Preparing a gym business plan can be a daunting task. Whether you’re starting a health club, fitness center, or boutique studio, the planning is what many find overwhelming. But with the right guidance and templates, it can actually be quite easy to create a killer business plan that impresses banks and investors.
In this article – learn the 7 key elements that every gym business plan should include (with samples, PDF templates, and downloadable checklist).
Key Elements of a Gym Business Plan
Planning a new venture can be a daunting task but our 7-step process makes it easy. We’ll guide you through the exact steps to preparing an awesome business plan to help secure gym funding. Following a proven format can help you access government grants for fitness centers or gym equipment loans.
- Executive summary
- Industry and local market analysis
- Company overview
- Products and services
- Sales and marketing strategy
- Financial information
- Implementation plan
1. Executive Summary
Get straight to the point – why should they invest in your business? Include your mission, key financials, and unique selling points. Although it goes at the beginning of your plan, you should do this section last.
2. Industry & Local Market Analysis
Demonstrate potential – show that the industry is growing and there’ll be a strong demand for your products or services. Include research statistics, competitor info, and relevant government initiatives.
3. Company Overview
Summarise the company – objectives, location, ownership, legal status, team structure, and operations.
4. Products & Services
The fun part – detail the names, descriptions, and prices of the products or services you plan to sell. This could be memberships, class passes, PT sessions, workshops, smoothies, merchandise, etc.
5. Sales & Marketing Strategy
How you’ll attract customers – explain your brand positioning and list all of the activities you’ll do to generate pre-opening sales, attract competitor customers, and promote your business once fully open.
6. Financial Information
Spreadsheets are your friend – potential investors aren’t just interested in your figures, but how you arrived at those figures, so show your calculations! Include breakdowns of profit & loss, cash-flow, breakeven figures, and the capital expenditure needed for start-up. Project 12, 36, and 60 months ahead.
7. Implementation Plan
How you’ll make it happen – provide a step-by-step list of actions you’ll take, including milestone dates.
Why Business Plans Matter
Preparing a comprehensive business plan is hugely important. You’ll use it to secure a bank loan or investor funding so then there’s a lot riding on this one document.
It’s not just about putting ideas to paper – a fitness business plan needs to be well-structured and involves extensive research. But it’s well worth the effort as it sets you up for long-term success in the future.
Creating a business plan may seem like an annoying admin chore, but it’s crucial to the success of your business.
In fact, research shows that people who complete business plans are nearly twice as likely to successfully grow their businesses, or obtain capital. This is because they help you transform your fitness business ideas into a reality and ensure you’re profitable from the start.
You might also like… How To Write A Gym Marketing Plan [With Examples & Templates]
Gym Business Plan Examples & Templates
We’ve also collated a few of our favourite gym business plan templates below. These PDF samples will give you ideas for writing your own along with a guide to follow.
- Ibis World produced this thorough 60-page sample, which is a great source of financial projections.
- Launceston City Council created this aquatic center and health club business plan.
- Dragon Fitness Training produced this interesting personal trainer business plan as an academic exercise.
- Catalyst Fitness created this CrossFit business plan with a detailed risk assessment.
- The Yoga Lunch Box offers a comprehensive yet easy-to-read yoga business template.
- Fitness Texter has a nice little guide that includes helpful questions to ask yourself.
Creating business plan is totally worth the extra time and effort. It’ll be your business blueprint for the next 3-5 years and help to secure bank loans or investor funding. Putting some thought into how you’ll promote your services and manage cash flow will ensure you’re prepared for life as a business owner.
Free Downloadable PDF Checklist
We’ve found that the best way to approach a business plan is to work on it in small chunks. Trying to get the whole document done in one go is the quickest route to overwhelm.
Instead, we recommend working on just one section each day. This will enable you to complete the whole thing within a week, without stressing out.
To simplify the process, we created a checklist for preparing your business plan. It walks you through 7 simple sections that’ll result in a killer document, without the stress. You can download it here…