According to Statista, the health and fitness industry generates over $80 billion of revenue every year. With annual revenue that big, it shows that many people are mindful of their physical health. And that they’re willing to make room in their budget to keep themselves in excellent shape. So if you ask us about opening a gym or physical fitness center, we’d say that it’s a profitable business. That said, if you’re planning on launching such a business, we’ll help you get started by offering our business plan examples for a gym!
A gym start-up business plan is what you’ll need to formulate strategies and actions to open your gym facility. Its basic elements and functions are the same as those of other business plans. With the countless things that a gym business needs, such as equipment, licenses, permits, and start-up budget, it’ll be hard to prepare them without using a new gym business plan example. It serves as your guide to keep track of your gym business’s progress and status. Other than that, entities who might be interested in supporting your gym will want to see a business plan. They will want to know how feasible it is before they form a partnership with you.
There are several preparations you must do to plan for the gym you want to open. But what we’ll show you here are its four crucial foundations. They’re pretty basic, but they hold tremendous importance for your gym to be successful.
Every business needs a budget; that’s the golden rule. Without a budget, a business can’t start operations. But if it does, its owner is in danger of suffering substantial financial losses. So make sure to establish enough budget to purchase your gym’s necessities. When you make your budget, try to limit the cost of opening a gym as much as you can. As a business owner, it’s essential to have a cost-effective mindset.
Gyms have to be accessible. Otherwise, not many people will be able to visit them. With that in mind, make sure to find a good location for your gym. Aside from being accessible, the location must have plenty of people around it. You can choose areas with other businesses surrounding it, such as malls and business parks.
Of course, you can’t call your business a gym without the proper equipment. So make sure to purchase ones with high quality. See to it that all of them are made of quality materials and are safe for the users. Your gym won’t be able to attract people if it has substandard equipment.
It’s hard to manage a gym all by yourself. Plus, you can’t act as a personal trainer to all of your clients. That’s a lot of responsibility to carry. For that reason, you should hire personal trainers. They can help you plan fitness regimes, plot workout schedules, and entertain clients. Hire those that have a rich fitness background and have experience in managing gym facilities. Offer them an employment contract to be with you for the long term.
Earlier, we’ve talked about a gym business plan and how important it is. Not just important, but also necessary. So here, we’ll show you the four steps in writing a gym business plan.
Talk about what makes your gym unique from other ones. And explain how its training programs will help clients achieve their fitness goals. You can also provide previews and descriptions about how the facility will look and what equipment it’ll have.
A marketing plan plays a big part in putting your gym business on the map. So make sure to explain it thoroughly in your business plan. Talk about how you’ll promote your gym and what platforms you’ll use to make it popular.
The business model is a system of how your gym will get clients, generate revenue, cover expenses, and grow. It showcases your entire gym’s operations. It would help if you had a well-structured business model so that you’ll have a clear direction on how to run your gym. And for sure, potential investors of your gym will want to know its business model.
Most gym and fitness center business plan examples online have an executive summary. It’s the first section of a business plan, and it’s an overview of the business. So, make sure to write one for your gym business plan. It may be the first section, but it’s best to write it last. Please take note that it’s a summary. So it’s like a bird’s eye view of your business plan. If you write it last, it’ll be like writing a short recap, which is more manageable.
These are the types of gyms that you can do business out of:
Here are excellent approaches to bring more people into your gym:
If you’re looking for some gym names ideas, we have some for you:
Those are names that we made up ourselves. You can get inspiration from them.
You might not know it, but your gym will be a place that can change lives for the better. Fitness is key to a better and healthier life, and your gym can bring that to many people. So start moving! Make preparations for your gym business as soon as you can. And let our gym business plan templates help you.