Are you interested in starting a gym business? Do you need a sample gym business plan template? If YES, then I advice you read on.
As the awareness increases globally about the health risks of being overweight, millions of people visit the gym regularly in order to stay healthy and to avoid gaining excess weight. This trend thus creates huge opportunities for gym businesses and fitness centers.
Not only will you gain financially by starting a gym business, but you will also be playing your own part in improving the health of the world; since you will be providing facilities that help prevent obesity and its associated health risks.
Although a gym business provides limitless rewards in the long term, starting the business requires slightly higher startup costs than many other small businesses. But the huge startup costs notwithstanding, the business is very profitable because most people value their health and fitness more than they value luxury items. This explains why the gym business will continue thriving even in a tight economy in which other businesses are tanking.
If you have what it takes to start a gym business, then you may follow these guidelines:
Starting a Gym Business With No Money – Sample Business Plan Template
You will need to conduct research or carry out a survey to find out the age, sex, and physical activity level of the residents in the area you wish to target. As such, a gym marketing plan will be needed. This is very important, as the demographics will determine the type of services you will render at your gym.
Examples of individuals to target include seniors, women and stay-at-home parents with children, busy individuals, and so on. You must bear in mind that the class of people you choose to target and the type of services you plan to render will determine the types of facilities you will need in your gym.
2. Learn more about the business
You can visit a gym in your locality and meet the owner or manager. Tell them about your plans to start a gym business. And ask them vital questions about the business, such as the required startup and running costs, the required facilities, the likely challenges and pitfalls, and the shortcuts to success.
Having gained enough insight into the business from the previous steps, you should develop a detailed business plan for your gym business. This plan should not only outline how you plan to sustain the gym from an economic standpoint, but should also discuss your marketing and promotional plans, unique selling points, target market, and competition. Your business plan should also include the estimated costs of maintenance and repair of the gym’s equipment, hiring fitness instructors (if necessary), and projected yearly revenue.
Not only will a good business plan ease the process of starting your business, but it will also help you keep focused as you strive to grow your business with time. And it will come in handy when you need funding from investors or lenders. Here is a sample gym business plan template to help you get started.
4. Obtain necessary licenses and permits
Apply for business licenses and permits. In virtually all countries, opening a business requires owners to register and adhere to certain regulatory laws. You will have to find out more on the required business licenses and permits in your state or country.
If you have chosen a location before deciding on your target market, then your target market will be dictated by the dominant group of people in that location.
However, if you decided on your target market without a location in mind, then you will need to find a location where your target market lies. For example, if you have already planned to set up your gym for the elderly, you will need to find a location in communities with large groups of retirees. Similarly, a gym designed for busy people with full-time jobs should be placed in areas where these people dominate.
You must choose a location that people can assess easily without any restrictions. For example, a location without parking space around is bad for a gym business, as some people customers come from longer distances.
6. Purchase the needed equipment
You can then buy the equipment you will need in your gym. While you may want to cut costs by buying used equipment, you must be sure to test the equipment before parting with your money. In addition, you must find out the warranty status of the used equipment.
If it is still under warranty, then you can have them repaired free of charge should they get damaged. If the equipment is no longer under warranty, you should hire an expert to examine the products from a safety standpoint before buying it.
7. Decorate your gym facility and start business
Install your fitness equipment and decorate your gym. Hire your staff and launch your advertising campaign. For a start, you can hire independent contractors to cut costs.