How to Create a Business Plan for My Exercise Place

Owning a gym requires a business plan.

So you are a personal trainer who has decided to open up your own business. With more consumers concerned about health and aging, opening up your own exercise place makes sense, giving you the flexibility and freedom you desire. Creating a business plan for a fitness club, however, requires answering many questions. Who will my customers be? How will I get funding? What will I do when membership sales drop? A well-written plan can provide answers and help you get financing for expansion. Whether you've purchased your own franchise, own an already established studio, or are creating a brand-new fitness concept to share, the Small Business Administration offers these tips for preparing your business plan.

Instructions

1. Whether you're opening a yoga studio, athletic club or sports center, you must show how your business compares to those already in operation. Maybe you see a niche or service not being provided or a target population not being served. What will your exercise place offer not currently available in your area?

2. Choose a legal structure for your business and consult an attorney to help you weigh the advantages and liabilities a corporation, partnership or sole proprietorship offers. Consider how your business will be organized for day-to-day operations. Hiring personal trainers and staff for membership sales must be accounted for as well.

3. Find out what competitors for your service are charging, and decide how you will accept payments from your customers.

4. After deciding on your niche market and what services you'll offer, make a plan and budget for how you'll get clients to your exercise club. Will you distribute fliers to nearby residents or businesses, buy media advertising or do promotion demonstrations at events? Plan how you will grow your business or increase sales when membership declines.

5. Personal savings may not be enough to keep your doors open. How will you generate cash to support growth? Selling stock, bringing in partners or getting a small business loan may be in order. If you apply for a loan, be prepared to show the bank current income statements, balance sheets and cash flow statements, as well as monthly and quarterly projections for your fitness club.

6. The executive summary is written after you assemble the details of your business plan. It states who you are and where you plan to take your company, giving a description of your club, what services you'll provide and why your exercise place will appeal to your target market.

Tips & Warnings

• One helpful source for start-up businesses is the Service Corps of Retired Executives or SCORE. These are retired business leaders who volunteer their time to offer counsel in marketing, finance and technical aspects.

References

• Small Business Administration: Writing a Business Plan

Resources

• Information about Service Corps of Retired Executives