine, May/June 2012, Reach Media