Your market research and analysis provides one of the key elements of why your business will be successful and will help with messaging once you open, so spend a considerable amount of time wrapping your head around this information.
This section outlines your marketing and sales strategies, as well as sales forecasts for your first three years.
Even if you are self-funded, a comprehensive business plan serves as a road-map for creating a long-term sustainable enterprise.
Creating a business plan is an organized and detailed process that results in clearly defining the key factors associated with any successful enterprise.
Outside of rent, labor is the biggest expense for most fitness club operators so thinking through compensation and benefits structures is critically important.
Keep in mind that how you structure compensation and benefits will impact your ability to attract and retain a strong team and can make the difference on whether or not your business is profitable in the short and long term.This post covers how to write a business plan, but we also wrote a comprehensive guide on starting a gym that you should check out next.Before going into the details of every section, here is an outline of what your fitness club business plan should include: Having a strong executive summary is crucial if you’re looking for investors or loans.This will include detailing the local competition and the demographics of your primary and secondary markets in the area.Based on this research, articulate why your fitness club concept will be attractive to your ideal customers.Products for sale, such as merchandise, food, and beverages should be included as well.At this stage of your business start-up, you may or may not have a location picked out.You’ll want to address the following questions: Next, you’ll need to define your service philosophy and the workout environment you’re looking to create.Will your business be high touch or limited touch in regards to your members?IHRSA has developed multiple industry reports that focus on this topic and provides data to support that the industry is strong and growing.In addition, discuss in detail your specific market location.