Are you interested in starting fitness center business of your own? Fitness related business demands careful planning and research. It is an industry which continues to be a lucrative business opportunity for small businesses and entrepreneurs globally. Generally, the fitness industry is considered as a largely recession-proof industry.
An entrepreneur having knowledge and experience in fitness related activities can initiate this business with reasonable capital investment.
Research and Business Plan for Gym or Fitness Center
Do adequate market research before starting a fitness business. Consider about right location and demographics. The most important step in starting fitness related business is creating a well thought out business plan.
In writing business plan determine your target audience. What are the services you will render to your clients? You may target a large audience by offering a variety of services or you can concentrate on a specific niche like women-only and a discipline-specific fitness center.
You need to craft a well-defined marketing strategy. Calculate startup budget with establishment cost, staffing and equipment cost. Calculate an expected revenue return.
A well-written business plan will not only help you in arranging finance but also give you the confidence in the feasibility of your fitness center.
Let us explain here, in brief, the important key areas which you must include in your business plan.
1. Executive Summary
The executive summary is the most important chapter in your fitness center business plan. Generally, this chapter comes as the opening chapter of your business plan. The executive summary is a brief overview of the entire business plan.
Briefly mention the mission, vision, growth highlights, products, and services, financial information, future plans if any of your fitness center business plan.
If you are a beginner and starting a business for the first time, naturally you will not have so much of information to demonstrate. In that scenario, mention your experience, background and your research regarding fitness center business.
Remember executive summary is supposed to be written at the very end though it will come at the very first in the finalized documented fitness center business plan.
2. Company Description
Write here a detailed information regarding what you want to do, what are the key areas which are different from others, and your customer target audience.
3. Market Analysis
In this section of the fitness center business plan, write down market research finding of the fitness center market in your business locality.
Mention the demand for a fitness center in your locality and exactly what kind of services the customers are looking forward to avail.
Write down the competition level and how you are going to compete with the competitors providing similar products or services in the catchment area you have chosen.
4. Organization & Management
Every business can’t be structured in a similar manner. You need to decide the best-suited organization and management structure for your fitness center business. Write down here in this chapter the kind of organization structure you would like to construct for your fitness center business.
5. Service or Product Line
Gym or fitness center business formats broadly are of two types. One is the regular gym with cardio and bodybuilding equipment and the other is fitness center with facilities like aerobics, Zumba, Yoga, martial arts, etc.
Write in detail the business format you have chosen mentioning equipment required and classes to be conducted.
- How to Start Fitness Center & Gym – Business Plan checklist: Chaudhary Kaleem