Business plan for a gym - Bodytone Guide

If you're here, the idea of ​​opening a gym has probably crossed your mind. If you're passionate about sports, fitness, and a healthy lifestyle, let us tell you that this is a great opportunity for you. Starting a business is never easy, but opening a gym can be a profitable venture if you take the right steps. Therefore, before embarking on this adventure, we invite you to read this comprehensive guide on how to create a business plan for a gym . With it, you'll use tools that will help you think and analyze in depth whether your business idea can become something solid and viable.

You'll begin by defining your business model, analyzing the market, and identifying your competitors. You'll also learn how to choose the best location for your center and how to create a sound financial and operational plan.

Obviously, this isn't meant to be a business masterclass that will turn you into a shark in finance and the fitness market, but you will find some key insights and, above all, a A practical guide to help you through the process of opening your future gym. We provide the key information; you'll have to do the work.

Let's begin!

What is a business plan?

A business plan It is a document that helps you to Define the key aspects of your future business . This covers issues such as the business model itself, the market, the competition, the budget, and profit and expense projections. Ultimately, it's a roadmap designed to help you understand if your business idea is feasible and potentially profitable . It also allows you to establish a roadmap, a solid strategy for growing your business .

The The importance of creating a business plan lies in the ability to make truly informed decisions by covering all the aspects you need to consider before starting a business. This will allow you to identify risks and opportunities, obtain funding for your gym , attract investors or partners, and more. In short, a business plan is essential for your gym. will be a This document will help you transform that idea you have in your head into a real and successful business.

Business plan for opening a gym, step by step

We're going to map out the key issues to address in your future gym's business plan . There will be eight points that you'll need to work on in more detail later. We're just giving you the aspects you should consider; you're the one who controls all the information related to your business idea. This will help you develop it further.

Define your business model

What kind of gym do you want to open? You need to define your business concept clearly and understandably . Simply saying "a gym" is a poorly defined business model. You should delve deeper into the concept: A "competition-focused CrossFit gym," a "high-end gym with exclusive pay-per-use services," a "gym specializing in wellness activities like yoga or Pilates," or a "sports center specializing in improving the performance of professional athletes" are more solid and realistic ideas.

It's about Define your business model in a concrete and specific way , whether it's in the offer, the price, the payment model, the target audience... or all of them.

Analyze the market and the competition

See? Now that you've clearly and specifically defined your business model, the competition doesn't seem so fierce. There are plenty of gyms, but centers like the one you defined in the previous point... there are fewer of them.

Now is the time to learn everything you can about centers that offer the same services as you. This involves many aspects: location, number of members, what they do best, what they do that you could easily improve upon, what rates they charge their employees… it will be a way to find out what the weak points are of your gym – which you will have to work on – and what your strengths are – which you should enhance. It will also allow you to establish the The price you can charge for registration , based on the average price of your competitors and the services you will offer.

You can also assess the demand for the service you plan to offer in the area. Some of this information can be gathered using official population census reports or company billing data (available on paid portals). Others, however, must be based on observation (the profile of residents in a specific area, nearby businesses, peak and off-peak hours, etc.).

Choose the right place

Since you already know your business model's offering, and are able to analyze the competition and the demand for your service, you are now in a position to Choosing the right area to open your gym is crucial . It should be a strategic location that combines high demand with insufficient supply. You'll also need to find a balance between the fees you can charge your clients and the size of the premises, which will determine the cost of renting or buying it.

The choice of location will be closely related to the business model you established in the first step. Depending on the business model, you could have a smaller space or opt for a larger, more crowded gym.

Plan the budget and financial projections

We must be very meticulous here. They are the Numbers are what determine a project's viability and future sustainability . You need to create a detailed and realistic budget for your gym . This means taking into account all the costs associated with opening and maintaining it. For this, you can consult our post about how much it costs to open a gym .

If you've already completed a thorough expense analysis , you'll now need to project your revenue. Based on your intended membership fees, how many members do you need for your gym? Is that a realistic number? Does the balance of expenses and revenue, based on those figures, result in a positive balance that allows you to generate profits worthwhile for the project? Can you be flexible with pricing and membership numbers if you need to implement a contingency plan? Is it a scalable model that will allow you to increase profits as the number of members, staff, and facilities grows?

Of course, it's perfectly normal not to have the initial cash flow to cover expenses. That's why it's important to know what your project's funding source will be. To help you with that, we offer several alternatives. finance a gym in this other article.

Plan the acquisition of the equipment

It's time to plan the acquisition of all the equipment . This includes everything: the renovation of the premises, the fitting out, the furniture, the machines… We can be of great help at this stage. If you're thinking of opening a gym, contact us through our professional gyms section: Equip your gym .

This section addresses both material and personnel aspects. Will I need help at my gym? A salesperson, someone for reception, fitness professionals, nutritionists… or even an advisor to help with all the legal and tax matters. You need to be clear about all these items and know who your suppliers or contracted professionals will be.

Design a communication strategy

How will you attract your first clients to the gym? And in the future? This section includes all the Actions you will take to attract and retain your future partners : advertising, promotions, events, sales and public relations work…

We can help you get started in the first few months. You can download this guide on marketing strategies to launch your gym. These strategies will help you start acquiring your first clients. We recommend you get it.

Develop a management plan

You've got everything ready to launch and open your new gym, but have you thought about what the day-to-day operations will be like? This is the section to start. You need to design a detailed plan for how your gym will be managed. First, you have to define the daily tasks that will ensure the smooth running of the business: cash management, member registration, payment methods, daily facility maintenance, cleaning, customer service, and so on.

You need to define not only the tasks, but also the processes. How often will the facilities be cleaned? What tool will I use to manage payments and records? What will I do with the cash each day? What will the opening and closing hours be? And what about my employees' shifts? Once the tasks are defined, we must also define the roles and responsibilities of each team member.

Ultimately, it's about deciding what, who, when, and how each of the tasks necessary for the proper functioning of the gym will be done.

Adjust the plan as you go

He business plan for your future gym It's also based on feedback. As you progress, and as daily experience reveals the reality, you'll have to make decisions. For this, a constant analysis of the results, month by month, is essential, evaluating the actions taken and their impact on the business.

This allows your business to adapt to circumstances, from unmet forecasts and strategies that yield unexpected results (for better or for worse) to sudden market shifts. Remember that a business is a living entity, and while it's crucial to have everything tied up and planned, flexibility is also essential.