Are exercise and fitness your passion? Or do you have a good knowledge of gym equipment and workout routines?
Then you might have thought of having your own gym at some point. After all, who doesn’t want to make their passion their profession?
And guess what, having a gym business can be an easy and hassle-free process too! If you have a gym business plan.
A gym business plan will help you pay attention to detail, and make the best strategies for a profitable business.
Industry Overview
The global gym industry stands at a whopping value of 96.7 bn USD in 2021 and has 174 million members worldwide.
The growing enthusiasm for fitness and the adoption of a healthy lifestyle has led to a growing demand for gyms.
Also, people are becoming more specific with their workouts and want to be trained by experts. This has also contributed to the growth of the health club sector.
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Things to Consider Before Writing Your Gym Business Plan
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Choose an accessible location
A good location is central to being discovered and having a successful gym. Your gym should be easily accessible because people will come there every day, and they would want to go to a place that is easy to reach.
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Hire certified trainers
Good trainers can make all the difference for your business. People who know what they are doing, are passionate and are ready to help your customers are essential.
Also, as being a trainer requires quite a bit of technical skills, it is important to hire certified people who know what exercises would work for whom and have good knowledge of the equipment.
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Get your gym licensed and insured
Gym equipment can be expensive, and as so many people use it, it is also prone to damage. But if you get insurance for your gym you can sit back and relax, instead of worrying about the equipment.
Also, a gym requires a certain number of licenses and permits. It is a good practice to check what permits you need at the beginning itself to ensure smooth functioning.
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Run promotions and discount offers
Good marketing is crucial to the success of any business. Creating your marketing and promotional strategy can be very helpful.
People look forward to lucrative schemes and discount offers. Hence, having a strategy for the same before getting started is important.
Why Do You Need a Gym Business Plan?
A gym business plan can help you manage your business with efficiency. It helps you manage everything from your finances to your clients.
A business plan gives a proper working structure to your business. It helps you navigate through roadblocks and carry out tasks to get maximum benefits out of them.
All in all, a business plan helps you turn your idea into a properly functioning business.
Chalking out Your Business Plan
If you are planning to start a new gym or fitness business, the first thing you will need is a business plan.
Before you start writing your business plan for your new gym business, spend as much time as you can reading through some samples of the gym and fitness-related business plans.
Reading some sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
Use our sample gym business plan to start writing your business plan in no time.
Gym Business Plan Outline
This is the standard gym business plan outline which will cover all important sections that you should include in your business plan.
- Executive Summary
- Business Overview
- Product and Services
- Tone & Fit
- Private Fit
- Boot Camps
- Private Group Fit
- Corporate Fit
- Karate Fit
- Yoga Control
- The Market
- The Competition
- Operations
- Management Team
- John Doe
- Risk / Opportunity
- Financial Requirements
- Financial Summary
- Sales vs. Net Profit
- Margins
- About StayFit
- Industry Overview
- Company Description
- StayFit’s History
- Mission Statement
- Goals and Objectives
- Critical Success Factors
- Company Ownership
- Gym Design
- Exit Strategy
- Products & Services
- Service Description
- Tone and Fit
- Private Fit
- Boot Camps
- Private Group Fit
- Karate Fit
- Yoga Control
- Pricing Table
- Unique Features
- New and Follow-on Products/Services
- Service Description
- Market Analysis
- Industry Analysis
- Industry Trends
- Personal Trainers
- Functional Fitness Training
- Market Analysis
- Market Segment and Target Market
- Population
- Income / Expenditure Statistics
- Physical Activity In Canada
- Aerobic Fitness Ratings In Canada
- Industry Analysis
- Competitor Analysis
- Competitors
- Greco Lean and Fit
- The Athletic Club
- Free Form Fitness
- Barriers to Entry
- Cost Structure
- Competitors
- Sales & Marketing Strategies
- Introduction
- Market Segmentation Strategy
- Targeting Strategy
- Positioning Strategy
- Product/Service Strategy
- Pricing Strategy
- Promotion and Advertising Strategy
- Marketing Objectives
- Marketing Vehicles
- Promotional Budget
- Sales Strategy
- Lead Generation Strategies
- Unique Selling Points
- Sales Forecasts
- Unit Sales
- Dollar Sales
- Management
- Company Organization
- Management Structure and Style
- Organizational Chart
- Organization Budget
- Legal Structure
- Operations Plan
- Operations Strategy
- Scope of Operations
- Location
- Personnel
- Operations Expenses
- Financial Plan
- Start-up Funds
- Assumptions
- Break-Even Analysis
- Income Statement (5-Year Projections)
- Balance Sheet (5-Year Projections)
- Cash Flow (5-Year Projections)
- Ratio Analysis
- Start-up Funds
- Funding Requirement
- Capital Requirements
- Risk/Opportunity
- Appendix
- Year 1 – Monthly Profit & Loss Projections
- Year 1 – Monthly Unit Sales
- Year 1 – Monthly Sales Forecast
- Year 1 – Monthly Direct Unit Costs Forecast
- Year 1 – Monthly Direct Cost of Sales Forecast
Let’s understand how you can complete each section of the gym business plan.
1. Executive Summary
The executive summary section sums up your business idea. It should be written in such a way that an outsider can understand your idea in under 10 minutes.
As it forms the first page of your business plan, it’ll probably be the only section that your investor reads. Hence, you should write a good executive summary if you plan on getting funded.
An executive summary mainly includes your vision and mission statement, business summary, and financial summary.
As a gym business, you will add a description of the services you provide. As well as your funding requirements and pricing strategy.
2. Products and Services
This product and services section would consist of a description of the various services you offer. It would also include where your service would fit in the market and how it would solve an existing problem.
As a gym business, you must include the services and types of membership you offer and also include your pricing strategy for the same.
3. Market Analysis
This section is one of the most important ones in your plan. It helps you make sense of your market research and get valuable points out of it.
In this market analysis section, you can include points about your competitors, the market size of your industry, and how you will fit into the same. It is also a good practice to include information about the tastes and preferences of your target market.
4. Competitor Analysis
Whenever you start a new business, it is always recommended to see who your competitors are and what they are doing.
Competitor analysis includes everything ranging from the size of your competitor’s business to the level of impact they can have on your business.
For example, as a gym business, you will include the number of gyms operating in your locality, their size, and their customer base.
Also, include the services they offer and the pricing strategy they follow, so you can devise methods for standing apart from your competitors.
5. Marketing Strategy
A good marketing strategy can help your business grow by leaps and bounds. After, you carry out market analysis, devise clear marketing strategies for reaching out to your target audience based on your analyses.
Your marketing strategy plays a crucial role in making your brand known in the market. Hence, make sure to strategize in a way that resonates with your target audience.
6. Operations Plan
This section consists of long-term and short-term goals, as well as your strategies for achieving them. It mainly comprises how your business functions and what milestones you would need to achieve your business goals.
As a gym business, you may write the number of customers you plan on achieving in your first six months with strategies to do the same.
You can also write about your expansion goals and when and how you plan on achieving them.
7. Financial Plan
A financial plan ensures that your business runs smoothly and without any hiccups.
In this section, you should include your funding requirements and plans to use them. Also, include your projected cash flow and profits in this section.
As a gym business, you must note down the cost of setting up your gym and buying equipment. Write down the funds you’ll require for the same.
Download a sample gym business plan
Need help writing your business plan from scratch? Here you go; download our free gym business plan pdf to start.
It’s a modern business plan template specifically designed for your gym business. Use the example business plan as a guide for writing your own.
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Gym Business Plan Summary
In conclusion, a business plan can take away the hassles of running a business. It ensures that your business journey is smooth and easy.
As a gym owner, a business plan lets you focus on improving your business’s customer experience instead of worrying about your finances and management.
After getting started with Upmetrics, you can copy this sample gym business plan into your business plan and modify the required information and download your gym business plan pdf or doc file.
It’s the fastest and easiest way to start writing your business plan.
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