February 18, 2022
If you’re thinking about starting your own fitness business, then creating a business plan should be your first priority.
This document outlines your business goals, strategies, and how you plan on achieving them. It guides you on your business journey, helps you attract potential investors, and assists you in making more-informed business decisions. Without a business plan, your fitness business may struggle to take off.
Here, we will discuss 9 steps that will help you create a viable business plan for your fitness business.
Note: If you are planning to build a fitness business and you have a large following on social media, then try System2. We are a done-for-you digital marketing service and software to help you monetize your audience (website creation, analytics, software, etc). Get in touch with use today,
A great business plan offers you a road map for success.
Without one, you’ll get sidetracked and lose sight of your goals or make decisions that aren’t in line with your ultimate business objectives. Having a viable business plan helps you stay focused rather than operating your company without any direction.
Some of the reasons why you need to create a business plan for your fitness business include:
As a fitness business owner, you will be dealing with financial transactions on a daily basis. You must have an in-depth understanding of how much money is coming in and going out. A good business plan allows for better financial management by outlining your income sources (fees, dues), expenses (equipment, rent), and forecasting future sales and costs.
A well-written business plan can also help you secure a loan or credit line from a financial institution.
If you need funding for your fitness business, a well-written business plan can help attract investors or secure credit from banks. Investors will want to see that you have researched the market and industry. They also look at how much cash flow is expected over time as it relates to expenses (i.e., what profits are projected).
While it is possible to get funding without a business plan, entrepreneurs who take the time to write one are much more likely to succeed.
A good business plan will help your fitness business stand out from competitors by outlining what makes your company unique and valuable. One of the keys to creating a successful fitness business is to build a loyal customer base. Your plan can help you do this by highlighting what differentiates your company from others, such as superior customer service, unique training methods, or high-quality products and services.
Another reason to write a business plan is to outline the goals of your fitness business. Your complete plan helps you determine what your company’s purpose is, as well as what success will look like from an operational perspective.
Even if your fitness business is already up and running, it’s never too late to create a business plan. A current business plan can help you track your progress, ensure that all aspects of your business are running smoothly, and make necessary changes to achieve desired results.
The best business plans are not just short-term documents – they should also provide a framework for long-term strategic planning. With a well-thought-out plan, you can look ahead three to five years and make decisions that will help your fitness business grow.
Creating a business plan for your business doesn’t have to be difficult — you don’t need any sort of business or accounting training to create a viable business plan.
The following steps will show you how to put together a fitness business plan without the hassle or confusion.
The executive summary is the first section of your gym business plan. It should be a concise and well-written summary of what you want to achieve with your gym business. Your executive summary will cover the following information:
Also, ensure you include a mission statement. This should be a one or two-sentence statement that sums up the purpose of your gym or personal training business.
You can use your mission statement when you create your fitness website or in marketing. It is still a useful tool to help you define your objectives and stay on track when making business decisions, even if you don’t communicate it openly.
When you are setting up your personal training business, one of the most important things you need to do is competitive landscape analysis. The fitness industry is constantly evolving, so it’s important that you understand the current trends before starting your business.
Consider the following:
Answering these questions will help you determine the direction of your fitness business.
If you’re not sure where to start, do some research online or read industry magazines such as IDEA Fitness Journal, Muscle & Fitness Hers, or Oxygen magazine. Also, you can download a gym business plan template to guide you. You can also analyze your competitors to develop a fitness social media marketing plan.
Your target market is the group of people that you are trying to reach with your personal training business.
By thinking about who your target market is, you will be able to create a product or service that meets their needs. This is important because it allows you to gain new customers and keep them coming back for more of what you offer.
So, what are the different types of people you can target with your fitness business?
By answering these questions, you will be able to create a more specific target market.
In this section, you need to define what makes your business different from other fitness options in the area. This is called a Unique Selling Point (USP).
Your USP can be anything from an excellent customer service experience to an innovative product offering. It should be something that sets your business apart and gives people a reason to choose you over the competition.
For example, if you are a personal trainer who focuses on weight loss and body image issues then your USP might be that your clients get results in just 30 days or less.
If there are already similar fitness businesses in the area, then how can yours stand out? What makes your services different from their offerings?
In order to make your personal training business successful, you need to have a marketing plan in place. This is the strategy that you will use to reach your target market and get them interested in what you have to offer.
Some of the market strategies that you can use include, creative fitness digital marketing, online advertising, print ads, direct mail, and social media to sell gym equipment or offer personal training services.
Be sure to consider your budget when creating your marketing plan. You don’t want to spend more money than you have available, so it’s important to choose the methods that will give you the best return on investment (ROI).
Once people are interested in your fitness business, it’s time to convince them to hire you or buy your products. This is where a sales plan comes in handy.
Your sales plan should be specific and include details about how much each product costs as well as any discounts that may apply. For example, if you are offering a free consultation then you might want to mention that in your sales plan.
It’s also important to think about how you will track your sales progress. This information can help you determine which products are selling the best and what needs to be changed or updated.
Now it’s time to create a budget for your personal training business. This includes all of the expenses that you will incur, such as marketing costs, product costs, and employee salaries.
Be sure to include a cushion for unexpected expenses, as these are bound to come up at some point or another. It’s also helpful to have a reserve fund in case business is slow for a period of time.
You need to think about the daily operations of your fitness business. For example, if you are a personal trainer then how will clients schedule appointments with you? Will this be done online or through an app? If so, which one? What types of payment do you accept and what is your return policy on services and products purchased from the business?
These are just a few of the questions that you need to answer to create a detailed business plan. By doing so, you will be able to operate your business smoothly and avoid any potential problems.
Read more about how to set up your fitness coaching business online here.
This is the final step in creating your business plan, and it’s probably the most important. You need to have a system in place for tracking all of your information, from client data to product inventory. This will help you stay organized and make sure that you are always up-to-date on what’s going on.
System 2 can help you put together a business plan that clearly outlines your business goals, vision, and strategy. Compared to a fitness influencer agency, System2 is more cost-effective. We’ve helped other fitness influencers like you scale their business, attract more clients, and reach their business goals. Sign up today.