Are you interested in starting a fitness center business of your own? If so, find here a stepwise guide on writing a fitness center business plan of your own.
Fitness related business demands careful planning and research. It is an industry that continues to be a lucrative business opportunity for small businesses and entrepreneurs globally. Generally, the fitness industry is considered as a largely recession-proof industry.
An entrepreneur having knowledge and experience in fitness-related activities can initiate this business with reasonable capital investment.
Here is a Stepwise Guide to Write a Fitness Center Business Plan
Do adequate market research before starting a fitness business. Consider about right location and demographics. The most important step in starting a fitness-related business is creating a well thought out business plan.
In writing a business plan determine your target audience. What are the services you will render to your clients? You may target a large audience by offering a variety of services or you can concentrate on a specific niche like women-only and a discipline-specific fitness center.
You need to craft a well-defined marketing strategy. Calculate startup budget with establishment cost, staffing, and equipment cost. Calculate an expected revenue return.
A well-written business plan will not only help you in arranging finance but also give you confidence in the feasibility of your fitness center.
Let us explain here, in brief, the important key areas which you must include in your business plan.
1. Executive Summary
The executive summary is the most important chapter in your fitness center business plan. Generally, this chapter comes as the opening chapter of your business plan. The executive summary is a brief overview of the entire business plan.
Briefly mention the mission, vision, growth highlights, products, and services, financial information, future plans if any of your fitness center business plans.
If you are a beginner and starting a business for the first time, naturally you will not have so much information to demonstrate. In that scenario, mention your experience, background, and your research regarding the fitness center business.
Remember executive summary is supposed to be written at the very end though it will come at the very first in the finalized documented fitness center business plan.
2. Company Description
Write here detailed information regarding what you want to do, what are the key areas which are different from others, and your customer target audience.
3. Market Analysis
In this section of the fitness center business plan, write down market research findings of the fitness center market in your business locality.
Mention the demand for a fitness center in your locality and exactly what kind of services the customers are looking forward to avail.
Write down the competition level and how you are going to compete with the competitors providing similar products or services in the catchment area you have chosen.
4. Organization & Management
Every business can’t be structured in a similar manner. You need to decide the best-suited organization and management structure for your fitness center business. Write down here in this chapter the kind of organizational structure you would like to construct for your fitness center business.
5. Service or Product Line
Fitness center business formats broadly are of two types. One is the regular fitness center with cardio and bodybuilding equipment and the other is a fitness center with facilities like aerobics, Zumba, Yoga, martial arts, etc.
Write in detail the business format you have chosen mentioning equipment required and classes to be conducted.
6. Marketing & Sales
Here in this chapter, write down your marketing penetration strategy, growth strategy, channel or distribution, and communication strategy of your fitness center business.
Also, lay down your sales strategies specifically in areas like salesforce recruitment, training of sales force, compensation structure, sales activities.
If you are interested in funding your fitness center business venture, use this section to outline your requirements. Write down all relevant and essential information needed to include in your financial projections for your fitness center business.
An appendix section though not mandatory, however, lot many business owners include information such as resumes, permits, and leases, etc. If you have any additional information to provide for your fitness center, use the appendix section.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.