Thinking of Starting A Business?

Hey FunLifers,

Normally I keep my content around health, fitness and mindset, but personally I do love talking about business as well. This episode I share some of the prerequisites that I think one should have before starting their own thing. Hope you enjoy!

Starting your own business is one of the most exciting and terrifying things you can do. The idea of freaedom, building something of your own, and making an impact is appealing — but the reality is often very different.

Here’s the truth:

• About 20% of businesses fail in their first year.

• By year five, 50% are gone.

• By year ten, nearly two-thirds shut down.

• And gyms? They rank in the top three most failed businesses, right up there with restaurants.

So why would anyone want to do it? Because if you’re prepared, resilient, and truly aligned with your “why,” entrepreneurship can be one of the most fulfilling paths you’ll ever walk.

I opened my first Functional Lifestyles location back in 2017. I was 25, ambitious, and—truthfully—naïve to how tough it would be. I didn’t pay myself for years, I faced stress I couldn’t have imagined, and I had to grow as a leader faster than I thought possible. But eight years later, I now run two thriving locations, each crossing seven figures in annual revenue. It’s been worth every challenge.

But I’ve learned there are prerequisites you need before you ever take the leap. Here are the big ones:

1. Self-Awareness & Emotional Readiness

If you’re stressed as an employee, that stress multiplies as an owner. Every problem — from hiring to client complaints to cash flow issues — comes back to you. Your ability to regulate your emotions will define how your team, clients, and even your family experience the business. Grit and patience aren’t optional.

2. Occupational Readiness (Skills You Must Build)

Most businesses don’t fail because of bad ideas — they fail because the owner lacks critical skills. You don’t need to be a master at everything, but you mustunderstand:

• Sales and marketing — Without clients, your business doesn’t exist.

• Leadership — You’re not just running a business, you’re leading people.

• Operations and accounting — If you can’t manage money, your business will eat you alive.

3. Financial Readiness

Be prepared for seasons where you don’t pay yourself. I went years without a salary while building my foundation. Cash flow, debt, margins — these aren’t abstract ideas, they’re survival skills. Build financial literacy before you build your business.

4. Defining Success and Freedom

Don’t just chase revenue. Define what success actually means to you. For me, it’s freedom — the ability to spend time with my family while still providing opportunities for my team. Ironically, some of the top trainers I know make more than the average gym owner. Entrepreneurship isn’t automatically the “better” financial path — but if freedom matters to you, it can be worth it.

5. Passion Matters — But It’s Not Enough

Passion will help you push through the hard times, but it can also blind you. When money becomes tied to your passion, burnout is a real risk. Make sure you love the process — solving problems, building systems, leading people — not just the idea of owning a business.

Here’s the bottom line: entrepreneurship is rewarding, but it’s not for everyone. It will test your patience, resilience, and character more than anything else you’ve done. But if you’re prepared — emotionally, financially, and skill-wise — it can also give you the freedom and fulfillment you’ve been chasing.

In this week’s episode of 'Pursuit of Balance,' I go deeper into each of these lessons, share personal stories from my own journey, and break down the real prerequisites of starting a business.

Listen here on Spotify - https://open.spotify.com/episode/58aJir7WCNKmRmpI1Yjc9O?si=9be6daf8f4d94617

Stay resilient,

Corey