What are the most important factors you need to remember when developing your gym business plan? We’ve been there, that’s why we’ve outlined these things so your gym business will generate revenue – not hit the dust.
You can’t ignore these things when starting your gym business if you want to account for everything to plan for. Read this to make sure you’ve checked everything off your list.
So, What’s so Special About You?
Analyzing your brand strategy is important to relate to customers. Unfortunately, most customers don’t really want to hear about how you invested in the business, struggled with certain clients, or how you do what you do. They want to know the why.
The “why” of your business appeals to customers in order to capture an audience that will serve as advocates, not customers. Making your customers feel something every time they walk through your door has everything to do with brand experience. This is what you communicate to those before you build a gym just “because”.
Is it the Right Time or Location?
Analyzing the market in your area will be your biggest indicator as to whether or not opening a startup gym is the right idea. If you’re located in an uber-rural area, it will serve as a major roadblock to your success from the moment you open. If you wish to open in an area without considerable traffic, you might not make an impact quick enough. Do a market study of your area by polling local gym-goers as to whether or not they’d be interested in joining your new gym. It’s a little amount of effort for the major way a failing gym business will take a toll on your love for fitness.
Your timing and location will be crucial for your gym’s success. Gain serious feedback as to whether it makes sense for your community.
Is Competition too Tough?
If you want to open up the 5th yoga studio in your 1-mile radius, think again. Bring something new to your area, as too many similar fitness experiences in your area won’t let you bring in enough new customers.
Analyze your competition and outline their strengths and weaknesses; what can you bring to the market that’s fresh and enticing for new customers? Figuring out your competitive advantage will make sure you’re not another face in the crowd.
Invest in Marketing
Starting a new gym business means you need to get the word out about your awesome new fitness journey. Marketing your startup gym can help you broaden your audience, grow your membership, and increase your revenue.
Starting on social media is a powerful tool you can use for driving new referrals and sparking interest. Social media allows you to easily post and communicate with friends and new customers. Create a Facebook page for your fitness business and start sharing news about classes and discounts at your startup gym. Social sharing makes it easy for members to share your page with their friends or tag them in a post. Incentivize your social media as a tool to encourage your current followers to share your posts, invite friends, and give your page a rating.
Plan Your Finances, then Plan them Again
The best way to plan for your finances is to plan for the unexpected. Costs of opening up a gym often can vastly differentiate between business owners, so don’t think one size fits all.
Purchasing gym equipment, renting/owning a gym studio, and expecting the unexpected costs are a key factor in planning out your fitness business plan.
Take Care of the Behind-the-Scenes
The gym experience is awesome because of the work you put in. Sometimes, this work has to do with purchasing permits, getting insurance handled, and countless interviews to make your staff exceptional.
The behind-the-scenes work you put in will ensure guests turn in to members. It’s essential to account for these factors upon opening your startup gym.
- General liability insurance
- Renting your equipment, your studio’s location
- Hiring costs, raises, and additional staff upon expansion
Be ready to adapt to whatever unexpected elements to building out your business plan. It’s wise to check out our essential startup guide for gym owners, here.