An idea for a boxing gym. Want to be involved?
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Start Up / Cope
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Thanks From Cliff Prescott, Fat Towels
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Write to us and we'll pass it along to Jason.
May 11, 2007
Hello Hattie and Bruce,
I want to say thanks for being such an inspiration and for providing so much useful material. I love the show and look forward to every new episode.
I have always wanted to open a boxing gym. After reading your articles I know for sure why that is. Well, I am an energetic person with a flair for helping people. My personality is one of kindness and service. I have a military background and I know a thing or two about boxing. I would like to appeal to the recreational boxer for fitness and self-development.
My question is, how do I know for sure if a community will be interested in my ideas? Also, I have no money but I can't imagine the start up costing more than $20K. Are banks generally willing to give loans for this amount?
Thanks a lot for reading my email. I'm sure you both have plenty of people to reply to. I look forward to your reply.
Have a blessed day.
Jason (of Minnesota who has a full-time job with the government)
And our reply:
What a lovely letter.
Thank you for writing and for your kind compliments.
I am sure that you know, according to the boxing industry, with all its permutations, it is the most consistently watched television. So, there is an audience for the spectator part of the sport!
I think you need to be talking around to the athletic clubs – owners and members – in any given geography to see if their is a cooperative spirit. If there is, and you get the right group together, they’ll be your first members and investors.
The college and high school athletic directors also should have a place at the table. They need to stay trim and take out their frustrations. Look for people who might share your dream.
The only way that such a business model can be transformed into a much larger business is to franchise it, so implementing systems every step of the way is very, very important.
The larger picture of boxing – the image if you will – needs some cleaning up. If in your business model, on the cover page of your business plan, you have two of the local politicians come in to spar, it would help to sell the concept. Then further within, you have a local clergyman sparring with the local mullah, it becomes a nice metaphor for releasing tensions and bringing people to a place for a sweaty dialogue.
Just some random thoughts for the day. I hope you become a member of the school and gain access to all the videos of key ideas of wonderful people who started, ran, and grew very successful businesses.
And, of course, we send you our blessings as well,
-Bruce & Hattie
PS. You may want to begin with our eight steps to start and grow a business. The first four steps are all focused on starting and getting on solid enough ground that you can quit your "real" job.
PPS. Banks do not make start up loans per se. Some when guaranteed by the SBA still amount to personal loans. It may be better to have 20 partners each put up $1000 for less than 20% on conditions that you can buy them out for no more than 100% or $2000 on that money. The reason to get them is more than the money; it is their constituents and recommendations you need.
Also, here is a step-by-step focus just on the money issues.