Fitness entrepreneurship is more than just training clients and reaping the rewards. Successfully owning and funning a fitness business is about identifying, valuing and capturing opportunities. An entrepreneurial mindset is crucial for all organisations, be they small or large, new or old, for-profit or not-for-profit.
Understanding and formulating a business plan for your very own fitness business is essential because it helps you to focus, plan and decide on how each aspect of your business will operate. More specifically, this type of plan can help you to decide on, for example:
- Goals and objectives
- What makes your business special
- How to finance your business and start-up expenses
- A legal form of ownership
- Your target market
- A marketing plan
- A sales forecast for the first year of business
- An operational plan
- A financial plan
There are so many other items that can be added to your fitness business plan. Every business plan is unique and is formulated according to the specifications of your business.
The definition of a fitness business plan
A business plan is a formal declaration of a set of business goals, the reasons they are believed to be achievable as well as the plan for reaching those goals. It may also contain background information about the organisation or team which is attempting to reach those goals.
Most potential investors and stakeholders will want to see a business plan before they consider backing your fitness business. Although many businesses are drawn to use their business plans just for this purpose a good plan should make provision for long-term goals.
A business plan helps you to make decisions. There is no fixed content for such a plan. The content, as well as the format of the business plan, is determined by the goals and stakeholders. The roadmap for a business incorporates all the phases and facets of the business, the planning process, stating a vision and strategy along with plans to cover marketing, finance, operations, HR as well as a legal plan when needed.
What is are the functions of a business plan?
A business plan describes the fitness business that you intend to start up. It has three main uses:
A business plan is a plan of action. Your ideas are formulated into a plan that will help you to put together all the pieces of beginning a business and examine each piece individually. So rather than one large problem you have a sequence of smaller questions which you can solve one by one. A business plan breaks the difficult task of starting a business up into many smaller, less daunting tasks.
A business plan operates as a road map. It is a valuable tool to help keep you on track, focused and moving in the direction that you want to go. It is very easy to forget things or get distracted and lose sight of your objectives and a business plan can also serve to help others to understand your vision, including suppliers, customers, employees, friends and family.
A business plan can assist as a sales tool should you need outside financing to start your business. The plan is the tool you need in order to convince investors to help finance your business. You may want to negotiate deals with suppliers and a business plan can help you to do this.
Want to start your own fitness business but haven’t a clue on how to do this? Check out our Entrepreneurship Course where you’ll learn everything that you need to know! For more information, please follow this link.