How To Make A Gym Business Plan
A business plan is a written document that contains business objectives, methods on how to achieve those objectives, and the time frame these objectives need to be achieved. A strategic business plan also defines the nature of the business, information of an organization, financial projections, and the methods to achieve a specific target. Business plans are often used to get a bank loan or any kind of financing. If you are daunted by creating your own gym business plan, you may refer form this article to know how to make one.
1. Executive Summary
Creating a well-made summary is important if you want to attract investors. Having an uninteresting few pages are not captivating. Prospective clients won't read on. Your summary must comprehensively layout a catchy business case. It is advisable if you create this section after you finish the rest of your legal documents.
2. Have a Market Research
Market research serves as a key element of a successful business. If you're just new to the business industry, you should conduct research and understand fitness industry trends. Additionally, discuss your specific location in detail. List down details about your competition and the basic information of your target audience.
3. Provide a Forecast on Marketing and Sales
In this section, you have to outline the strategies of marketing and sales. You may want to address questions like " What type of membership you can offer?", "What are the forecast of your sales?", What are your strategies to get your audience?", and "How can you retain your audience?".
4. Define Products or Services
In your simple business plan, define the philosophy of your products, services, and the environment you're planning to create. Ask yourself whether you want your environment to look classy, scary, or even jolly. Also, you have to provide a breakdown of income and non-income services your gym will offer. Include products for sale like food and beverages.
5. Describe Facilities and Equipment
If you already own a site or facility, define its main features and advantages such as size, visibility, availability, parking, zoning, the potential for build-out, lease expectations, demographics of the region and publicity to your target market analysis. In your small business plan, include a simple map showing the exact location. If you want to explore location options, you may include criteria to evaluate potential facilities.
6. Include Staffing
In this section, you should breakdown your company profile, staff profile, the structure of the organization, and benefits plan. If you manage a club, provide a bio together with your company profile. Afterward, present your organizational chart with descriptions.
7. Provide an Ownership Structure
In your business plan, you may want to list down the legal structure. Moreover, if you want to bring in investors, this is where you'll detail how much cash you're looking, how much capital they're going to get in exchange, their predicted ROI, and prospective ways they can exit the investment. For example, by selling the company or buying them out from you or other investors.