A business plan is a formal account of a collection of business goals, the reasons why they are believed attainable to be attainable by the fitness professional, and the plan for attaining those goals. A business plan may also take into account background information about the fitness organisation or team who are trying to reach those goals. Business plans may also highlight changes in perception and branding by the customer, client, tax- payer, or larger community.
When the existing business is to undergo a major change, or when planning a new venture, a three- to five-year business plan is required since investors will look for their annual return in the three to five years’ time. All fitness businesses start with a vision, from there a plan is developed (business plan) and the next step is execution of the plan and finally ongoing reviews of how you are progressing with the plan, this is a logical approach to a business.
Enter the marketing strategy.
What Is A Marketing Strategy?
A marketing strategy is a vital and somewhat overlooked or underestimated component of a new business venture. A comprehensive marketing strategy looks at the three “P’S”:
The product or service you wish to market needs to have a price. This can be one of the most vital decisions you make in setting up your fitness business as pricing too high may result in little to no market share as your competitors offering a cheaper price would out position you. On the other hand pricing too low your products and services may result in diminished margins or creating a market perception that your product or service is substandard.
First step would be to complete market research within the scope of what you do and where you do it. Create a price matrix of your competitors and from there decide where in that matrix you will fit in.
Now that you have established your price point it’s now time to understand your product. As a fitness professional you will have your own unique skill sets, attributes and interests. This is crucial in terms of understanding the type of clients you would like to cater to and what areas to specialise in.
The term ‘positioning’ refers to the process of getting your product in front of your potential clientele. This is the final component of developing your marketing strategy. We have further split this section up into the following sub sections:
- Marketing Budget
- Where to spend it
- How to measure it
- Referrals and networking
Developing a sound marketing strategy is the cornerstone of any successful fitness business. Find out more about how to develop a great fitness business by enrolling in our Entrepreneurship Course. Follow this link in order to find out more and to register.