- Sponsor agrees in writing to allowing us to use their name, logo, website, and any marketing material that the sponsor provides;
- Sponsors provide the following information;
– Website URL/link;
– Company name;
– Company logo (PNG file preferred);
– Content to be used on the website, about the sponsor;
– Products which can be listed on our website, along with pricing for each product;
– Videos and images,which we are allowed to use;
– Any additional comments or information.
3. Would the sponsor like to be a part of raffles or giveaways that we will be hosting? Would you be open to donating a product? Anything works.
4. Would the sponsor like a specific month to be listed as, “Sponsor of the Month” on our website? This is primarily for marketing purposes.
I created this page as a “secret” reference point for exploring the direction of starting your own business/gym. Below are some notes I have written for you both. Please feel free to ask questions via email or phone. I look forward to you having time to read this and digest it. There is a lot of information, but it shouldn’t be too crazy. All of this can be completed. It will take some time, organization, and will, just like a fight camp. It is going to be time consuming, you will have to be organized with your schedule, keeping up with loose ends, and energy. But I am here to help! So are many others!!!
Key Items to Identify:
1. Identify client cost;
2. Identify overhead (how much you need to cover to break even with money);
3. Identify additional costs (maintenance, marketing, new workout products, fitness gear);
4. Identify location and rent cost;
5. Identify membership fees;
6. Identify additional membership fees;
7. Identify additional ways to gather income;
8. Identify alternative incomes (yoga, cross-fit, etc);
9. Identify time and create time to accomplish work;
10. Lockdown a realistic business plan and financing.
Seller Carry Finance is the most common practice for financing a gym or fitness center. For buyers looking to purchase an existing gym or fitness center, it may be possible to negotiate financing with the seller. Instead of getting the full selling price from the buyer, both parties usually negotiate the financing terms, payments, and agreed interest rate. Also, consider leasing and purchasing options when estimating the cost of fitness equipment. Write a business plan and get gym financing. Starting a gym will require both a written business plan and a loan. According to Entrepreneur, the average cost of opening a gym is $10,000 to $50,000.
A typical fitness insurance program consist of several coverage types, including: Gym liability insurance: Your gym liability insurance will need to include several categories of liability risks you may face, such as: General liability: Covers bodily injury and property damage your fitness center may responsible for. On average, the annual cost of General Liability Insurance, regardless of policy limits, was just $741(less than $62 per month), with a median price of $428 (about $36 per month). Most small-businesses owners (54 percent) paid between $400 and $600 for their policies.
1. Limited Liability Company (LLC)
A Limited Liability Company (LLC) is formed by 1 or more individuals or entities through a special written agreement. The agreement details the organization of the LLC, including provisions for management, assignability of interests, and distribution of profits and losses. LLCs are permitted to engage in any lawful, for-profit business or activity other than banking or insurance. Filing with the Washington Secretary of State is required.
2. Sole Proprietorship
A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes. However, the business owner is personally liable for all debts incurred by the business.
Location is critical to the success of a business. A location can be a ceiling for a business if the business is located in a difficult spot. Best locations are near freeways, where major freeways or highways intersect, and/or places with large volumes of foot traffic. If you are sticking with the same location, then this is your domain…
… Maximize your potential in the area. Think of it as a war and you are gaining yard by yard. Everyone should know you and the gym.
Gym Business Plan Template:
What Is a Business Plan?
A business plan provides a snapshot of your gym as it currently exists alongside a detailed road map for its next three to five years of growth. It identifies your goals, notes potential challenges, and explains your strategies for reaching your goals. As a living document, it will grow and evolve alongside your gym.
Although it is usually written last, the executive summary provides an overview of your business plan. The first page must entice potential financiers to read on, so provide clear and concise explanations. Briefly describe your gym, provide a summary of your market analysis that identifies an unfulfilled need, and explain why your gym is uniquely qualified to meet that need.
In the company analysis, outline your gym as it currently exists. Explain its founding, legal structure, and current business stage. Describe important milestones that you have already met, such as hiring a respected fitness guru or securing a key partnership with an equipment vendor. Elaborate on your gym’s unique qualifications, such as the only yoga classes in town or a heated indoor pool.
For the industry analysis, focus on your relative market, or the specific niche of the fitness industry that most closely matches your gym. Are you interested in broad-based general fitness? Do you specialize in hard-core athletics or focus on beginners? Do you provide lots of classes and personal trainers, or is yours more of a workout room with only a handful of staff? Once you identify your relative market, research the current trends and future projections that will affect that segment of your industry. Write a detailed plan for overcoming any obstacles that your research uncovers.
Customer analysis is extremely important for gyms, because potential gym customers come in all shapes and sizes, but it is impossible for a single gym to meet everyone’s needs. Who do you want to serve? Are they interested in yoga, Pilates, and aerobics? Are they high school, college, or professional athletes? Business executives trying to stay healthy despite a busy schedule? Moms trying to get back in shape after pregnancy? Narrow down your customers’ demographics, assess how they make their buying decisions, and then identify their specific needs. Craft a detailed plan for meeting those needs.
Your indirect competition is every other gym in town, as well as nutritionists and other businesses that target your market with a different product or service. Your direct competition includes only those gyms that fulfill the same needs for the same market as yours. Name each of your direct competitors and explain how your gym differs from theirs. Put your indirect competitors into a single category, and discuss them as a whole.
A good marketing plan is built on the four P’s: Product, Place, Price, and Promotion.
1. Product includes every single item or service you sell.
2. Place refers to the physical location of your gym, as well as your web presence. Price is the amount you will charge for each product or service, along with a description of how you arrived at those prices.
3. Promotion is your plan for convincing people to spend money at your gym.
***Customer retention is another important category that explains how you will get customers to return.***
While the earlier sections of the business plan focused on defining your goals, the operations plan explains how you will meet them. Everyday short-term process are the day in and day out tasks of running your gym, from selling memberships to teaching classes to cleaning the equipment. Long-term processes focus on meeting your business goals, such as opening a second gym or adding new classes.
While it is important to have qualified trainers and fitness experts on board, investors and lenders also want to know that your gym can succeed as a business. Identify key members of your management team and highlight the parts of their background that demonstrate the ability to build a business. A strong advisory board can fill in any gaps, as long as you can prove that board members will have a direct impact on the company’s growth.
The financial plan is heavily scrutinized by potential lenders and investors, but it can be a nightmare for many gym owners to write because it is based on a number of assumptions. In this section, you must detail your individual revenue streams by relative importance and projected implementation timeline, as well as any outside funding sources. You must also summarize both past and future Income Statements, Balance Sheets, and Cash Flow Statements based on verifiable and reasonable key assumptions. A strong exit strategy shows financiers that you understand the market and are interested in capitalizing on profitability.
The appendix is the spot for you to attach your full financial projections, along with any other documents that prove your claims. If you have letters from potential partners, a patented new technology, or other such documentation, enclose it here.
Boom, Business Plan completed!
Thank you for reading! Let me know if you have questions.
Much love friends!