How To Start A Gym Business Plan Daily Assignment Sheet
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.
Do you need to raise capital via investors or loans?
If so, potential investors and bank loan officers will want to see and review a well-written, data-driven business plan that shows them you’ve done your homework and thought about what it will take to start or grow your business.
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.
You’ll want to create comprehensive financial projections that include income statements, balance sheets, and cash flow statements for three years based on best, expected, and worst-case scenarios.Do you want an aura of luxury or is your gym a no-frills fitness model?In addition, provide a breakdown of the revenue and non-revenue services your business will offer.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.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.In this part of the plan, you’ll need to outline the legal structure of your business, i.e.is it structured as a S Corp, LLC, partnership, or some other entity?If you already have a site or facility, describe its key characteristics and benefits such as size, visibility, accessibility, parking, zoning, build-out potential, rent expectations, area demographics, and exposure to your target market. If you are still exploring location and site options, provide the criteria you’ll use to evaluate potential facilities, including the ideal characteristics you’re looking for as mentioned in the paragraph above.Include a detailed description of what the club will have, i.e.