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Entrepreneurship Questions
How do you know what to charge for sports nutrition services?
A: First, do research in the area you live to understand the going rates for sports nutrition services. Second, if you are in any Facebook/ mentorship groups or on any listservs, ask questions to get advice from other RDs. Third, understand the difference between the cost and a fee. The cost is what it costs you in time, resources, supplies, etc. A fee is what you charge; it is more than the cost. Fourth, understand the prices increase with experience and credibility, so what you charge now should not be what you are charging in 5 years, and that works both directions. Finally, identify what you WANT to make and what you HAVE to make. Those are not the same number, and you need to know the difference so you know where you can negotiate. When it comes to pricing projects and partnerships, I’m going to give you a piece of advice that I was given by one of my dear friends. You should feel a little nervous when you submit the proposal. The key is, that if you don’t charge enough, you will likely be irritated about doing the work. It might take the joy out of the project. While we want to make sure that we are being reasonable and providing companies and businesses with the resources they need at a price that aligns with their budget, it must also align with your budget. There are some learning curves here. This is why you should tap into professionals who have already been there so that you can learn from their mistakes and don’t have to make them yourself.
What type of business should I have in sports nutrition?
A: I would encourage you to think about your “why”. What is your “why” for wanting to work with a specific athlete group, a population group, or team? I am in a business coaching course, and my coach always says, “If your why doesn't make you cry, the price of commitment will always be too high.” Think about it. If your why doesn’t make you cry, or if you are unclear on your why, then the price of commitment to build a business or launch a side hustle will always be too much. It won’t feel like it’s worth it and you’ll never really want to dive all in. You want to work in the area where your passion lies, and that’s different for every person. When you’re thinking about what you want to do, I would ask yourself a few questions, “If you could wake up and do one thing everyday for work, what would it be? Why do you want to do it?” What impact are you looking to make?” Once you know who and why, you can start to shape a business around what solutions you can provide for that person or population group. Those solutions will help you shape service lines and offerings in your business.
Should I find a sports nutrition and business mentor? How do I find one?
A:Getting a mentor is one of my best recommendations for getting into sports nutrition. Mentorship is so important because it can help direct you to the right places and spaces, and ultimately help connect you to the right people. As a sports dietitian, you deserve to have a seat at the table, but the goal is to get asked to pull up a chair. Getting coached by more experienced professionals that have been where you want to be can help you learn how to communicate and present yourself, so that when the opportunities come, you’re ready. Organizations like CPSDA and the SHPN DPG all offer mentorship programs or you can join a mastermind course and get coached and mentored that way as well.
How did you go about establishing and growing your client base in the sports nutrition field, especially when starting your own business?
A: Volunteering, Networking, and Working. From day one of my career, I said “YES!” to everything. Booster club parents talk? 9-year old baseball team? Division 3 athletic trainers local meeting? Teach the TCU strength coach interns? Talk to the cheerleaders after their 7pm practice? Go to the middle school coach meeting? Yes, yes, yes. I said “YES!” every single time, and because of that, I developed contact after contact after contact that eventually turned into referral after referral after referral.
Volunteering – A lot of the activities I mentioned above were volunteer, or at least WAY outside of a 40-hour work week. I did it to get experience. For years of my career, I just knew that from July through December, I was working 12 hours a day and going to be tied up most weekends. That was my reality working peewee to pro all at the same time. But if I was asked to do something, and I could remotely swing it, I did, paid or not.
Networking – I cannot say how important networking is. To this day, I will say it is and has been one of the most essential parts of my career. From going to conferences, meetings, getting involved locally, reaching out to professionals, etc. Meeting people, in-person as much as you can, is the key to success. Yes, it’s great that we can do things virtually, but where you can, get yourself out there. It will pay dividends in your future.
Working – There is some success that just comes from working. I have tons of the work and business I have now as an entrepreneur because of all the work I have done in the past, and all the connections I made doing that work. If you try to start your own business without working or having a network, it is going to be a lot harder to succeed. Can you succeed? Sure, but it’s going to likely take a lot more time and effort. Working and getting experience is the best way to set yourself up for success in your own business in the future.
What are some of the common challenges you've faced in your career, and how did you overcome them, especially when it comes to managing your own business in sports nutrition?
A: I could be here all day answering this question! Seriously! When I first started in my career, one of the biggest challenges was entering in sports organizations and teams and having to learn the environment, while also creating and implementing nutrition programming that not everyone was excited about. In many cases, there were athletic trainers, coaches, and/or strength coaches that had been there for years (or decades!) and I was coming in and changing things. I learned very quickly that being a great sports dietitian was not just about how great your counseling and meal planning skills were, it was about how well you could deal with adversity, how good of a communicator you were, how could you “sell” athletes and coaches on the new way of doing things, how could you manage likes and dislikes, positive and negative comments, etc. It was so much more than nutrition; it was communications, strategy, empathy, compromise, and the like! It took listening, learning, and balancing ideal versus actual. Over time, however, that is where I think I really excelled because I learned how to walk into different environments and not do it “Amy’s way”, but evaluate, contemplate, and assess to come up with the best way to implement programming at that team, with those athletes.
When I started my own business, one of the biggest challenges was figuring out business. While I had started every program I had ever worked in and loved program development, starting a business and all that comes with it is hard. Most dietitians are not skilled in that area from school, so you have to go learn it. The best ways I overcame that were linking up with like-minded professionals and taking courses. I went to an in-person mastermind course immediately, and now am still in business programs and other mastermind groups to continue to learn, grow, get better, change, tweak, etc. The marketplace changes regularly, which means you often have to change, tweak, and adjust regularly as well. If I was not in the courses I am in now and have taken in the past, I don’t know what I would know! Sharpening my skills and trying new ways of doing things, has really been what has helped me learn and overcome and what helps me do it daily.
Can you provide insights into identifying and evaluating market opportunities and potential niches for entrepreneurship ventures?
A:Â Identifying and evaluating market opportunities and potential niches in the nutrition, sports nutrition, and health/wellness industries requires a thorough understanding of market trends, consumer needs, and gaps in existing offerings.
Here are insights and examples to guide your exploration:
Market Research:
Consumer Trends:
Stay informed about shifts in consumer preferences such as plant-based diets, keto, paleo, gluten-free, or intermittent fasting.
Health Awareness: Monitor rising health awareness, including the demand for various types of foods and sustainable products.
Digital Health: Explore opportunities in the intersection of health and technology, such as wearable fitness trackers and digital nutrition coaching.
Identify Niche Markets: Special Diets: Products catering to specific dietary needs such as vegan, gluten-free, lactose-free, or allergen-free foods.
Functional Foods: Foods with additional health benefits, such as probiotics, adaptogens, or fortified foods.
Nutraceuticals: Supplements or functional foods aimed at health benefits, such as immune support or joint health.
Target Specific Demographics:
Age Groups: Products tailored for specific age groups such as elderly-focused supplements or children's nutrition.
Fitness Enthusiasts: Products for athletes, bodybuilders, and fitness enthusiasts like protein powders and recovery drinks.
Product Innovation: Customized Nutrition: Personalized nutrition plans and products based on individual health data.
Convenience: Ready-to-eat meals or snacks that fit healthy lifestyles and busy schedules.
Leveraging Technology: Health Apps: Integration with health tracking apps or development of your own app to provide tailored nutrition advice.
E-commerce: Utilizing e-commerce platforms and digital marketing strategies to reach target audiences effectively.
Collaboration and Partnerships:
Influencers and Experts: Partner with nutritionists, dietitians, or fitness influencers to validate your product and increase reach.
Research Institutions: Collaborate with research institutions for product development and validation.
Successful entrepreneurship ventures depend on an ability to identify consumer needs, innovate based on market trends, target specific niches, and leverage technology and partnerships for growth. Then you have to determine where you fit into this equation. After a thorough review, what can you offer that fills a gap, answers a question, provides a solution, etc. for the target audience you are looking to work with. For example, the reason I created my mastermind course, The Sports Nutrition Playbook for Professionals, was from years of dietitians and dietetic interns emailing me and or asking me at conferences, “How do I become a sports dietitian? I didn’t go to school for it.” There was no comprehensive course on the market that I knew of, so to fulfill a need, I created the course to include all that someone would need to know to get started in the field from science to communications to business.
How can entrepreneurs effectively navigate the legal and regulatory landscape when starting a new business?
A:Â Starting a new business as a registered dietitian entrepreneur can be an exciting opportunity, but it also comes with legal and regulatory complexities that need careful navigation. Here are some steps to effectively manage these challenges:
Stay Updated with Regulations:
Nutrition and dietetics are highly regulated fields. Ensure you stay current with local, state, and federal laws governing your practice. Regularly check for updates in regulations related to health, nutrition, and food safety. It’s helpful to have a lawyer and CPA you can reach out to with questions.
Professional Licensing: Ensure your credentials as a registered dietitian (RD or RDN) are current and compliant with the licensing requirements in your state or jurisdiction. Some states may require additional licenses to practice.
Consult Legal Professionals: Consider hiring a lawyer who specializes in business and healthcare law. They can help you understand your legal obligations and guide you in setting up your business correctly.
Business Structure: Choose an appropriate business structure (e.g., sole proprietorship, LLC, corporation) that aligns with your goals and liability concerns. Each type of structure has different legal and tax implications.
Health Privacy Laws: If you handle clients' health data, you must comply with the Health Insurance Portability and Accountability Act (HIPAA) and other data protection regulations. Implement secure data handling and storage practices.
Insurance Coverage: Consider getting professional liability insurance and other relevant business insurance to protect yourself in case of legal claims or disputes.
Contracts and Agreements: Use clear, well-drafted contracts for client agreements, partnerships, and vendor relationships. These contracts should define the scope of work, fees, confidentiality, and other important aspects. A lawyer can help ensure you don’t make mistakes.
Scope of Practice: Practice within the scope of your expertise and state regulations. Stay on top of industry changes as well as updates in science.
Documentation: Maintain thorough and accurate records of your client interactions, business transactions, and financial activities. This can help you in case of audits or legal disputes.
Tax Compliance: Familiarize yourself with the tax obligations of your business, including income tax, sales tax, and other local taxes. An accountant can provide guidance and help you stay compliant.
Professional Associations: Join professional associations such as the Academy of Nutrition and Dietetics, which can offer resources and support in navigating legal and regulatory challenges. By staying informed and seeking advice from legal and financial professionals, you can navigate the legal and regulatory landscape effectively while starting your business as a registered dietitian entrepreneur.
How can entrepreneurs effectively manage risk and uncertainty in the early stages of their ventures?
A:Â Managing risk and uncertainty is crucial for entrepreneurs, especially in the early stages of their ventures. Here are some of my best tips regarding how entrepreneurs can effectively navigate these challenges when starting a business in sports nutrition:
Thorough Market Research:
Conduct comprehensive market research to understand the landscape of the sports nutrition industry. Identify your target market, competitors, industry trends, and potential challenges. By gathering as much information as possible, you can make informed decisions and mitigate risks associated with entering a competitive market.
Start Lean and Iterate: Instead of investing heavily upfront, start lean and test your business concept with a minimum viable product (MVP). This allows you to validate your ideas, gather feedback from early adopters, and make adjustments based on real-world data. By adopting an iterative approach, you can minimize financial risk and refine your offering to better meet the needs of your target customers. If you have the opportunity to start your venture(s) while having a part-time or full-time job, this can help reduce some of the financial risk associated with starting a business.
Build a Strong Network: Surround yourself with mentors, advisors, and industry experts who can provide guidance and support. Networking within the sports nutrition community can help you stay informed about industry trends, access valuable resources, and potentially identify partnership opportunities. Additionally, having a supportive network can provide emotional reassurance during times of uncertainty.
Diversify Revenue Streams:
Reduce risk by diversifying your revenue streams within the sports nutrition market. This could involve offering a range of products targeting different customer segments, exploring partnerships with complementary businesses, or providing additional services such as nutrition consulting or personalized meal plans. Diversification can help safeguard your business against fluctuations in demand or changes in the competitive landscape.
Stay Agile and Adaptive: In a dynamic industry like sports nutrition, adaptability is key to survival. Stay agile by monitoring market trends, listening to customer feedback, and being open to pivoting your business strategy if necessary. By remaining flexible and responsive to changes in the market environment, you can better position your venture to thrive amidst uncertainty. If you start with these tips, you can effectively manage risk and uncertainty in the early stages of your sports nutrition ventures and business launches.
What are some key metrics and indicators that entrepreneurs should track to measure the success and growth of their businesses?
A:Â Tracking key metrics and indicators is essential for entrepreneurs to measure the success and growth of their businesses. Here are some examples of metrics for each different business models that sports nutrition entrepreneurs might have:
Private Practice Seeing Nutrition Clients:
Client Retention Rate: Measure the percentage of clients who return for follow-up appointments or continue their services over time. A high client retention rate indicates satisfaction and loyalty.
Referral Rate: Track the number of new clients acquired through referrals from existing clients or other sources. A high referral rate demonstrates client satisfaction and indicates a strong reputation in the community.
Appointment Conversion Rate: Measure the percentage of initial consultations or inquiries that result in booked appointments or discovery calls. Monitoring appointment conversion helps identify areas for improvement in the sales or onboarding process.
Selling Courses to Consumers:
Course Enrollment Rate: Measure the percentage of website visitors or leads who enroll in your courses. A high enrollment rate indicates effective marketing and compelling course offerings.
Course Completion Rate: Track the percentage of enrolled students who successfully complete your courses. A high completion rate demonstrates the value and effectiveness of your course content.
Customer Satisfaction: Collect feedback from course participants to assess their satisfaction with the content, delivery, and overall learning experience. This can help identify areas for improvement as well as evaluate who might be willing to recommend your course to others.
Revenue Growth: Monitor the growth of revenue generated from course sales over time. Analyze trends to identify periods of accelerated growth or potential areas for expansion.
Consulting:
Utilization Rate: Measure the percentage of billable hours or consulting services delivered compared to total available hours. A high utilization rate indicates efficient use of resources and optimal productivity.
Client Satisfaction: Gather feedback from consulting clients to assess their satisfaction with the services provided. This can help build strong relationships and open your eyes to other consulting opportunities with that client or business.
Revenue per Client: Track the average revenue generated from each consulting client. Analyze revenue per client to identify opportunities for upselling or cross-selling additional services. By tracking these key metrics and indicators, entrepreneurs can gain insights into the performance of their businesses, identify areas for improvement, and make data-driven decisions to drive growth and success.
How do successful entrepreneurs approach scaling and expanding their businesses while maintaining sustainability and profitability?
A: Successful entrepreneurs approach scaling and expanding their small nutrition businesses into larger-scale practices while maintaining sustainability and profitability by implementing strategic planning, operational efficiency, and a focus on delivering value to clients. Here are some key steps to consider:
- Develop a Scalable Business Model: Before scaling, entrepreneurs need to ensure their business model is scalable. This involves evaluating current operations, identifying bottlenecks, and designing processes that can be replicated and expanded without sacrificing quality. For example, standardizing consultation procedures, developing scalable marketing strategies, and implementing technology solutions to streamline and automate operations can facilitate growth. It’s also important to know what types of employees or contractors will be needed to scale and maintain business once growth happens.
- Invest in Marketing and Branding: To attract a larger client base, entrepreneurs need to invest in marketing and branding efforts to increase visibility and credibility in the market. This could involve developing a strong brand identity, leveraging digital marketing social media channels, building a strong email list, and engaging in community outreach activities. Building a reputable brand helps attract new clients and retain existing ones.
- Expand Service Offerings: Diversifying service offerings allows entrepreneurs to cater to a broader range of client needs and preferences, thereby expanding their market reach. This could involve offering additional services such as group nutrition coaching, online courses, corporate wellness programs, or partnering with other performance professionals to provide comprehensive sports nutrition services. By expanding service offerings, entrepreneurs can increase revenue streams and attract a wider audience.
- Focus on Client Experience and Satisfaction: Maintaining a focus on delivering exceptional client experiences is critical for retaining customers and generating positive word-of-mouth referrals. Successful entrepreneurs prioritize client satisfaction by providing personalized services, offering ongoing support and follow-up, and soliciting feedback to continuously improve their offerings. Happy clients are more likely to become repeat customers and advocates for the business.
- Build Strategic Partnerships: Collaborating with complementary businesses and performance professionals can accelerate growth and expand market reach. Entrepreneurs can partner with gyms, fitness centers, medical clinics, food retailers, or wellness brands to cross-promote services, access new customer bases, and create mutually beneficial referral networks. Strategic partnerships can help entrepreneurs leverage resources and expertise to achieve shared business objectives.
- Monitor Financial Performance: As the business scales, entrepreneurs must closely monitor financial performance to ensure sustainability and profitability. This involves tracking key financial metrics such as revenue growth, profit margins, cash flow, and return on investment. Implementing robust financial management practices, budgeting effectively, and periodically reassessing pricing strategies can help maintain financial health and support long-term growth objectives.
By adopting a strategic and informed approach to scaling, entrepreneurs can successfully grow their small nutrition businesses into larger-scale practices while maintaining sustainability and profitability.
How do I handle competition in the sports nutrition industry?
A: While the sports nutrition industry can seem very competitive, let’s be clear, there are millions of athletes, peewee to pro, that need a sports dietitian, so there is plenty of room in the sandbox for everyone to play.
First, my best advice is to be you. You have a specific voice and brand that no one else has, and because of that, you will speak and appeal to people that others won’t. There could be 50 people saying the same thing, but how do you say it to your audience? That is the key that will differentiate you from the crowd.
Second, use competition to your advantage. What makes someone popular? What strategies does that person use to connect with others, grow his/her brand, and/or be successful? While you should not ever imitate anyone, you can learn from people. Watch what others similar to you do to grow their brand. Consider the steps they are taking to create a thriving business or platform and evaluate how some of those strategies might benefit you and your business or brand.
Third, connect with competition and potentially benefit from their audience. While it might seem strange, connecting with others that do similar things to what you do, can actually help grow your brand. If a competitor’s audience is interested in sports nutrition, then they might be interested in the content you offer as well. Connecting with and promoting others can be a great way to grow your business and brand.
Remember, there are enough athletes to go around. Find your niche, your voice, and your brand, and focus on marketing it. Learn from others, implement what’s valuable, and then be you. Your voice will draw in the right people at the right time.
Have a burning nutrition
career question?Â
MEET YOUR CAREER COACH
Meet Amy Goodson
MS, RD, CSSD, LD
I’m a registered and licensed dietitian and Certified Specialist in Sports Dietetics. My business focuses on nutrition communications and sports nutrition. With a bachelor’s degree in communications and a master’s degree in sports nutrition, I am passionate about marrying the two together to provide quality, science-based nutrition through speaking, media, writing and consulting, in addition to creating education resources and courses for dietetic interns and new or transitioning registered dietitians to start, grow and launch their dream careers.
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