How To Start A Gym Business Plan

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If you already have a site or facility, describe its key characteristics and benefits such as size, visibility, accessibility, parking, zoning, build-out potential, rent expectations, area demographics, and exposure to your target market. If you are still exploring location and site options, provide the criteria you’ll use to evaluate potential facilities, including the ideal characteristics you’re looking for as mentioned in the paragraph above.

Include a detailed description of what the club will have, i.e.

Outside of rent, labor is the biggest expense for most fitness club operators so thinking through compensation and benefits structures is critically important.

Keep in mind that how you structure compensation and benefits will impact your ability to attract and retain a strong team and can make the difference on whether or not your business is profitable in the short and long term.

You should also provide context for these numbers by comparing them to industry benchmarks and ratios.

How To Start A Gym Business Plan Count Words In Essay

Start-up costs, payroll expectations, debt payment schedules are important to reference as well.Financial projections will likely be your most time intensive section to build out.You’ll want to create comprehensive financial projections that include income statements, balance sheets, and cash flow statements for three years based on best, expected, and worst-case scenarios.In addition, if you’re looking to bring on investors, this is where you’ll detail how much money you’re looking to raise, how much equity they’ll get in return, their projected ROI, and potential ways they can exit the investment, i.e.through the sale of the business or by having you or other investors buy them out.If your first few pages aren’t compelling, potential investors or loan officers won’t read on.Thus, the summary should succinctly lay out a compelling business case for your gym.Do you want an aura of luxury or is your gym a no-frills fitness model?In addition, provide a breakdown of the revenue and non-revenue services your business will offer.It’s best if you write this section after finishing the rest of the document so that you can pull the most important information and data from the overall plan.Address these questions in the executive summary: As a starting point, understand and communicate fitness industry trends.

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