GYM STARTUP BUSINESS PLAN SAMPLE TEMPLATE
Are you thinking of starting a gym center? Have you done your research on gym business and you have decided to start a gym center?
Do you want to own your own gym so you can become your own boss, increase your income and control your work space?
There are countless reasons why you should do so. The gym business is extremely a lucrative business if all elements that will make it a success are put in place.
If you are passionate about fitness, you should consider starting a gym of your own and generate wealth for yourself.
The capital you will spend starting a gym depend on size, equipment, location, number of staff and normal business cost.
In this post, I will be sharing with you how you can start a gym fitness center and build your own brand.
- Decide on Your Fitness Niche
There are many fitness niche to pick from in the fitness industry. When you are deciding on starting a gym fitness center, you need to first decide on if you are to focus on a fitness niche like dietician, personal trainer, women weight loss, yoga or full-fledged gym.
This is the first thing you must do before moving to the next step in starting a gym fitness center. Your decision will determine the kind of training equipment you will be purchasing, size and location for your fitness center.
- Prepare a Business Plan
After making your decision, it is now left for you to draw up a business plan for your fitness business. This is very important for the smooth running of your business as it serves as a guide for your business.
With a business plan you can get loan from financial institutions because it cost an average of $10,000 to $50,000 to start a gym fitness center according to Entrepreneur Magazine. So, if you don’t have such finance, this is another area your business plan can also help.
If you can’t come up with a business plan, most software retailers now offer software that can help write a business plan effectively for a small fee compare to what a business consultant will charge.
Preparing it may seem a little difficult but once you have the business plan in place, focusing on the growth of the business becomes easier.
- Get Certified
If you are not certified as a fitness trainer, go get trained and certified. That is when potential clients will trust you more and want to stick with you. Credibility is very important in a gym fitness business.
Financial institutions may also take accreditation and certification as criteria before they may grant loan to you. Also, make sure your staff are also certified with experience in the fitness business.
- Pick a Location
The next step to take now in starting a gym fitness business is finding a suitable location. Location is one factor that can make or kill your gym fitness business. From your choice of fitness niche, you can decide what type of location will suit your fitness business.
From your preferred niche, you should know the number of client you can accommodate, how much space will be needed, and the equipment too.
But, make sure you pick a location that is conducive for your prospective client’s taste. Parking space should be one thing to put in front of your mind when picking a location for your gym fitness business.
- Apply for Permits and Licenses
Establishing a fitness facility will also require you to take approvals and licenses from the local authorities. This is very important if you don’t want to be embarrass by appropriate authority. You will have to research and apply for the required documents before you should proceed to launching your gym fitness center.
- Select Fitness Equipment
When it comes to selecting fitness equipment for your gym fitness business, you will need to decide whether to buy or to lease. Leasing can help you stay on track while you still run your business if you don’t have the finance (assuming you don’t want to go seek for loan).
Do your research the estimate the costs of the needed equipment so you can decide whether to buy or go for leasing option.
- Market your Gym Fitness Business Center
As a business owner, you should learn the art of marketing your business. You can’t depend on word of mouth alone.
Promote your business to potential clients using different mediums so as to always get continuous flow of customers.
If you have the budget, you can hire a freelance marketer to do the job. If you can’t afford it, do it yourself starting with your contacts. Personally, you should have the ability to market your services by coming up with a marketing plan.
There is an emerging problem of obesity common among the woman population. This issue has reduced the expected life span to barely over 50 years of age. Based on the lifestyle of an average American, many people find it difficult to stay committed to fitness programmes on a personal basis. The need to subscribe or register with a fitness center or gym has opened up investment opportunities in this area.
Starting a fitness center or buying into a gym franchise involves getting a space such as a large room and furnishing it with exercise equipment and gym facilities with an instructor in place. Many people also make cool cash buying and selling fitness products and equipment as well as manuals, books and videos on weight loss trainings.
GUIDE: Anytime Fitness Franchise Cost
Most of the fitness centers I’ve visited in Ibadan are equipped with facilities such as dumbells, weights, thread mills, exercise bikes, Ab wheels, table tennis tables, swimming pools, skipping ropes etc. There are also some who focus on basically exercising the body without the need for equipment.
Before going into fitness training business, you will need to work with fitness instructors and body trainer (gym coach) who are experiences in the different types of weight loss and body building exercises that a group of people can do together as a team. This is because most people get inspired to exercise more they see others busy too.
If you succeed in satisfying the fitness needs of people who register with your gym, your business will benefit from referrals from them.
What you really need to start a gym fitness center of your own is just what you read above. Following the various steps aligned above guaranty a successful gym fitness business center.
How can I open my own gym in a small town? Is there a way to start a gym with no money? Is opening the business profitable? Find out.
The growing desire among Americans to live more healthy lifestyles has created a boom in the fitness industry.
Starting a gym business from the scratch is our focus as we seek to provide advice and tips for people interested in starting a business in this line. If you are one of those, then you are welcome as we guide you through the process of establishing your own gym business.
Many times people make common mistakes that lead to failure of their gym businesses. Some of these will be highlighted here as well as how to avoid them.
Let’s get into the details;
How to Start a Gym Business
- Getting Certified
Getting full certification not only gives you access to financing but also gives clients confidence in your capacity to help them attain their goals. It is best to obtain your personal fitness certification from relevant bodies before venturing out.
In addition, try working for a fully functional gym before starting on your own. This gives you a greater understanding of the demands of the business.
- Funding Sources
Funding is crucial to the survival of a gym business. You need to consider the sources of funding at your disposal.
While there are small business loans to be accessed, it depends largely on your credit worthiness. Most investors are interested in knowing how judicious you can be with funds. While identifying your sources of funding, you should also have a plan on generating revenue through multiple services.
- Location is Important
Location is central to patronage. A gym should be located within areas where there is high foot traffic. Also, these areas must be readily accessible to your target clients. Identifying such areas may take some time.
However when found, it can be very rewarding. Locating your gym business within a busy neighborhood is likely to attract a steady stream of clients.
These may include providing massage services, leasing your space to other trainers, sales of nutritional supplements among several others. These are meant to keep your business afloat through the creation of multiple streams of income.
- Choosing your Services
Choosing your services depends largely on your target market. This is because different segments of the market require different types of services. Seniors for instance will require rehabilitation services comprised of mild exercises such as low impact aerobics, yoga and several others. If you are interested in starting a women-only gym, then most of your services will include weight reduction and related work-outs.
- Getting the Right Equipment
To start a gym business, you need to get the right equipment. Expenses on these can be substantial. These include equipment such as treadmill, leg press machines, squat racks, lifters, bench presses, cardio equipment that consist of rowing machines and bikes. These and several others are necessary for fully equipping your gym.
- Planning your Business
The planning stage of the business is usually a painstaking one. You need to spend adequate time preparing the entire process of establishing a viable business.
Your gym business plan will be a requirement for obtaining financing. Only the full implementation of your business plan will guarantee success. Within the plan, definite goals are set as well as specific times they are to be realized.
- Applying for Business Permits and Licenses
Without these, it will be impossible to function effectively. Business permits and licenses confer legitimacy on the business. These allow a business to operate within a territory.
Clients will only want to patronize gyms with full certification and permits to operate. You should endeavor to have these done to operate legally as well as to gain the confidence of clients.
- Have an Insurance Cover
It is important that you get an insurance cover for your gym business. Lots of clients will come in through your doors. You need to be prepared by protecting your business. Also, equipment can get damaged as well. An insurance cover fixes any eventual problems that may arise.
A gym does not require a large number of employees. However, the few to be employed should be persons with the right qualifications. These would be the face of your business. It is important to ensure your team fully understands your vision and mission. If patronage is not yet at peak levels, you can postpone hiring and provide all services yourself.
To cut down on your gym startup cost, you can also choose to only hire freelance trainers only. This saves you money and enables you to only hire trainers only when necessary.
You need to get the word out about your new gym business. There are lots of effective marketing strategies you can use. These include the use of social media, printing of banners, fliers and mounting billboards.
Others include the use of the social media as well as electronic and print media. These channels provide maximum exposure to your business.
Word of mouth marketing is an old, yet highly effective advert strategy to adopt. You can encourage your clients to recommend your services to friends and family.
There you have it. We have discussed the requirements for starting a gym business. These cover every department of the business.
A business is only successful if the ample time is committed in carefully planning and fully implementing every detail of the plan. Adequate funding is yet another important contributor to success.
Some of the problems faced by failed gym businesses have to do with underfunding. Getting this and other aspects of your gym business right is a great boost to attaining success.
GYM STARTUP BUSINESS PLAN EXAMPLE
Here is a sample business plan for starting a gym business.
Are you interested in starting a gym? If yes, then this article is for you which is all about writing a gym business plan. It can be used as a sample or guide in writing your own gym start up business plan.
Business Name: The Mountain Gym
TABLE OF CONTENT
- Business Description
- Executive Summary
- Our Products and Services
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
- Competitive Advantage
The fitness industry is an industry that booms well due to the fact that people are always seeking new ways to get in shape. The fitness industry basically is after offering gyms where exercise equipment, weight reduction programs and so on are provided for their customers.
This industry is not the type that requires academic qualification or training before one can join the industry. All you need to have is interest and passion to work things out for your business to stand tall and successful. It is the type of business that continues to exist as long as people live in this world.
The Mountain Gym is a well licensed and registered family business owned by John Benton and his immediate family. The business will be located in Monroe and presently we have about 700 members, 70% of which are under the age of 45 and children. The centre’s membership is $700 annually and we are planning to get more members in the next four years.
Towards achieving the success of this business, a facility has been secured in a location that is open to all and is easily accessible in Monroe.
OUR PRODUCTS AND SERVICES
The Mountain Gym is going into the fitness industry majorly to make profit and we are aware of the fact that we need to satisfy our customers to be able to make profits. In order to this, we have determined to provide all exercising equipment and also keep abreast of latest trends in the industry on any newly made equipment.
The vision statement of this business is to be the best and one stop gym center for the residents of Monroe through our quality, reliable service and commitment to customer service.
The mission statement of this business is to create a workout environment that helps our customers meet their fitness goals and at the same time helps them set new fitness goals.
Our main objective is to grow our business as one of the only clubs in the Monroe area who caters to families and also have increase in members from time to time.
In working towards achieving success, we have decided to put an effective business structure in place by hiring people who are hardworking, honest, goal oriented, passionate and also have training in the different segments of fitness training.
Also, we will make the working environment conducive and accommodating so our workers can continue working with us and also be motivated to work well towards making the business a success.
Therefore, these people will be employed to occupy the following positions:
- Chief Executive Officer (owner of the business)
- Business Manager
- Human Resources Manager
- Professional Trainers
- Sales Manager
- Customer Service Officials
Studies show that an online presence is basically the trend in the fitness industry due to the rapid rate at which the online community is growing. An online website will be created to have an online presence and also to create awareness in the online world.
After conducting research on those who could be our target market, we came up with the following groups of people:
- Business People
- Corporate Executives
- Elderly People
- Expectant Mothers
- Sports Men and Women
SALES AND MARKETING STRATEGY
We are in this business to make profits and also to build a successful gym brand in Monroe so we have decided to do all our parts in ensuring that the business survives and succeeds and in doing this, we have decided to lay our hands on the following:
- Offering reasonably priced childcare for children in a safe environment while their parents work out in the gym.
- Delivering quality services and having the latest gym equipment.
- Using key platforms to promote and advertise our business such as magazines (especially sports), newspapers, television and radio stations.
- Entering alliance with key stakeholders to help us use their goodwill to promote our business.
- Creating an online official website to promote our business.
- Distributing fliers and handbills and also putting billboards on strategic locations.
The business will be needing about $250,000 to start the business considering all the equipment we are to provide for different form of exercise in the gym. Out of the startup capital of the business, we have been able to get 60% of it and the remaining will be borrowed from bank as loan.
The gym industry is known to be a competitive one and in order for our business to rise above the competition, we have decided to do the following:
- Offering discount prices at the beginning of our operation and also once in a while.
- Rewarding loyal customers who refer others to us.
- Offering several options of payment to our customers so they can pay as it suits them and the payment options we will have includes: payment by cash, by cheque, via point of sales, via mobile money and online bank transfer.
This is a gym business plan sample that can come in handy when writing a business plan for the gym center you are about to start or have started. The gym center is owned by John Benton and will be located in Monroe.
Sample Gym Business Plan Template – 2
Is opening a gym profitable? Opening a gym business involves a lot of planning. We will discuss the topic; ‘opening a gym business plan’ as well as what should be included in your plan.
By the end of this article, you should be able to put together a basic gym business plan. While having an effective plan is important, its strict implementation is equally important.
This helps in actually following through with the plan. Doing otherwise will lead to its eventual failure. This sample gym business plan template will be discussed under the following sections;
- Executive Summary
- Market Trends
- Target Market
- Competitive Advantage
- Marketing and Sales Strategy
- Pricing Strategy
- Payment Channels
- Start-up Budget
- Financial Projections
Fitness Addicts is a world class family gym club located in St. Louis, Missouri. 80% of our membership consists of people between the age-group of 18 to 50. Fitness Addicts currently has a membership of 100 and growing. Within the next 3 years, we plan on adding 400 members. Membership fee currently stands at $900 a year.
While parents workout in our gym, we have a childcare where they can safely keep their kids. This is one advantage we have over other competing gym businesses. This has led to a steady growth in membership especially among young parents.
At Fitness Addicts, we seek to offer quality gym services while also taking care of the needs of families. This we accomplish through our experienced and skilled staff comprising of gym instructors and care givers.
The gym industry continues to witness a growth in the number of people wanting to keep fit. People are increasingly interested in living healthy lifestyles. This is good for the industry as there are increasing opportunities for growth.
Also, gyms located close to residential areas have witnessed greater patronage than those which are not.
To increase their market share, gym business owners are free services for a set period for individuals and corporate clients. This is gradually followed by a fee introduction which is split into several plans that fit all fit all types of client schedule and budget.
Due to the rise in the number of people enrolling in gyms, we have identified three major groups as our target market. These include those interested in body building, people interested in shedding some waiting with the primary purpose of living healthier lifestyles, and lastly those in need of cardio sessions.
At Fitness addicts, we seek to provide these services to cater to the needs of these groups of potential clients. These are spread across different professions and categories such as young couples, sportsmen/women, corporate executives and business people among other groups.
As mentioned earlier, our area of competitive advantage include being able to provide childcare services for young parents. This segment of our market is growing. People are increasingly needing our type of services to enable them keep fit without having to worry about where or who to keep their children with.
A lot of our competitors do not provide such services. This gives us the unique advantage of attracting people that fall within this category. Also, our team of skilled and experienced instructors and caregivers help us in blazing the trail in the provision of quality and reliable gym services.
Marketing and Sales Strategy
Effective marketing is important for the growth of any gym business. We have realized this and taken deliberate steps towards expanding our market share. This has been done through constant improvement of our services and effective promotion of these improvements.
In the areas of sales, we have made our services affordable for everyone. We have also provided plans which people can easily subscribe to based on their budget and schedule. To further consolidate on these, we seek to increase awareness through the distribution of colorful handbills, positioning our banners at strategic locations, and the use of print and electronic media as well as our website to attract new clients.
Our pricing strategies are partly based on discounts as customer loyalty programs. Also, we have a referral system in place where clients gather points. These points can be redeemed through a reduction in subscription fees. Our customized and premium services are meant for clients who need such. These would be charged higher.
This part of our plan caters for the needs of all our clients. We have realized that our different clients have their preferred payment methods. To take care of these needs, we have included several payment options to choose from.
Some of these include payment through check, bank, mobile money payments, Point of Sale (POS) payments, as well as online bank transfers.
Although these are the options currently available, we are open to including more payment options as long as our clients make the request.
Our budget covers the provision for all the tools necessary for our gym. Some of these include exercise machines, dumbbell, kettle bell, treadmills, hojo undo, pull-up bar, medicine balls, boxing gym gear, resistance bands, weight machines, elliptical trainer, street strider, flexion machines, weight plates, barbells, gym flooring, cable attachments, benches, gloves, hydration packs, filing cabinets, notice boards and employee uniforms.
We have conducted a research in the industry and based on findings have made a 3-year financial projection. The results have been impressive and show a steady growth in revenue within this period. This is summarized in the chart below;
- First Year $250,000
- Second Year $520,000
- Third Year $790,000
This opening a gym startup guide has listed the key areas required in a good plan. When writing one, you need to seek expert advice. This includes the services of an attorney. These experts keep you from making costly mistakes that may affect or harm your business. This plan should be used as a template only.