Developing a fitness gym business plan will take some work, but it is well worth the effort because it should become the road-map for your business. Here is a summary of the main parts of a business plan to get you started.
Executive Summary – While this comes first in the document, it’s the last thing you’ll write. Once your entire document is completed, this is the place to briefly summarize what the company is, where you want to take it and why it will be successful.
Company Description – To write this section, take your “elevator speech” and expound on it. Include the need in the marketplace and how you offer a solution.
Market Analysis – In this section, take a good hard look around your market and industry. Include information on who you are targeting. Discuss the market potential and the part of the market you expect to gain. End with an analysis of your competition.
Organizations and Management – Include information about the structure of your organization and who owns it. List key management personal and information on your board of directors if you have one.
Service or Product Line – It might be easy to just say “fitness gym” and be done with this section, but take it a bit deeper. Instead, focus on why your particular fitness center will fill a need for your target market. For example, if you are targeting stay at home moms, talk about the babysitting service you provide weekday mornings.
Marketing and Sales – In this section, include information about how you will reach your potential target. Will you advertise on Facebook or give discount coupons to nearby businesses? How will you grow the business? For example, do you plan to add locations and will you enlarge your target customer?
Funding Request – If you are presenting this to potential investors, include how much you’ll need now and what you’ll need in the future. Also, explain what you’ll do with the funds? Is it to start-up your business, expand a current facility or add a second location?
Financial Projections – Normally, this section will cover projections for three to five years and include forecasted income statements, balance sheets, cash flow statements and capital expenditure budgets.
It’s also a good idea to include an appendix with permits, licenses, resumes and other supporting documents.
Taking the time to think about where you are, where you want to be in the future and how you will get there is important for any business owner. Writing your business plan gets you to do just that.
To talk more about this, or anything else related to starting your fitness gym, please contact us. We’re here to help.