Interested in starting your own entrepreneurial journey in health and wellness but unsure what to expect? Then read up on our interview with Kyle Thompson, Owner of MYO Massage & Chiropractic, located in Cedar Falls, IA, USA.
What's your business, and who are your customers?
We are a massage therapy and chiropractic business that focuses on providing high-quality, therapeutic massage and chiropractic care at an affordable price to our clients. By not participating in insurance, we are able to offer the best prices while still having the best services.
Tell us about yourself
I have been a chiropractor for about 15 years. I have owned my own business as well as worked for others in the chiropractic profession. About six years ago, I had the opportunity to take over a massage therapy business and eventually convert it into our current brand. I am motivated to help our clients and create careers, not just jobs, for our employees. My long-term goal, and what motivates me the most, is to create a long-term, highly successful business that I can eventually pass down to my three daughters.
What's your biggest accomplishment as a business owner?
Over the last several years, we have achieved some accomplishments that I can be proud of, but also that help me work even harder on our business to take it to the next level. In our first year in business, we were able to increase the overall net income by 33%. Another accomplishment was starting the second location, designing a new build-out, moving in, and becoming profitable. The biggest accomplishment, and one that is currently in progress, is franchising our business and business model to be able to reach more clients across the country that could benefit from our services.
What's one of the hardest things that comes with being a business owner?
As a business owner, you never have a guaranteed income and need to do whatever it takes to keep pushing forward. You have to decide if you want to pay yourself or if that money would be better utilized to put back into the business to continue to grow. With owning a business comes the task of managing people with all different personalities and motivations. You have to be good at reading and understanding people to be able to connect with them and have them buy in to your overall vision.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Don't be blinded by focusing on money and income in the short term. Focus on solving a problem or how you can help your customers. If you do this, the money will come!
- Set goals that seem unachievable and write them down. A goal that is not written down is just a thought, a wish, or an idea and easily becomes forgotten once you get distracted. It is better to fall just short of a goal that seems unachievable than hit a small, insignificant goal.
- Nine out of ten businesses fail in under five years. Research your business, set a plan, stick to the plan, execute the plan, and modify the plan when needed. You have to be able to adapt to your market conditions and be able to almost foresee what's ahead. It is always better to be proactive than to react.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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