Although we go to the gym and don’t really see it as a business, it is one, and a very lucrative type of business at that. You really have to figure out the type of business you want to create and then you have to adapt it to your own needs ands requirements. Once you do that the results will be nothing short of amazing every time. But how can you create the right Gym Business Plan and business strategy? There are just 10 steps you need to follow.
Executive summary
This needs to show the goals, your mission, your vision and what you need to do in order to make this a success. The Gym Business Plan needs to be very clear and to the point. You do have to keep in mind that the executive summaries are essential and they will help your business grow and evolve the right way. That being said, if you want to say more about vision and goals, you will have the opportunity to do that a bit later on.
Company overview
In the case of a company overview your primary focus here is to share your vision and you have to talk about the purpose of the gym, who is it for and how you can acquire the business aims. The mission statement can be more personal and it can talk about the outcome you have in mind. in this section you also want to talk about the type of business you worked on previously, if you collaborated with other companies and so on. you will also have to outline the strategy, because this is a crucial step for investors and they will check it right away. You do need to communicate and share your objectives evenly and clearly, as that will bring you more business partners.
Management
When you create the Business Plan you also have to think about management. Simply put, here you need to think about the positions you have to fill, how those persons can help and you also need to focus on the employee ladder too. Knowing what and how every person will help is essential, and it does have the potential to help grow your business in ways you would not imagine. You need to share all these ideas and show how every position is essential for your business.
Market research and marketing
These are pivotal for any Gym Business Plan and you can showcase a variety of things here. You want to summarize the market research, such as gyms in the area, your demographic, location and so on. Then you have to define the target market, be it business executives, working professionals, students, etc. Now you will need to ask yourself about things like how you can gain loyalty, what makes your Gym unique, is there a demand for some special equipment or do you need to bring in regular equipment, etc. All this kind of stuff works great and it can be adapted to your own needs really well.
The marketing strategy can also include some niche services such as sponsorships, advertising, website promotions, prices, email marketing, new equipment and so on. You can add here all the kind of stuff that you believe will bring in more attention and revenue from the customer base. That’s what a business is all about.
Amenities and services
Here you want to talk about the size of your gym, what amenities and what services you can provide. You can talk about the stuff you can buy, such as specialist equipment, regular gym equipment as well as food and drink products. When it comes to services you can talk about physiotherapy, spa, swimming pool, lockers, classes and personal training. Showcasing the benefits helps a lot too.
Financial projections
You have to make sure that financial estimates include all the things that appear within a business. That includes CRM systems, account software, operational costs for the first 3 months, hiring costs, legal expenses, gym equipment and building work. Your investors need to know this kind of stuff before they start shelling out money.
Financial forecasting
The financial forecasting is a part of the Gym Business Plan, although a lot of people find it really hard to do. But you have to do it and the challenge is that sometimes it can be very tricky to figure out everything the way you want. But you can make a guess based on unit sales per month, breaking down your purchases and focusing on previous data.
Financial strategy
Here you need to think about adding value to your business. This means being financially sensitive, bringing rewards to customers, and if you have a spa you can combine both services into a single package. The idea is to play around with the pricing strategy a bit until you find the right option that really suits your needs and requirements.
Payment options
The Gym Business Plan needs to be flexible when it comes to payments. You want to use as many payment systems as possible. If some of them pose a risk, you can remove them. But more often than not having multiple payment options will be a very good idea to focus on. The trick is to offer solutions so customer retention can increase exponentially. Once you do that, things will be great.
Funding
The last part of the Gym Business Plan is very important, and that is funding. You can have funding from personal savings, soft loans, partners, bank loans, sponsorships from other companies, crowdfunding and so on. Investors seem to be the best option here, but your primary focus has to be on making sure that you actually outline a great, clever Gym Business Plan so people will start investing fast.
While the Gym Business Plan can be comprehensive, you can make it as interesting as possible. The trick is to make sure that you outline benefits for potential clients, as that’s the main aspect you want to think about and keep in mind. There are challenges to appear along the way, but once you know what to expect and what results you can get, things will be worth it!
If you find it hard to get the right kind of planning and writing down, then you should look to our team here at Business Plan Writers UK. We are experts in gym business plan writing, and can use the information and analysis we do together to help create a clear plan of action to help take your needs further and create a business plan that works.
To find out how we can help with your business plan either call us on 020 8242 1577 or complete the contact form and one of our consultants will get straight back to you.