how to write a business plan for a gym

Gym Business Plan Template

Written by Dave Lavinsky

Gym Business Plan & Example

You’ve come to the right place to create a gym business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their gyms.

Gym Business Plan Example

Use the example below as a template to write a gym business plan.

Executive Summary

Business overview.

Steven’s Gym is a startup locally owned gym located in El Paso, Texas. Steven’s Gym will include various exercise equipment, strength training equipment, free weights, aerobic equipment, and plenty of cardio equipment. The gym will also offer HIIT group classes, spin classes, strength training instruction, and personal training.

Located in an up and coming, newly developed, and highly trafficked area of town, Steven’s Gym will attract both men and women ages 16 to 75+. There is something for everyone at Steven’s Gym, whether someone is just beginning their fitness journey or is a seasoned athlete and gymrat. The gym will have a welcoming atmosphere, experienced personal trainers, friendly staff, and frequently cleaned equipment and restrooms.

The membership options are affordable and will be offered on a month-to-month basis, a 6 or 12 month contract, or the ability to pay for an entire year upfront. Discounts will be offered to military, teachers, and healthcare workers.

Service Offering

The following are the services that Steven’s Gym will provide:

• Strength training equipment
• Cardio equipment
• Free weights/dumbbells
• Aerobic equipment
• HIIT group classes
• Strength training instruction

Customer Focus

Steven’s Gym will target all men and women ages 16 – 75+ who are interested in achieving and maintaining a healthy and active lifestyle. El Paso is a very diverse city that includes men and women from all walks of life. There are numerous blue collar individuals, white collar individuals, government employees, and military members as the local Army base is one of the largest in the country. Since Steven’s Gym will be very affordable, it will be able to attract people from all walks of life.

Management Team

Steven will manage the day-to-day tasks of running the gym. Steven will hire a gym manager to manage membership and three trainers. Steven will outsource a local CPA to handle payroll, accounting, and tax payments. He will also outsource a local advertising company to develop the gym’s logo, branding, photography, social media accounts, website, and billboard design.

Success Factors

Steven’s Gym will be able to achieve success by offering the following competitive advantages:

• Large, clean, and spacious fitness center that has all the necessary equipment for their fitness routine.
• Knowledgeable and friendly staff of trainers.
• Best value for membership pricing. The membership pricing options are affordable and offer military, teacher, and healthcare employee discounts.
• Convenient hours of operation.

Financial Plan Highlights

Steven’s Gym is seeking $300,000 in debt financing to begin operations of the business. The funding will be dedicated towards securing the warehouse space, gym build-out, and purchase of the equipment. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and working capital. The breakout of the funding is below:

• Securing warehouse space, gym build-out, and design: $25,000 to $125,000
• Gym equipment purchase: $50,000 to $100,000
• Three months of overhead expenses (payroll, rent, utilities): $15,000 to $55,000
• Marketing & advertising: $15,000
• Working capital: $10,000

Company Overview

Who is steven’s gym.

Steven’s Gym is a new, locally owned gym located in El Paso, Texas. Steven’s Gym will include strength training equipment, free weights, aerobic equipment, and plenty of cardio equipment. The gym will also offer fitness classes, strength training instruction, and personal training. Located in an up and coming, and highly trafficked area of town, Steven’s Gym will attract both men and women ages 16 to 75+. There is something for everyone at Steven’s Gym, whether someone is just beginning their fitness journey or is a seasoned athlete and gymrat. The gym will have a welcoming atmosphere, experienced trainers, friendly staff, and frequently cleaned equipment and restrooms. The membership options are affordable and will be offered on a month-to-month basis, a 6 or 12 month contract, or the ability to pay for an entire year upfront. Discounts will be offered to military, teachers, and healthcare workers.

Steven’s Gym History

Steven’s Gym is owned by Steven Malone, a retired Army Master Sergeant who is also a seasoned powerlifter. Steven was stationed at El Paso’s Fort Bliss for many years before eventually retiring and deciding to stay in El Paso and embark on his dream of eventually owning his own gym. As a frequent gym goer, Steven recognized that El Paso lacks high quality independent gyms. The nicest and most equipped gyms in El Paso are large franchises that have too many rules and regulations. Steven envisioned a gym that was welcoming to all types of people that is encouraging, clean, and adequately equipped for those who are focused on sustaining an active, healthy lifestyle.

Since incorporation, Steven’s Gym has achieved the following milestones:

• Found a 10,000 square foot warehouse space for lease in El Paso, Texas that can easily be converted to a gym.
• Registered Steven’s Gym, LLC to do business in the State of Texas.
• Began the branding image, logo, website, and social media accounts for the gym.
• Began researching and pricing out equipment.

Steven’s Gym Services

The following will be the services Steven’s Gym will provide:

Industry Analysis

The Gym industry is expected to grow to an annual revenue of $38 billion in the next five years. This growth is likely a result of increased per capita disposable income, in addition to growing health-consciousness. As consumers’ disposable income levels rise, individuals are usually more willing to purchase gym memberships. Additionally, time spent on leisure and sports is expected to increase over the next five years, effectively increasing the potential pool of consumers.

During this period, demographic changes are expected to drive revenue growth for operators. In particular, as healthcare costs continue to escalate, health insurance providers may implement incentives to promote preventive health practices, including the use of fitness centers among individuals within their provider network. Additionally, initiatives that promote the health benefits of exercise will likely increase over the next five years, stimulating industry revenue.  

Customer Analysis

Demographic profile of target market.

Steven’s Gym’s target audience will include all men and women ages 16 – 75+ who are interested in achieving and maintaining a healthy and active lifestyle. El Paso is a very diverse city that includes men and women from all walks of life. There are numerous blue collar individuals, white collar individuals, government employees, and military members as the local Army base is one of the largest in the country. Since Steven’s Gym will be very affordable, it will be able to attract people from all walks of life.

Customer Segmentation

Steven’s Gym will primarily target the following customer profiles:

• High school and college students
• Locally-based Military
• Athletes who frequently train for fitness competitions

Competitive Analysis

Direct and indirect competitors.

Steven’s Gym will face competition from other companies with similar business profiles. A description of each competitor company is below. Gold’s Gym Gold’s Gym is a large franchise-owned gym with two locations in El Paso. Gold’s Gym gives access to everything one needs to transform their life: state-of-the-art amenities, a variety of fitness classes tailored towards someone’s fitness needs, and the world’s best trainers. There are weekly fitness classes for group workouts ranging from martial arts-inspired cardio classes to foundational yoga sessions. There are also certified trainers if someone is new to exercise or just looking for more guidance and coaching. Gold’s Gym’s amenities include cardio equipment, group exercise, personal training, a pro shop, sauna/steam rooms, group cycle, free weights, functional training, kids club, locker rooms, and wifi.

Planet Fitness Planet Fitness is for people from all walks of life, whether they’re a first-time gym user or a veteran member, they are there to provide a workout environment in which anyone and everyone can be comfortable. All Planet Fitness members enjoy unlimited access to their home club and the support of their friendly, knowledgeable staff anytime they need it. PF Black Club members receive additional benefits, including the ability to bring a guest for free and access to any of their 2,000+ PF locations. Also, the PF member can take advantage of their free fitness training or find motivation by reading real member experiences on Planet of Triumphs. The goal of Planet Fitness is to provide a clean, safe, welcoming environment for anyone who walks through the door, and all the equipment, amenities, and support they need once they arrive.

Anytime Fitness Anytime Fitness is a welcoming gym that exists to help someone get to a healthier place – by giving the right support at the right times, in the ways the member wants. Every member receives a free, personalized Get Started Plan when they join. Their friendly, professional staff is trained to help someone along their fitness journey, no matter how much support they need. Aside from a large selection of strength and cardio equipment, Anytime Fitness offers the following services – 24-hour access, 24-hour security, convenient parking, anywhere gym access, private restrooms, private showers, health plan discounts, wellness programs, cardio TVs, and HDTVs.

Competitive Advantage

Steven’s Gym will be able to offer the following advantages over their competition:

• Large, clean, and spacious facility that has all the necessary equipment for their fitness routine.

Marketing Plan

Brand & value proposition.

Steven’s Gym will offer the unique value proposition to its clientele:

• Large, clean, spacious, and well-equipped facility.
• Dedicated team of trainers.
• Affordable membership pricing plans.

Promotions Strategy

The promotions strategy for Steven’s Gym is as follows: Social Media Marketing Strategy Steven’s Gym will invest in advertising the gym on social media platforms Facebook and Instagram. By using targeted social media marketing, Steven’s Gym will be able to reach the appropriate target audience of El Paso. Before opening, Steven will hire an advertising agency to develop the branding and photography needed to create captivating social media posts.

Billboards Steven will invest in two billboards strategically located at busy intersections that receive thousands of traffic daily. The advertising agency will develop the print for the billboard design. Website/SEO Marketing Strategy Steven’s Gym will invest in a strong SEO presence so that when someone enters “El Paso gym” or “local gym near me” in their Google or Bing search bar, Steven’s Gym is at the top of the list. Their website will list all of Steven’s Gym’s services, location, pricing, and contact information. Word of Mouth Word quickly spreads around town and once a few people experience the clean, affordable, and professional staff at Steven’s Gym, more and more people will come in to see for themselves and sign up for a membership plan.

The pricing of Steven’s Gym will be moderate and on par with competitors so customers feel they receive value when purchasing their services.  

Operations Plan

The following will be the operations plan for Steven’s Gym.

Operation Functions:

• Steven Malone will be the sole gym owner and operator of Steven’s Gym. He will oversee the staff, maintain that the cleaning schedules are being enforced, and ensure that all equipment is working per standard and safely. He will also manage all ordering of new and replacement equipment, schedule the group HIIT classes, and daily management tasks.
• Steven will hire a gym manager to be in charge of members and member management.
• A team of three trainers will run all of the fitness classes. As the membership grows and clients require more attention, more trainers and fitness classes will be added.
• A local CPA will manage all high level accounting functions, such as payroll and tax payments.
• Steven will also hire an advertising agency to develop the gym’s branding, photography, website, social media accounts, and billboard design.

Milestones:

Steven’s Gym will have the following milestones completed in the next six months. 8/1/202X – Finalize contract to lease warehouse space. 8/15/202X – Begin build-out and design converting warehouse space into a functional gym. 9/1/202X – Hire advertising company to begin developing gym’s branding, logo, social media accounts, website, and billboard design. 9/15/202X – Order all equipment. 10/5/202X – Hire gym manager and team of personal trainers. 10/15/202X – Train staff on proper policies and procedures. 11/1/202X – Grand Opening of Steven’s Gym.  

Steven’s Gym will be solely owned by Steven Malone. Steven is a retired Army Master Sergeant who has been stationed off and on at El Paso’s Fort Bliss for the past twelve years. Upon retirement, Steven decided to make El Paso his permanent home and embark on his dream of owning his own gym. Steven recognizes the lack of quality, independent gyms in El Paso and wants to open a gym that fits his idea of what a high-quality gym should be.

As a former powerlifter and personal trainer while serving in the military, Steven is aware of the proper equipment and facilities a gym should have. Steven envisions his gym to be friendly, clean, well-equipped, and affordable for the average person so that people from all walks of life will feel comfortable going to the gym and achieving their fitness goals. Steven will dedicate his life and focus on ensuring that his gym is always clean, staffed with the best trainers, and members are happy with what the gym has to offer.  

Financial Plan

Key revenue & costs.

The revenue drivers for Steven’s Gym are the membership fees it will charge each person that signs up to become a member. Each member will be placed on a membership plan where they can either pay month to month, enroll in either a 6 or 12 month contract, or pay for the entire year upfront.

The cost drivers will be the payroll for the staff, rent, utilities, cleaning supplies and equipment, and gym equipment purchase and maintenance. Other cost drivers will be the targeted marketing costs on social media and monthly fees for the CPA and advertising company.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Initial Number of New Clients per Month: 60
• Average Monthly Membership Fee: $150
• Gym Lease per Year: $100,000

Financial Projections

Income Statement

Balance Sheet

Cash Flow Statement

Gym Business Plan FAQs

What is a gym business plan.

A gym business plan is a plan to start and/or grow your gym. Among other things, it outlines your business concept, identifies your target customers, presents your marketing strategies and details your financial projections.

You can  easily complete your gym business plan using our gym business plan template here .

What Are the Main Types of Gyms?

There are many types of gyms or fitness centers. There are large, franchise gyms that have multiple locations across the country. There are also large single facility gyms. Finally, there are smaller gyms that tend to focus on a particular fitness segment, such as strength training, CrossFit, or group HIIT training.

What Are the Main Sources of Revenue and Expenses for a Gym Business?

The primary source of revenue for a gym or fitness center are membership fees. Typically, members pay month-to-month, or fulfill a year-long contract.

The key expenses for a gym or fitness center are the costs associated with payroll, purchase and maintenance of equipment, cleaning supplies, marketing costs, and working capital. Other expenses will be rent, utilities, taxes, accounts payable, and other licensing fees (if necessary).

How Do You Get Funding for Your Gym?

Gym businesses are most likely to secure funding from banks. Typically you will find a local bank and present your gym business plan to them. Family and/or friends could also be potential investors and other types of capital-raising such as crowdfunding are other common funding sources.

A well-crafted gym business plan, complete with a solid financial plan is essential for attracting any type of potential investor. This is true for a new gym business or established businesses looking to grow.

What are the Steps To Start a Gym Business?

Starting a gym or fitness center can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Write A Gym Business Plan - The first step in starting a business is to create a solid gym business plan that outlines all aspects of the venture. This should include market research on the fitness industry and potential target market size, information on the services and/or products you will offer, marketing strategy, mission statement, business model and pricing strategy and a detailed financial plan.  Our business plan template is the perfect guide to show you how to start a gym business plan.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your fitness   business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your gym business is in compliance with local laws.

3. Register Your Gym Business - Once you have chosen a legal structure, the next step is to register your gym business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your gym business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Gym Equipment & Supplies - In order to start your gym business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your gym or fitness   business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising to reach your target audience.

Learn more about how to start a successful gym or fitness business:

• How to Start a Gym Business

Where Can I Get a Gym Business Plan PDF?

You can download our free gym business plan template PDF here. This is a sample gym business plan template you can use in PDF format.

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Gym business plan: a checklist with templates & examples

In this article, you'll find a checklist of everything you need to know to create a business plan for your gym or fitness business.

If you've recently discovered an ambition to start a gym , or this has been your dream for years, we've got you covered!

The first step in your journey is to create a gym business plan. This will include understanding your business's structure, determining your target market and what sets you apart from other gyms (your unique selling point), forecasting future finances, and any further details about your venture.

Your gym business plan is the key to your success. It will help you make better decisions and attract potential investors. Creating a business plan is ongoing; it's not something you do once and then forget about. Your business plan should be flexible and adapt as you move forward. 

You have to consider many elements to ensure your gym will succeed. All stages of your business plan are critical. In this article, we'll be doing a deep dive into understanding the core essentials of creating a fitness business plan.

What is a gym business plan? 

A gym business plan is a document that informs the reader about your company and where it's headed. In other words, it answers essential questions such as:

• How does your business work?
• How are you going to succeed?
• What steps do you need to take to succeed?

According to research, entrepreneurs who write formal business plans are more likely to be successful . 

This is especially true for business owners seeking external financial support. A formal business plan can help new businesses by providing a clear focus for their ideas.

Why it’s important to have a business plan for your gym? 

Simply put, your gym business plan is an organized and detailed process that provides a roadmap for your business. If someone reads it – like a potential investor, for example – they should be able to understand how you expect the gym to progress and succeed over time.

Plus, putting together a business plan with detailed description forces you to take a critical look at your operation as it currently stands and identify room for improvement or new areas of opportunity altogether.

Depending on where your business is located, a well-crafted business plan can serve multiple purposes.

Keep reading for even more reasons you need a business plan from day one!

Taking advantage of a steadily growing industry

The gym industry is booming, allowing gyms to capitalize on this growth. In the US alone, over 87 million people regularly attend the gym and spend billions of dollars annually on membership fees.

And according to projections, the global gym market is expected to reach 434 billion USD by 2028 – a 171% increase from 2021! This steady growth provides room for gym owners to get in on the action and reap the benefits.

By having a gym business plan that considers the health & fitness industry as a whole, you'll be able to capitalize on this growth.

Ensures your business idea is feasible 

If you're considering starting a fitness business, know it will be complex. You have a fantastic idea and think it could take off--but how can you test that theory without launching the business? 

This is where a business plan comes in handy. By working through your concept and creating a well-rounded plan of action, you'll be able to figure out key details like numbers, market trends, and what your competition is doing and save yourself loads of time down the line.

It helps to bring in investors and secure funding 

To secure funding for your gym business from investors, you need a comprehensive business plan. This document helps startup businesses obtain the initial capital they need and provides established companies with funds for expansion.

Would-be contributors usually request substantiated data— such as numbers backed up by facts and figures—before deciding whether or not to invest in a project.

If you don't have a business plan, chances are slim that you'll receive money from sources like investors, banks, or other financial organizations outside your company.

Set and reach goals, both big and small 

Having long-term and short-term goals is a great start, but it's time to take the next step. A successful business plan will contain specific tactics on how you plan to achieve your objectives. 

This might be through your business model, acquiring equipment, hiring new talent, or marketing campaigns.

A successful business needs a clear plan to achieve its goals. Breaking down important goals into smaller, more manageable pieces would be best. 

And remember-- as your business changes and grows over time, so should your plan. Keep it updated regularly. 

Business planning is no longer a daunting task

A business plan is a vital tool for new and established businesses. It provides direction and helps to set the foundation for a successful start. 

By budgeting, analyzing your market, and setting out your goals and strategies, you can make more informed decisions about how to proceed. This process also makes it easier to track your progress over time and assess whether or not you are on track.

Something to consider before creating a gym business plan

Consider the cost of starting a gym. There are many potential expenses, such as equipment, personal trainers, class instructors, insurance policies, property fees, etc.

Also, consider how much time you are willing to invest in this venture – especially during the beginning stages when there is likely to be a lot of work involved in getting everything up and running smoothly.

It can be challenging to maintain a good work/life balance when starting any business; it will probably require working additional hours outside of your usual schedule.

Money and time are essential, but there are other things you need to be successful. 

People skills, marketing know-how, and financial smarts are essential if you want to succeed in the gym business world. It's not going to be easy, but it will be worth it if this is your passion. A solid plan is the first step toward making your dream a reality.

The 11 key elements of a detailed gym business plan

Before you develop your business plan, think about where you are and where you want to see yourself. Keep this vision in mind, as it will help guide you through writing your business plan. There will be countless opportunities wherein consulting your business plan will assist you in making a decision.

To create an effective health club business plan, you will need extensive research on your fitness industry, competitors, and future finances. 

Following these 11 steps, you can build an excellent gym business plan that covers all aspects of your health club.

Step 1: Executive summary

Your executive summary needs to be clear and concise while also grabbing attention. What you want readers to know is:

• Your mission/purpose
• How you'll achieve success (What will make you a success story?)

And finally, your vision for the future. Though it may seem tempting to hurry through this section because it is shorter than other parts of the business plan, don't rush! 

This is your chance to shine and explain what makes your company special. Don't worry if you feel like you have more to say about your goals and vision. You can expand on these topics in your company overview.

Step 2: Company overview

Your company overview is where you get to sell your gym and its potential. Build on your executive summary's vision and mission statement, delving deeper into what makes your gym unique. 

Think of your vision statement as a tagline for your future website. When outlining the purpose of your gym, which audience it will cater to, and how you plan to achieve business goals, also consider including the following: 

Your personal mission statement for the business- i.e., what outcome do you hope to see?

Then, give your readers some information on your background:

• What have you done in the past?
• Have you had any other businesses?
• What is your current status?

This is helpful for investors and partners to know so they can understand where you've been and where you're going. The more they know about you, the more trust they'll have in you.

Step 3: Services and amenities

Outline your strategy in detail: what services you'll offer and how you will develop new offerings. This includes if you need to hire someone or build a facility, such as a spa or a studio. 

This information will help you realize when or where your business requires more funding and extra staff.

By describing your products and services, you can gain valuable insights into your gym's size. Test your vision to determine if you have the necessary funding for these assets. If not, consider how you might acquire the required financing.

Some potential products you could invest in are: 

• Gym equipment like treadmills and rowing machines 
• Specialist equipment to cater to different types of gym-goers, such as bodybuilders 
• Food and drinks like energy drinks or healthy foods 

And services like: 

• Personal training sessions 
• Group classes like yoga, spinning, or body pump 
• Lockers for storing belongings while working out 
• Spa amenities like saunas or massages 
• A swimming pool 
• Physiotherapy

Furthermore, thinking about increasing your market share is a significant next step. You could start by offering pro bono services at local workplaces and schools, eventually introducing a fee.

This way, you can attract larger customers while still providing value.

When creating a business plan - be it for a gym or something else entirely - remember that its purpose is to lay out your objectives easily for potential bankers, partners, employees, and investors.

Step 4: Management team

It is essential to consider the positions you'll need to fill and how these people can help your gym succeed. 

You should write a summary emphasizing their skills and management experience while incorporating what they will be responsible for and any incentives you plan on offering.

Furthermore, creating an employee ladder is vital to establish who or what each new hire will report to so your business can secure its success.

Step 5: Market research and marketing strategy

Marketing is a field where creativity can shine. It's all about identifying different groups of people who would buy your product, coming up with reasons why they should choose you over others, and figuring out ways to get more sales.

Learn more:

Gym marketing strategy

Gym promotion ideas

Gym membership pricing

Best gym features

Even if marketing your fitness business isn't your favorite thing, remember that your marketing strategy will help you lay out a plan for expansion if you do it right. Your first target should be to summarise what you found in your market research. Are you still stuck? 

Consider where you are situated, similar businesses nearby, and who makes up the community around you.

Define your target market here. It could be

• Working professionals
• Senior executives

Or a particular group, like cyclists. After that, try to understand why this specific demographic would join a gym – for example, are they looking for cardio?

After you have completed your market research, take some time to understand your target audience. Ask yourself the following questions:

• How can I make this customer base loyal?
• What makes my company unique?
• What's the best membership package I can offer?
• Is there a need for special equipment or offerings?

In your plan, identify and communicate what makes your business valuable and unique. 

This is called a Unique Selling Proposition (USP), and it will help instill confidence in potential investors that they are making a wise choice by investing in your company. 

Furthermore, detailing marketing strategies in this document provides peace of mind that future income streams are lined up and secure.

There are many marketing strategies you can use to grow your business, including:

• Improving your services
• Advertising and sponsorship
• Loyalty plans and website promotions
• Email marketing campaigns
• Investing in new equipment or technology

Step 6: Competitor analysis - Understanding direct and indirect competitors

To do a competitor analysis, research businesses in your field that offer similar services. These are your direct competitors. 

You can mention indirect competitors, but this section is mainly for an in-depth look at businesses like yours. Depending on your business type, you could have brick-and-mortar and online rivals.

When investigating a competitor, these are some critical areas you'll want to focus on: 

• Services and products they offer 
• Target audience 
• Pricing and business model 
• Strengths and weaknesses

Step 7: Create comprehensive financial projections

Starting a gym requires careful budgeting. Make sure you consider every possible purchase and estimate the cost of each item.

The following are key areas to cover when starting your business:

• Lawyer fees
• Recruiting expenses
• Constructional endeavors
• Exercise equipment for the workplace
• Three months' worth of bills and other operational costs
• An accounting software

It's time to be practical and ascertain how much money you will need to open your gym and make it thrive. This way, you'll get a better understanding of what falls within your budget and what will require additional funding.

Next, you need to prove to investors, stakeholders, and employees that you have a feasible plan for attaining ROI. 

Consider revenue streams such as classes, services provided, and product sales- anything that brings in money. Set down an estimate here based on research and expert opinion.

If you're looking for ways to make money, selling healthy food could be a great option. You could create your protein shakes or energy bars, for example. 

If you plan to sell food, ensure you stay up-to-date with food hygiene standards.

Step 8: Financial forecasting

Your sales forecast for your business's first, second, and third years should be detailed. Specifying the number of active members, you estimate for your first year would also be beneficial. Estimate using:

• Unit sales per month
• Any relevant past data
• How purchases will be broken down (as specified in financial projections)

Step 9: Financial strategy

How can you use your fees in a way that will increase customer registration? For example, if all the other gyms in your area charge higher prices than average, this could be an opportunity to set your business apart by being financially conscious (lowering membership fees or having better offers than competitors).

Consider ways to show your appreciation for loyal customers, such as discounts or complimentary services.

Furthermore, if you're in the process of creating a gym and spa business plan, consider adding discounts for those who use both facilities. For example, many people would love to take advantage of the jacuzzi after working out.

Writing your pricing strategy down will help give you peace of mind about what's to come for your gym.

Step 10: Payment option

An easy and accessible payment system is crucial for any business, let alone a gym. To retain customers , ensure your payment processing is up-to-date and user-friendly. 

Let potential investors know what platform you're using or planning to use, so they can see that you're taking customer experience seriously. A positive buyer experience will encourage loyalty among your clientele.

Step 11: Funding

Make it clear where your business will obtain the extra startup capital it needs. 

This is a chance to be practical about your company. Can you realistically obtain the funding required to reach your targets? Or do you need to readjust your plan?

Below are some vital external resources that might provide the necessary funding:

• Loans from friends or family members
• Crowdfunding campaigns
• Business partners or sponsors

If you are looking to gain investors, be sure to detail where the funding for your project will come from and how much of a return they can expect. You should also include any previous loan applications related to this venture here.

You're almost there!

Now it's time to put all the elements outlined above into a gym business plan. This plan will be a reference point when you need to make tough decisions, help secure investment, and show direction to new employees or partners.

Your next steps to successfully run your gym

Here's a personal checklist to help you ensure that you have everything covered before you open your gym. Use it as a reference point throughout the development process to ensure nothing is overlooked.

• Write a business plan
• Register business
• Apply for a business license and permit
• Open business bank accounts
• Select an online payment platform
• Obtain taxpayer's ID
• Purchase insurance
• Rent/purchase facility
• Purchase/rent equipment
• Secure funding
• Recruit employees
• Drafting contract documents along with any other legal documents required
• Design company logo
• Develop website
• Write website content
• Create social media accounts
• Design leaflets & brochures
• Organize branded uniforms
• Launch party

Any business, no matter how big or small, comes with its fair share of challenges. However, the payoffs in the end always make it worth your while

Starting a gym can be an exciting and rewarding venture. However, it is important to ensure that you are well-prepared with all the necessary information before you open your gym. 

A comprehensive Gym Business Plan detailing the market research, financial projections and strategy, services and amenities, management team, and more should be developed to ensure success. 

Additionally, obtaining the necessary licenses, finding and hiring trainers, investing in the right equipment , and appealing to members with friendly incentives are all important steps.

Gym business plan template & examples

In addition, we've gathered a few of the gym business plan templates and examples below. These samples will provide you with suggested language for your own document as well as guidance on what to include.

Adam Fitness Centre

Grow think's template

PAWSitively Fit Club

Ecogym business plan

Capital Health and Fitness Club

Frequently asked questions on good gym business plan

How can i start my own gym business.

Follow these steps and understand gym business plans:

• Choose your area/location
• Develop a comprehensive business plan
• Apply and obtain all necessary licenses
• Find and hire certified trainers
• Invest in the right equipment for your business
• Appeal to members with friendly incentives

How do I write a business plan for a gym?

To write a gym business plan, you can implement the steps below:

• Executive summary
• Company overview
• Services and amenities
• Management team
• Market research and marketing
• Competitor analysis 
• Financial projections
• Financial forecasting
• Financial strategy
• Payment option

What type of gym is the most profitable?

Out of the gyms surveyed in November 2020, 69 percent of CrossFit gyms were profitable, while half of martial arts gyms reported being in the black.

Is owning a gym a good business?

Owning a gym can be profitable, but you will need more time to make yourself rich. To succeed in this industry, you must put in the effort.

Do gym owners make money?

According to ZipRecruiter, an American jobs marketplace, gym owners in the United States will earn an average of $69,472 annually as of June 2022.

Do gyms make a lot of money?

A gym that is managed efficiently and has a good mixture of members can generate quite a bit of money. For example, if a gym has 1,000 people paying $50 monthly, the gym could bring in $50,000 each month. And if the monthly expenses for the gym are $20,000 per month, the profit would be $30,000 per month.

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Creating a Gym Business Plan - A Complete Guide

If you’ve found your way here, there’s a good chance you’re either looking to open a gym or revamp your current business plan - Congratulations!

Any business can benefit by starting with a solid business plan. Even if you’ve already hit the ground running, it’s never too late to put one together. In fact, most people are pleasantly surprised that business plans are not all that time consuming to create and that creating a gym business plan can significantly improve your already established business.

A business plan reveals who you are as a business and gives a logical preview of where you’re heading. It is a roadmap that lays out how your business is structured, how you plan to make it succeed, and the exact steps you need to take to get there.

A gym business plan will clearly define the structure of your business , give you a comprehensive insight into your target market and help you lay out your management structure, marketing strategy and financial strategy.

Though we might think of a gym business plan as a one and done type of document, it is actually an ever-evolving plan that grows and changes with you and your business. Ready to carve out a space for yourself in a multi-billion dollar (and climbing!) industry?

First off ask yourself a couple of tough questions:

• Can I afford to run a gym?
• How much time can I invest in this?
• Do I feel comfortable working with people face to face on a daily basis?

Here’s the thing: starting a gym from the ground up is not an inexpensive venture. Between equipment costs, hiring PTs and group class instructors, insurance, rent, etc. you will need to be honest with yourself if this is a business you can afford to get involved with.

If finances are not an issue, it’s time to reflect on how much time you have /are willing to put into this new venture- especially at the onset. Owning and operating a gym or boutique studio is not a 9-5 job and working for yourself can make it extremely difficult to carve out a work/life balance.

Finally, getting started in a fitness business means you need to prepare yourself for an onslaught of face-to-face interaction with members, staff, investors, etc. If that much one-on-one interaction is not something you had prepared yourself for, you might want to re-think this venture.

The good news is that if owning and operating a gym is your dream - the money and hard work that you need to invest in making it a successful venture will be truly worth it.

Your Gym Business Plan Template at a Glance:

Step 1: Executive Summary

The first part of your gym business plan template is your executive summary. This is a quick, to-the-point statement that delineates the what, why and how of your business. It needs to be impactful and concise in framing your goals, your mission and your vision. Don’t worry if you feel like you have more to say - you can add more details in your company overview.

Step 2: Company Overview

If the executive summary was an outline of your gym business, the company overview is where you have the opportunity to go more into depth with your overall vision. Here you will go over the purpose and plans for your gym, your business model and the strategies you will employ to accomplish these objectives. A general overview of your target clients and what products/services you will provide for them can be included as well, but you will get more into detail regarding your target audience and services below. Don’t be afraid to get personal here! Include your own history in the world of health and fitness and/or business. Clearly communicate your vision for this gym. These are all relevant details for potential partners and investors to know when they are deciding on getting involved with you and your business. Aim to build your know-like-trust factor.

Step 3: Management & Operations

The management & operations section of your gym business plan is where you will present the plans for your employee ladder . What are the positions you need to fill and what sorts of skills will these employees need to have in order to make your gym successful? Think beyond your PTs and group class instructors. You’ll also likely need sales and membership personnel, marketing managers, customer service professionals, a maintenance team, etc. What responsibilities will each of these employees have?

Set up and present an organized chart that breaks down all of your staff positions, detailed descriptions of their roles, compensation structure, and benefits plan as well as incentives to attract and retain quality employees.

If you already have your management team in place, be sure to expound upon their individual skill sets, relevant experience and how they will contribute to the success of your gym.

Step 4: Market Research and Marketing

The market research and marketing step is the part of your gym business plan where you will explore: Your niche (the clients you will cater your gym to) Current trends in the industry that your target audience is looking for What your competitors are offering and for how much Plans for marketing your gym

Market research

You must start with market research and dive into who is in your local market and who you are focusing on as your target audience, your ideal clients - your niche. Are they students, working professionals, stay-at-home moms or dads, etc? Or will you target a specific group of fitness enthusiasts: bodybuilders, yogis, cyclists, etc. How do you plan to successfully fit your gym into your decided upon demographic?

When your target market is sorted out you can start researching your competitors. Direct competitors are those with gyms or boutique studios similar to yours in your area who are also going after a similar target audience. What are their strengths and weaknesses? How does your gym compare to theirs? What do your target clients have to say about them?

Once you are comfortable with your niche and your offerings in comparison to those of your direct competitors, the marketing portion is all about how you plan to get your gym and its services/amenities in front of this target audience and how you will attract them to your gym. It’s time to let your creativity shine! A detailed strategy, who will be handling this job, plus estimated cost is ideal. Your marketing strategy might include social media marketing, email marketing, TV or print advertising, sponsorships, loyalty plans, membership promotions, referral programs and more. Marketing can be any idea you have that will help make your gym stand out, build your customer’s loyalty and increase your revenue at the end of the day.

Step 5: Services and Amenities

In your company overview you briefly described the services and products you plan to offer at your gym, and here you will expound upon these services. This will give a clearer picture of what your gym or studio will look like for your members. Services will cover everything from membership options, group classes and personal training options to the specific exercise equipment you will offer. Amenities will include things like lockers, spa services, a swimming pool, child care options, etc. Products are physical items you plan to offer for additional revenue opportunities: juices, snack bars, protein powders or pre-workout, t-shirts, towels, etc.

Go into details about how the services you offer will fill the needs of your target audience and describe the benefits of each. Finally, create a pricing list that clearly outlines the costs for each product and service. This will make it easier when you get to the financial forecast and strategy section.

Step 6: Financial Forecast & Strategy

Finances are easily the most important part of your business, and are generally how you will measure success and profitability. The financial forecast and strategy is where its time to get real with an in-depth and up close projection for the future of your gym.

First, where do you need to spend your initial capital? Rent or building maintenance/upgrades, hiring costs, gym equipment, operational costs for the first 3-4 months, legal fees and marketing costs among others are all places you’ll want to investigate. Give a realistic cost estimate next to each. Then, add it all up: how much money will you need to successfully launch your gym?

Next you will dive into where your income will come from. Estimate how much your services (memberships, classes, PT, physical products) will bring in. The idea here is to show your potential partners/investors/employees that you have a plan with a solid ROI.

Finally, use all of this information to project a sales forecast for the first, second and third year in business breaking down each month as well as annual earnings and expenses.

Step 7: Payment Options

A big thing to think about is what sort of gym management software you will use. A streamlined system like Virtuagym , that automates membership billing and other fees, simplifies online and onsite scheduling, enables easy booking for classes or PT sessions, as well as other backend processes not only looks great for potential investors, it also serves to increase member retention and improve the overall client experience.

Step 8: Funding

You will round out your business plan with a clear description of where any start-up capital is coming from. Personal savings, bank loans, partners, sponsorships or even “soft loans” from family members or friends are all resources you might consider.

You’re Almost There!

Starting a gym has a multitude of benefits but is no easy task to undertake. That said, with the right business plan your rewards will far outweigh your challenges and you can look forward to a happy and successful future within the fitness industry. Refer back to your business plan whenever you need to make important decisions, secure new investments or show new partners or employees the greater vision and direction of your business.

A Personal Checklist:

Feel free to use this checklist to help you through the next stages of running your own gym. Refer to it throughout the development of your business to ensure you don’t miss a thing.

• Write business plan
• Register business
• Apply for business license and permit
• Open business bank accounts
• Select online payment platform
• Obtain tax payer’s ID
• Purchase insurance
• Organize rental space / purchase facility
• Purchase / rent equipment
• Secure funding
• Set up Direct Debit service
• Recruit employees
• Draft contract documents and any other legal documents required
• Design company logo and brand
• Develop website
• Write website content
• Create accounts on social media platforms
• Design leaflets and brochures
• Organize branded uniforms
• Hold launch party!

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Contact Information

Nicolas Fisher

Nick is a Marketing Specialist with a keen eye for market introspection and relevant insights. Adept in relating to people, he often seeks ways in which we can use human relations to bring our businesses and clients closer together to create lasting bonds by using his insights and expertise in the industry.

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BUSINESS STRATEGIES

How to create a gym business plan

• Annabelle Amery
• Sep 5, 2023
• 10 min read

When starting a business , it’s crucial to create a comprehensive and clear business plan. This applies to all types of businesses , including a gym business . A gym business plan is a strategic document that outlines the goals, objectives and strategies for starting and running a successful gym.

A gym business plan serves as a roadmap for entrepreneurs, providing guidance on how to navigate the challenges and complexities of the fitness industry. It helps entrepreneurs define their vision, mission and target market, as well as identify the resources and steps needed to achieve their goals.

Need a way to promote your gym business online? Get started with Wix’s website builder , which includes built-in marketing and scheduling tools.

Why create a gym business plan?

A gym business plan is particularly important for individuals who are new to entrepreneurship. It provides a structured approach to starting a gym by outlining the necessary steps, such as securing funding, finding a suitable location and acquiring equipment. Some of the other main advantages include being able to:

Attract funding: A well-written gym business plan can attract potential investors or lenders who may be interested in supporting your venture financially. It demonstrates your understanding of the market, your competitive advantage and your plans for profitability.

Understand resource requirements: A comprehensive gym business plan helps entrepreneurs identify the resources required to start and operate their gym successfully. This includes business registration (cost to start an LLC ), equipment, staff, gym marketing materials and other supplies necessary for day-to-day operations.

Achieve long-term success: A gym business plan provides entrepreneurs with an opportunity to thoroughly analyze their target market and competition. By conducting market research and competitive analysis, they can develop strategies to differentiate their gym from others in the industry.

Set goals: A well-crafted gym business plan helps entrepreneurs set realistic and measurable goals for their gym. These goals can include financial targets, membership growth, customer satisfaction levels and other key performance indicators.

Make better decisions: Having a clear business plan in place helps entrepreneurs make informed decisions about various aspects of their gym, such as pricing, marketing strategies and expansion plans. It serves as a reference point for evaluating options and making choices that align with the overall business strategy.

Guide your website messaging and design: A gym business plan also includes considerations for creating a business website . Today, making a website is crucial for attracting customers and promoting your gym. The business plan can outline the website's purpose, design, functionality and marketing strategies to drive traffic to the site. Be inspired by these fitness website examples .

How to write a gym business plan in 6 steps

A gym business plan is a crucial document that outlines the strategies and goals for starting and running a successful gym. It provides a roadmap for entrepreneurs, guiding them through the process of establishing and growing their fitness facility. To create an effective gym business plan, it is important to include six main parts:

Executive summary

Business and domain names

Market analysis and research

Operations plan

Marketing and advertising

Financial plan

01. Executive summary

The executive summary is a concise overview of your gym business plan. It provides an introduction to your gym, highlighting its unique selling points and summarizing the key elements of your plan. The executive summary should include a brief description of your gym, your mission statement, an overview of the target market and competitive landscape, a summary of your marketing, your advertising strategies and an outline of your financial projections (including how you plan to raise money for your business ).

Example of an executive summary for a gym:

“ABC Fitness is a state-of-the-art gym located in downtown Cityville. Our mission is to provide a welcoming and inclusive environment where individuals of all fitness levels can achieve their health and wellness goals. With top-of-the-line equipment, certified trainers and a variety of group exercise classes, we aim to be the premier fitness destination in our community.

In an increasingly health-conscious society, the demand for fitness facilities continues to grow. ABC Fitness differentiates itself by offering personalized training programs tailored to each member's specific needs. Our strategic location in the heart of the city ensures easy accessibility for our target market of urban professionals.

To attract customers, we will implement a comprehensive marketing campaign that includes online advertising, social media promotions, and partnerships with local businesses. We project steady growth in membership numbers over the next three years, resulting in increased revenue and profitability.”

02. Business and domain names

Choosing the right business name for your gym is crucial for building brand awareness and trust. It should reflect your gym's values, target market and unique selling proposition. Here are some steps to consider when deciding on a company name:

Brainstorm keywords and concepts related to fitness, health and wellness

Use a business name generator (or specifically a small business name generator ) for inspiration and to generate unique name ideas

Consider the availability of domain names associated with your chosen company name

Check the availability of the chosen domain name using domain registration websites

Be inspired: Gym business name ideas , Fitness business name ideas

Learn more about registering your business once you’ve landed on your business name and legal structure.

03. Market analysis and research

Including market analysis and research in your gym business plan is essential for understanding the competitive environment and developing a better business strategy.

Target market: Analyze the target market by identifying demographics, psychographics, and fitness preferences of potential customers. Conduct a SWOT analysis (strengths, weaknesses, opportunities and threats) to assess your gym's internal and external factors.

Competitors: Research competitors in your area to understand their strengths, weaknesses, pricing strategies and marketing efforts. Identify opportunities for differentiation by offering unique services or targeting underserved segments of the market.

04. Operations plan

The operations plan outlines the logistical aspects of your gym, including location, premises, equipment and staffing needs. Make sure to select a suitable location that is easily accessible, has ample parking and aligns with where your target market is based.

Then determine the size and layout of your gym space based on the number of equipment, exercise areas, locker rooms and amenities. Research and budget for the necessary gym equipment, including cardio machines, weightlifting equipment and fitness accessories.

Lastly outline staffing requirements by identifying the number of trainers, instructors, front desk staff and maintenance personnel needed.

05. Marketing and advertising plan

The marketing and advertising plan lays out the strategies and campaigns you will implement to promote your gym business. To do this you’ll need to first identify your target audience and tailor your marketing efforts to reach them effectively.

Then, plan out a strong brand identity by creating a logo, color scheme and visual elements that resonate with your target market. (Need help creating a logo? Check out these fitness logo ideas or Wix’s free logo maker .)

Consider using various marketing channels such as social media platforms, online advertising, local partnerships and community events. Then plan compelling content that highlights the benefits of joining your gym and showcases success stories from existing members. You can also implement referral programs or incentives to encourage current members to bring in new customers.

06. Financial plan

The financial plan is a cornerstone of any gym business plan, providing an in-depth overview of how the business will secure initial funding, manage expenses, generate revenue and outline the projected time frame for achieving profitability. This section is pivotal in demonstrating the financial viability and sustainability of the gym business to potential investors, stakeholders and lenders.

Startup costs and funding: Starting a gym business entails various upfront costs that should be carefully estimated for accurate financial planning. These costs include lease or purchase of the gym space, equipment procurement, interior design, licensing and permits, marketing, initial staffing and operational supplies. Funding for these startup costs can come from diverse sources, such as personal savings, business loans, grants, partnerships or investments.

Revenue projections: Revenue projections provide a forecast of the expected income over a specific period, usually the first few years of the gym's operation. These projections should be based on thorough market research, competitor analysis and realistic expectations.

Profit and loss projection: The profit and loss projection, also known as the income statement , offers an overview of the gym business's revenue, expenses and net profit or loss over a specific period. It provides insights into the financial health of the business and its potential profitability.

Time frame for profitability: The time frame for achieving profitability in a gym business depends on factors like membership growth, marketing strategies, operational efficiency and retention rates. Typically, gyms aim to reach profitability within the first year or two of operation

Gym business plan examples

Creating a gym business plan from scratch can be a daunting task, especially if you're new to entrepreneurship. Fortunately, there are many resources available that provide gym business plan templates to help you get started. These templates serve as a framework for organizing your ideas and ensuring that you include all the necessary components in your plan. Here are two draft business plans for hypothetical gym businesses, incorporating the main parts discussed earlier.

By using templates as a starting point, you can customize them to fit your specific vision and goals for your gym. Remember to conduct thorough research, analyze your target market and develop strategies that set your gym apart from the competition. With a well-crafted gym business plan in hand, you'll be well-equipped to start your journey towards building a successful fitness facility.

Business plan template 1: neighborhood fitness studio

The Neighborhood Fitness Studio is a boutique gym located in a residential area, catering to individuals seeking a personalized fitness experience. Our mission is to provide a welcoming and supportive environment where members can achieve their health and wellness goals. With certified trainers, state-of-the-art equipment and a variety of group exercise classes, we aim to become the go-to fitness destination in our community.

Company name and domain name

We have chosen the name "FitHub" for our neighborhood fitness studio. The domain name www.fithub.com is available and aligns well with our brand identity.

Our target market consists of local residents aged 25 to 45 who value convenience and personalized attention

Competitor analysis reveals that there is no other gym within a two-mile radius offering specialized fitness programs tailored to individual needs

We plan to differentiate ourselves by offering personalized training plans, nutrition counseling and small group classes

We have secured a 2,000 square foot space in a commercial building with ample parking for our gym

The gym will be equipped with cardio machines, free weights, strength training equipment and a designated area for group exercise classes

We will hire certified personal trainers, fitness instructors and front desk staff to ensure excellent customer service

Marketing and advertising plan

We will utilize social media platforms like Facebook and Instagram to promote our gym and engage with potential customers

Local partnerships with health food stores and wellness centers will allow us to reach a wider audience

We will offer a free trial period for new members and implement a referral program to incentivize word-of-mouth marketing

Business plan template 2: upscale fitness center

The Upscale Fitness Center is a premium gym targeting affluent individuals who prioritize luxury and exclusivity. Our mission is to provide a high-end fitness experience that combines cutting-edge equipment, personalized training and luxurious amenities. With our state-of-the-art facility, expert trainers and exclusive membership perks, we aim to become the preferred fitness destination for the elite in our city.

We have chosen the name "Elevate Fitness" for our upscale fitness center. The domain name www.elevatefitness.com is available and reflects our commitment to helping members elevate their fitness journey.

Marketing analysis and research

Our target market consists of high-income individuals aged 35 to 55 who value personalized service and are willing to invest in their health

Competitor analysis reveals that there are no other fitness centers in our city offering the same level of luxury and exclusivity

We plan to differentiate ourselves by offering VIP amenities, personalized training programs and exclusive member events

We have secured a 10,000 square foot space in a prime location, featuring high-end finishes and top-of-the-line fitness equipment

The fitness center will include dedicated areas for cardio, strength training, group exercise classes and a spa-like relaxation area

We will hire certified personal trainers, nutritionists and spa professionals to provide a comprehensive wellness experience for our members

We will leverage digital marketing strategies, such as targeted online advertising and influencer partnerships to reach our affluent target market

Exclusive membership events and collaborations with luxury brands will create buzz and attract high-profile individuals

We will offer personalized consultations and complimentary services to prospective members to showcase the unique value of our fitness center

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How to Write a Gym Business Plan (Step-by-Step Guide + Free Template)

• posted on 2024-05-22 2024-05-23

Opening a gym can be very lucrative but requires a well-thought-out business plan. We mean a document that will help you understand what steps you need to achieve success at your gym. This article will discuss how we design a plan for a fitness business from the scratch.

We will present some examples and gym business plan templates. They will help you understand what elements should be included in this document. From concept development through market and competition analysis to a financial plan. This article gives you a solid foundation for writing a business plan. Doesn’t matter if you are creating a new gym or improving an existing one.

Download: Free Gym Business Plan Template

What is a gym business plan?

A gym business plan is a document that describes planned activities, goals, and strategies for a new or existing gym. It is an important document for anyone who wants to open or develop their own fitness business.

How to write a gym business plan (Step-by-Step)?

• Step 1: Gather answers to important questions from the list below before writing your plan.
• Step 2: Are you opening a gym with an innovative business model? It is better to wait to start writing a business plan immediately to verify whether this model can succeed. 
• Does the gym have a traditional business model (e.g., hour-scheduled group training sessions) already existing in the market? You can skip this step and create a business plan immediately.
• Step 3: Create a gym business plan using the ready-made template (pattern) described below.
• Step 4: Review the business plan regularly, every month in the first months of running the gym, and at least once a year in subsequent years. A business plan is a living document that will help your fitness place grow.

What to remember when creating a gym business plan?

• Write short and concisely. Be specific.
• Use numbers for calculations.
• Assume black scenarios. The blacker you assume, and yet the business has a chance of success, you will manage to beat the market.
• In the first months of the gym’s operation, work with the business plan daily and update calculations and assumptions.
• Once the gym is stable and has reached the so-called break-even point, return to the business plan at least once a year.
• Discuss the business plan with your team. Also, consider sharing some of the profits with your team. In this way, you will build a unique commitment.
• The business plan is for years. The document should be updated regularly.

Where to start writing a gym business plan? (10+ questions to start with)

Start writing your document by answering a few important questions. The questions help you create a good business plan for opening a gym and, above all, help you design a business that perfectly suits your needs:

• Why do you want to start this gym?
• How much would you like to earn per month? 
• How many clients do you plan to serve per month? 
• What kind of gym do you want to run? (e.g., group training place, personal training place, specialized gym of one kind of sport or one kind of clientele). Here is a list of types of fitness businesses.
• What kind of service will you offer? (on-site, online, mixed).
• What area will you operate in?
• Who will be your client? 
• How many direct competitors are there where you want to operate?
• How will your gym stand out?
• Who do you need to hire to start a gym?
• What metrics will you keep track of? (e.g. retention rate, customers opinions).
• What will your gym look like inside?
• What will the atmosphere of your gym be like?
• What will your fitness offer look like? 

Recommendation

Remember that a sample of your fitness classes can attract potential customers. A well-performed meeting will help you sell your idea. The trainer’s performance and place’s image are your #1 sales tools.

What to write a business plan for?

• A business plan is an action plan. You will stop dreaming and start turning your idea into a real gym business plan.
• Running a business is working in a company. Creating a plan is working “on the company,” i.e. its design and improvement.
• A gym business plan will allow you to verify your assumptions. You will observe it in a year, two, or five years. It’s super satisfying to watch how your knowledge grows every year.
• Writing this document allows you to translate your vision into a specific project and action plan. It also allows you to rethink to what extent your business idea is a recipe for success and what you still need to refine.
• Creating a business plan for a gym will help you assess the reality of your dream. You’ll check the possibilities of its implementation, as well as check the chances of its success. It’s also important to assess the risk you have to take.
• A business plan forces you to be specific. If you don’t know the answer to a question in our guide, you may be blind in this area, which is very risky.
• If you already run a gym and don’t have a plan, fix this mistake. Every gym should have some sort of ideas for the present and future actions.

When is it worth writing a business plan?

In our opinion, it’s always worth it 🙂 You plan to open a successful gym, right? Not having the basic elements of your fitness business written down and calculated… dooms you to failure. Remember to verify them regularly too. 

Only regular analysis of the gym’s results and planning the next moves (in the form of a business plan) allows you to have full control over the gym.

Of course, the external motivation is looking for an investor or support (then you are forced to create this document).

Helpful resources when creating a gym business plan

• How Much Do Gym Owners Make in 2024
• How Much Does It Cost To Open a Gym in 2024
• Opening a gym (Step-By-Step Guide)    

Free gym business plan template

A typical gym business plan example includes:

• Executive summary for a gym
• Gym description
• Market analysis
• Competition analysis
• SWOT analysis
• Investment costs (one-off to start)
• Operating costs (fixed monthly costs) Financial Projections
• Profit and Loss Account

Break-even analysis

Sensitivity analysis

• Gym marketing plan
• Company description of the vision for further development of the gym

1. Executive Summary

The summary of the gym business plan should include:

• Mission statement, vision, and values.
• Description of the gym concept.
• Why will this idea be a success?
• How do you want to implement this plan?
• Profits and return on investment.

The executive summary should be written at the end after you have written your entire gym business plan. The executive summary wraps the business plan up. It provides the reader with the most important information in a very concise form (max. 600 words, i.e., about 1-2 pages). Discuss only the key aspects of your business idea. Use points!

2. Description of the gym

This section aims to show you the details of your gym. It should not lack the following elements:

• Mission: why do we exist?
• Vision: what we want to achieve in 1, 2, and 5 years.
• Business Type: Is your gym a sole proprietorship, partnership, or other business?
• Gym name (get inspired by this list of gym names ).
• Gym type: specify the type of gym, e.g., personal training gym, group fitness classes gym, online training studio, wide offer studio, etc.
• Specific location: write exactly where your new gym is (or could be) and why you chose this place.
• The style of the place: what will be the colors, atmosphere, decorations, music, etc.
• Ways to serve the customer: only on-site, only remotely, both ways.
• Hours of Operation: What hours will the place be open? Why are these?
• Your offer is surely connected with your experience and skills. But remember to be creative and have 1-3 differentiators from the competition (Unique Selling Points)

3. Market research and competition analysis

You should thoroughly analyze the space to create your premises. Oh, unless you are introducing real innovation to the market – or maybe especially then 🙂What needs to be observed? Analyze the market and competition, focusing on the following: Industry analysis. Customers are the key to any gym’s success. Knowing their demographic structure, preferences, and training habits is critical to a business plan.

• Target market for a gym: Think about who your customers will be. Consider their age, interests, expectations, and how to reach them.
• Needs in the market: Describe the market’s needs and how your gym will meet them.
• Target Audience Size: Determine the number of potential customers in the market you intend to target.
• Market trends: Use credible information to show that people will be interested in your gym idea. Find out current trends and how the gym industry is developing.

Competition analysis Check out other gyms that are or could be your competition.

• Is there any other gym or fitness center in your area? Make a list of them.
• Revenue and number of customers they can achieve: Estimate how much such gyms can earn
• Offer and prices: Analyze what these places offer and what is their pricing . Try to calculate their revenue cost (it is how much you need to spend before you start earning).
• Competitor marketing activities: See what makes them successful and their weaknesses.
• Competitive advantages: What will be your advantage?

SWOT analysis The abbreviation comes from the words: S for Strengths, W for Weaknesses, O for Opportunities, and T for Threats. Fields S and W are related to the gym’s launch situation. While the O and T fields are related to the success of your project in the future. It is worth conducting such an analysis in the form of a table:

4. Investment plan (cost analysis)

In this section, you will present the costs associated with the initial investment and the spending plan for the first year of operation.

List the costs, dividing them into two groups:

• Investment costs (one-off to start).
• Operating costs (fixed monthly costs). 

After opening a gym, verify the costs regularly, preferably once a month.

Investment costs include, among others:

• Rental or purchase of the real estate.
• Renovation and adaptation of the fitness facilities.
• Purchase of exercise equipment: mats, kettlebells, dumbbells, other special equipment, like poles for a pole sport studio, etc.
• Reception Desk.
• Unified Work Clothes for the staff (if you plan it)
• POS software.
• Payment terminals.
• Computer hardware for the POS system.
• A website with online booking.

Regarding point 5 and 6, take into account a very important monthly purchase, which will however save your time and money finally. It’s a gym management software. You can compare some of the software providers on the market. Yet, what we recommend is WodGuru . With its reasonable price, many useful features, amazingly helpful support and nice cartoon visual identity.

• Insurance of the premises and equipment.
• Organizational and legal costs (e.g., regulations, documentation).
• Costs related to permits and licenses (e.g. license to conduct exercises according to a patented pattern and name).
• External training costs.
• Operating costs.
• Rental of real estate (if the premises are rented).
• Electricity.
• Staff wages: personal trainers, receptionist, outsource trainers etc.
• Purchase of additional items like finger food and drinks.
• Equipment maintenance and servicing costs.
• POS system support.
• Online booking system.
• Employee insurance.
• Online and offline advertising.
• Printed materials.
• Running social media.
• Website positioning (SEO).
• Taxes and fees.

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How to finance the opening of a gym?

The biggest problem for a novice gym owner is finding financing for the first business. Various options are worth considering.

• taking out bank loans,
• receiving subsidies — a business plan will even be necessary to receive them
• loans from friends or family.

Considering bank loans or a subsidy, you must first think about the black scenario. What will happen if your business fails and you have to return the borrowed money? But also what to do to prevent this from happening? Assess, which costs at the beginnins of a fitness business are inevitable. How high the margin you have to impose on the training performance? This is the key to assessing the chance of return on investment in the gym.

5. Financial forecast

The financial forecast consists of 3 elements:

• Projected profit and Loss Statement: Shows what turnover and profits you will generate. 
• Break-even analysis: Shows when a gym will become profitable.
• Sensitivity analysis: Shows what happens to turnover and profit in negative scenarios. E.g., 50% decrease in turnover for three months.

Profit and Loss Account You will need to estimate the value of the sale considering the size of your gym, target market, sales volume, and revenue cost. You will get a profit and loss forecast, comparing this with the costs. The easiest way to prepare a profit and loss account is in the form of a table:

Investors will want to know how much revenue you will need to generate each month to break even after all fixed and operating costs are considered. In the analysis, you should show how you intend to generate the necessary revenue, even in difficult months with lower sales.

It is worth doing it to assess the negative scenarios.

• The other gyms will be stronger, and you will have to lower price
• You lose key employees
• There is a decrease in sales by 10 or 20% compared to what you assume

This will allow us to be prepared better for different financial crises and reduce stress when such a situation arises.

Make a sensitivity analysis in the form of a table

Business is people. Describe what your team will look like, dividing it into two groups:

If you are looking for investors, this area can be critical for them.

Describe the founders:

• List of founders.
• Experience.

Which positions are necessary for the daily functioning of the premises? Is it the receptionist, a permanent personal trainer, an outsourcing trainer, social media platforms specialist, etc.? Who will suffice as emergency help?

Think about which people you already know with the necessary competencies. Which ones will you have to look for or train as your employees from the beginning? The cost of necessary training should also be included in the gym business plan.

Describe the team you need to build:

• List of job titles.
• Remuneration.
• Type of contract.

7. Marketing plan

Ideally, your marketing strategy should include the items we listed. Below we describe how to do effective marketing in your branch.

• Brand building (logo, colors, gym name , gym slogans)
• Building your own website or app (Here you can check how to create a fitness app )
• Selling training sessions or booking online from your own website (as the main way of selling online)
• Launching a loyalty program
• Will you run social media?
• Will you be implementing gym SEO (Search Engine Optimization)?
• Will you add a business listing on Google Maps?
• Will you run email and SMS campaigns, and if so, how often? How will you build your subscriber base? 
• Will you be blogging?
• Will you be running a gym newsletter ?
• Will you be doing paid Google Ads and Facebook Ads?
• Will you be offering promotions? If so, what types?

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8. Description of the vision for further development of the gym

Determining the direction of development is very important at the beginning of your business. When setting gym goals you want to achieve in a certain time, you should start with the wider ones, reaching those at the everyday level. It is also worth considering how you want to achieve these goals.

During project execution you need to observe and adapt initial goals. It enables effective management and reduces losses in marketing, service, and other areas. Your gym’s written plan should clearly outline the vision and strategies to achieve desired objectives.

Sample gym business plan

We created a sample gym business plan to help you write your plan. Click below to download an example of a business plan for a gym.

Download: Free gym Business Plan Template

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Key Takeaways

• The business plan describes what your gym will look like.
• A business plan consists of 10 different elements.
• Create a business plan even if you already run a gym.
• Do not outsource writing a business plan to external companies. It is better to ask an experienced trainer or an external company as a consultant for your ideas.
• Go back to the business plan once a month if you are starting and once a year if you have been operating for several years.
• A business plan is not an artificial document you write once and forget. It is a living document that teaches you how to run a business.

Frequently Asked Questions (FAQ)

How to write small gym business plans.

Regardless of the size of the gym or business, the steps of gym business planning remain the same. Writing this document for a small gym consists of creating:

• Executive summary, 
• Gym description, 
• Market analysis, 
• Investment plan, 
• Financial projections, 
• Team, 
• Marketing plan,
• Company development description

Does every gym need a business plan?

In our opinion, yes. If you are serious about putting your place in the whole fitness industry, you must implement a repetitive method of working “on the company”. A BP that is updated regularly every month and year is a way to run a business.

How to open a gym without money?

Opening a gym with no money can be challenging, but it’s not impossible. Here are some ways to open a gym without enough funds:

• Rethink the concept of your gym.
• Look for gym investors or alternative funding sources.
• Start your online business to get first customers.
• Consider working with other companies.
• Start a smaller business by offering training sessions on demand and develop your brand.

Discover more ideas on how to open a gym with no money.

How to promote gyms?

Promoting a gym is key to attracting new guests, increasing sales and retaining regular customers. A few steps to help you promote your gym:

• Create a professional website with an online booking system .
• Take care of social media by posting regularly and encouraging interaction.
• Add your gym to popular sites.
• Organize contests and promotions.
• Collaborate with influencers.
• Organize events such as health promoting, competitions or concerts.
• Use paid ads such as Google Ads or Facebook Ads.
• Collect gym feedback from satisfied customers.

Check these gym promotion ideas for inspiration.

How much profit does the gym make?

A gym’s profit depends on many factors, such as location, offer, prices, service quality, and business size. The average gym profit margin is between 10 and 15% per year, but it can vary significantly depending on the factors mentioned above. Franchise gym profits on the lower end of 10%, boutique fitness studios averaging 20% to even 40% profit margins, and CrossFit gym profit margins in the 25-30% range.

What makes a gym business plan important?

A gym business plan is crucial for several reasons:

• It helps clarify the vision and goals of the gym.
• It provides a roadmap for the business.
• It includes financial projections, budgeting, and funding strategies for securing investors or loans.
• It identifies potential risks and challenges, allowing the business to address them proactively.
• It serves as a reference point for decision-making, helping the management team focus on the business’s objectives.
• It can be used to communicate the business idea effectively to stakeholders, including investors, partners, and employees.

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• How to Write a Pilates Studio Business Plan (Step-by-Step Guide + Free Template + Examples)
• How to Write a Martial Arts Business Plan (Step-by-Step Guide + Free Template + Examples)

She has been successfully running her club for 12 years. Participant of dozens of courses and workshops. At WodGuru as an industry expert.

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Gym Business Plan

Is exercise or fitness your passion? Or do you have a good understanding of gym equipment and workout routines?

If yes, you might have considered having your own gym at some point. After all, who doesn’t want to turn their passion into a profession?

And guess what! Just like you wouldn’t hit the gym without a workout plan, starting your own gym demands a comprehensive gym business plan!

If you’re seeking investors to kickstart a new fitness center or aiming to expand an existing gym business, a modern business plan is an essential tool.

A well-written gym business plan will help you pay attention to every detail, and support your entrepreneurial journey to make the best strategies for a profitable business.

But before diving right into the detailed gym business plan; let’s check out some interesting facts about the fitness industry.

Fitness Industry Outlook

• The growing enthusiasm for fitness and the desire for a healthy lifestyle has led to the demand for gyms. As of now, 39% of Americans have gym memberships.
• The fitness industry has been booming in recent years, and it is expected to have 230 million members by 2030 .
• The Health and fitness market revenue is estimated to grow at a rate of 11.52% annually, reaching a market volume of US$2.32 billion by 2027.
• The fitness industry is expected to increase its revenue by 172% from 2021 to 2028 – reaching $435 billion.
• From 2011 to 2019, the revenue for gyms and health centers in the United States consistently increased each year.
• Recently, the United States led the world in gym industry revenue and is expected to add 15.6 million more members by 2030.

Now that you know the fitness industry outlook, it’s time to explore all the key components you will need to include in your professional gym business plan outline:

Key Components of a Gym Business Plan (w/ Examples)

• Executive Summary
• Company Overview
• Industry and Customer Analysis
• Competitor Analysis
• Service Offerings
• Marketing Strategy
• Management Team
• Operations Plan
• Financial Plan

1. Executive Summary

The executive summary is the first and foremost section of the business plan. Generally, it is a quick overview of your entire gym business plan.

It should be clear, concise, and engaging as it will create your first impression and draw readers to delve further into your plan.

You can start this section with a brief introduction to your gym business and discuss the following key elements:

• Market Opportunity
• Vision & mission statement
• Target market
• Your products and services
• Marketing strategy
• Management team
• Financial Outlook

After that, end your summary with a clear call to action to invite potential investors or readers to the next meeting.

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2. Company Overview

The company overview section provides a more detailed description of your gym business.

It includes the legal structure, location, ownership, critical success factors, business history, and everything about your business.

First, provide the basic details of your gym including what is the name and what type of gym you are operating.

Mention the names of your gym owners/partners along with the qualifications. You can also include the business history(if any) and milestones you have achieved.

After that, describe your business goals to convey a high level of aspirations and vision that you want to achieve. Here is an example, describing the business goals and objectives:

Setting future business goals for a gym is a crucial step in outlining a clear path to achieve success and growth. The Stayfit Company’s goals and objectives include;

• Increase the client base by 100 customers within the first year of operation.
• Relocating to a large and more appropriate location facility by the first year of operation.
• Expand service offerings to provide a comprehensive fitness experience.
• Establish partnerships and increase brand visibility to become a recognized fitness brand in the community.
• Increase total memberships to 500 within 5 years.

Remember, this section gives an in-depth understanding of your business and business owners. So, make it clear and intriguing.

3. Industry and Customer Analysis

In the industry and customer analysis section of your gym business plan, it’s necessary to offer a comprehensive overview of the fitness industry and target market.

This section gives you a deep understanding of your industry and target customer attributes which will help you in business planning.

Here are some questions that will help you in the analysis:

• What is the current market size of the fitness industry in terms of revenue?
• What are the current trends in the gym business?
• Who are the target audience, and which customer segment do you wish to serve?
• What is the growth forecast for the gym business?

For example, look at this market segment and target market of the gym business with the help of Upmetrics:

As a gym owner, you can target the following customer profiles:

• Blue-collar employees (factories, warehouses, service industry)
• White-collar individuals(corporate or government employees)
• High school & college students
• Military members and their families
• Athletes who often train for fitness competitions

In short, a thorough industry analysis will educate you about the local market and help you prepare marketing strategies according to the market trends.

4. Competitor Analysis

This competitor analysis will help you understand the top competitors and identify the strong points of their service offerings.

As a gym business, you should make a list of the number of gyms or other fitness businesses operating in your locality, their size, and their customer base. Try to specify who are your direct and indirect competitors.

• Direct competitors can be other local gyms
• Indirect competitors can be another type of gym or fitness center, or health club in your area.

Now, let’s focus on your direct competitors and provide an overview of each competitor, including their size and where they’re based. Evaluate their strengths and weaknesses including their service offerings and pricing structures.

Refer below example; showing competitor analysis description:

A better way to conduct this analysis is by noticing things from a customer’s perspective. You might even ask your competitors’ clients what they like or dislike about them to get valuable insights.

This way you can understand what makes your competitors successful and what gaps you can fill. Also, consider the unique selling proposition of your gym business.

Specify your tactics to stay ahead in the competitive landscape and make all the difference in the local gym market.

5. Service Offerings

Next, specify the scope of your service offerings and elucidate how they meet the diverse needs of your clientele.

This section must be informative, precise, and client-focused, as it is a detailed breakdown of what your fitness business offers your customers.

You can include a comprehensive suite of services encompassing types of membership options, available exercise equipment, personal training sessions, group fitness classes, or nutritional counseling.

Here, you can take a reference from the below example written using Upmetrics AI Assistant :

Also, detail any membership fees or pricing plans in this section to add or revise services. Mention if your gym provides any additional services, like physical therapy, massage therapy, recovery modalities, etc.

6. Marketing Strategy

Writing the sales and marketing plan section means jotting down all the customer acquisition strategies and the tactics for how to retain them.

You can consider the following marketing approaches to gaining and keeping customers for your new gym business:

Unique Selling Proposition

Define your gym’s USPs depending on the market you serve, the gym equipment you use, and the unique services you provide. Highlight certified gym trainers, specialty programs, and regular community events.

Social media marketing

Use social media platforms to attract more users. Create engaging content and entice your audience with inspirational posts and special offers. Connect with your customers digitally as well as in the gym.

Establish a professional website and brand symbol (gym’s logo) to reach a wider audience. Showcase all your service offerings and build trust among potential customers.

Loyalty plans

Consider loyalty plans to retain existing gym members and encourage long-term commitment. Create membership tiers or referral programs to offer discounts or additional benefits.

Collaborations

Partner with local businesses (health food stores, fitness centers, or clothing brands), and fitness influencers to cross-promote services or offer collaborative discounts. That can expand your gym’s reach and draw a broader audience.

Offline advertising

Traditional offline marketing can still be effective in engaging with your local community. Clearly state your advertising strategies, including open bulletin boards, print marketing, flier distributions, or community events. For instance,

Consider following offline advertising strategies to reach specific demographics:

• Local Print Media: Advertise in local newspapers, magazines, or community newsletters to target residents in your area.
• Flier Distribution: Distribute flyers or brochures in strategic locations such as community centers, local cafes, or residential areas to raise awareness about your gym.
• Community Events: Sponsor or participate in community events, fairs, or health expos. This not only promotes your gym but also allows for direct interaction with potential members.

Pricing strategy

Try to develop detailed strategies, like offering special introductory discounts, free trials, seasonal promotions, or membership packages with additional services to attract and retain members.

7. Management Team

A strong management team is essential to showcase your gym’s ability to thrive in the industry. This management team section emphasizes the key members who can help grow your fitness business.

You can highlight your key managers, fitness experts, personal trainers, or nutritionists. Also, explain each member’s expertise and roles.

Also, discuss the compensation plan in this section, along with their salaries, incentives, and other benefits. For instance,

8. Operations Plan

This operations plan is like a map that shows how you will make your business work.

It provides detailed insights into the day-to-day operations of your gym and highlights key areas such as staffing and operational processes.

Consider adding below essential components to your operational plan:

Try to mention the number of trainers, support staff, and therapists needed. Briefly outline the duties they will perform and detail their qualifications & training required.

Operational Process

Summarize the processes and techniques you will use to run your gym. Your operational process section may include hosting fitness classes, assigning trainers, scheduling the group HIIT classes, billing, training staff, etc.

Equipment & Machinery

You can include the list of gym equipment and machinery required for the gym, such as strength training equipment, pull-up bars, cardio equipment, free weights/dumbbells, and aerobic equipment.

Refer to the below example written using our AI assistant:

9. Financial Plan

Presently, you are in the business planning phase, but devoting some time to putting together the most realistic financial projections is also crucial when you start seeking funding from investors.

It is a detailed blueprint of all the cash flow and revenue streams, initial startup costs for setting up your gym and equipment, profit margins, and operational costs.

So, mention all the below elements in your gym business plan outline:

• Profit and loss statement
• Cash flow statement
• Balance sheet
• Break-even analysis
• Business ratios
• Exit strategy

This financial forecast has a substantial value in terms of whether you secure funding or not. And evaluate the funding resources, including bank loans, SBA-guaranteed loans, crowdfunding, or personal savings.

Here’s an example of a projected P&L statement for a gym financial plan with the help of Upmetrics:

Download Free Gym Business Plan PDF

Need help writing your gym business plan from scratch? Well, here you go; download our free gym business plan pdf now and start writing.

This modern, user-friendly business plan template is specifically designed for your gym business.

With a step-by-step guide and example, it helps you write a solid gym business plan without missing any crucial steps.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Start Drafting Your Plan with Upmetrics

With Upmetrics, you will get easy-to-follow steps, 400+ sample business plans, and AI support to streamline your business planning approach.

Our financial forecasting tool will help you develop accurate financial forecasts for 3 or more years if you’re not great with financial formulas.

Whether you’re venturing into a new business or aiming for expansion, Upmetrics provides valuable resources and insights to build successful and professional business plans that perfectly align with your objectives.

So, don’t wait; start planning now !

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Frequently asked questions, where can i find examples of successful gym business plans.

There are various online platforms where you can find sample business plan templates. Consider reputable sources like Upmetrics , which offers a successful gym business plan template for your specific needs.

What should I include in my gym business plan?

You should include the following key elements in your gym business plan:

• Executive summary
• Company overview
• Industry and market analysis
• Customer Analysis
• Competitor analysis
• Service offerings
• Marketing Plan
• Operations plan
• Financial plan

What are important gym location factors to consider when writing a business plan?

While writing a business plan, consider the following gym location factors:

• Easy accessibility and high visibility area
• Assess the availability of sufficient parking space
• Check and comply with local zoning laws and regulations
• Analyze the local demographics to align with the target market
• Evaluate the proximity of competitors

How often should I update my gym business plan?

It is very necessary to regularly update your gym business plan, especially in dynamic industries like gym & fitness. Consider updating it at least once a year or more often if there are significant changes in your business.

What are the common mistakes to avoid in a gym business plan?

Following are some of the most common mistakes you should consider avoiding when writing a gym business plan.

• Ignoring thorough market research
• Overestimating financial projections
• Neglecting competitors analysis
• Overlooking marketing strategy

About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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How to Write a Business Plan for a Gym

Welcome to this comprehensive guide on how to write a business plan for a gym. Whether you’re starting a new gym or looking to expand your existing fitness center, a well-crafted gym business plan is essential for success. This article will delve into all the critical aspects that you need to consider when developing a gym business plan specifically tailored to the unique needs of the fitness industry.

Learn how to create a gym business plan with our step-by-step guide. It’s no easy feat to learn how to open a gym or how to start a fitness business , so be sure to manage your gym with the best gym management software and the best personal training software that can help professionalize your gym business and demonstrate to potential investors, bankers, or gym business partners that you have a solid gym business plan.

Get a demo now!

Steps to Create a Gym Business Plan

Follow these steps to create a business plan for a gym, then check out our free gym business plan template examples below.

Step 1: Conduct Preliminary Research

Before you start writing your business plan, conduct preliminary research on the fitness industry, market demand, and competition in your area. This will help you make informed decisions throughout the planning process.

Step 2: Define Your Business Objectives and Mission

Clearly state the mission of your gym business and outline the objectives you aim to achieve. This sets the tone for the rest of your business plan and provides a roadmap for your venture.

Step 3: Executive Summary

Write an executive summary that provides an overview of your business plan. This should include your mission, objectives, and financial projections. It serves as a quick snapshot of your business plan for investors or stakeholders.

Step 4: Business Description

Describe the core concept of your gym, the services you plan to offer, and the business structure. Here, you also introduce your vision for the gym and its role in the community.

Step 5: Market Analysis

Delve into your gym target market , discussing the demographics, psychographics, and lifestyle choices of potential customers. Additionally, consider conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to gauge your position in the market.

Read More: How to Choose a Target Market for Your Gym

Step 6: Marketing and Sales Strategies

Outline how you plan to market your gym and the sales strategies you’ll employ to reach your target audience. This could include social media advertising, local partnerships, and promotions.

• Gym Marketing Ideas
• Gym Social Media Marketing
• Gym Partnership Marketing

Step 7: Service Offering

List out in detail the services you plan to offer such as personal training, group classes, and other amenities. Provide pricing strategies for each service.

Read More: Gym Pricing Strategy

Step 8: Financial Projections

Provide a comprehensive financial outlook for your gym, including startup costs, revenue projections, and a break-even analysis. This is especially crucial for securing funding or loans.

• How to Create a Gym Budget
• Accounting for Gyms
• How to Get a Gym Loan
• Gym Sales Forecasting

Step 9: Legal Structure and Licenses

Explain the legal structure of your business (e.g., sole proprietor, LLC, corporation) and list out all required licenses and permits. Make sure to include any regulations that pertain to the health and fitness industry.

What is the best business structure for a gym?

• Gym Insurance
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• Common Gym Lease Issues to Avoid

Step 10: Appendices and Supporting Documents

Include any additional materials that support your business plan such as resumes of key management, market research data, and any preliminary agreements with partners or suppliers.

Once your business plan is complete, it serves as a strategic guide for you, but also as a presentation for potential investors or lenders. Consider using Exercise.com to manage various aspects of your gym business, such as membership management, payment processing, and scheduling. Book a demo today to see how it can help you implement your business plan successfully.

Read More: Best Gym Management Software

Gym Business Plan Template Example

Table of contents, executive summary, business description, market analysis, marketing plan, sales strategies, financial projections, appendices and supporting documents.

• Mission Statement: Example: “To create a community-focused gym that promotes health and wellness for residents of [City].”
• Objectives: Example: Reach 200 members in the first 6 months.
• Financial Summary: Example: $250,000 initial investment; expecting to break even in 12 months.
• History: Example: Founded in 2023, aiming to fill the gap in affordable fitness facilities in the area.
• Vision: Example: To be the go-to fitness hub in [City] for people of all fitness levels.
• Services Offered: Example: Personal Training, Group Classes, Nutritional Planning, etc.
• Target Audience: Example: Residents aged 20-50 looking for affordable fitness solutions.
• Market Trends: Example: Increased awareness in health and wellness.
• Competitor Analysis: Example: Three other gyms in the vicinity, but none focus on [your unique selling proposition].
• Advertising Channels: Example: Social Media, Local Newspapers, Flyers.
• Promotions: Example: Opening month 50% off on all membership plans.
• Pricing: Example: Multiple membership tiers – Monthly, Quarterly, Annually.
• Upselling: Example: Personal Training sessions, Dietary Plans, Merchandise.
• Startup Costs: Example: $100,000 for equipment, $50,000 for lease.
• Revenue Forecasts: Example: Expecting to generate $300,000 in the first year.
• Break-even Analysis: Example: Expecting to break even within 12 months.
• Resumes of Key Management
• Market Research Data
• Financial Models
• Licenses and Permits

To streamline all the various aspects of your gym business, consider leveraging the capabilities of Exercise.com’s custom-branded fitness app . It’s an all-in-one software solution designed for fitness professionals, offering features like online booking, payment management, online fitness coaching, and much more. To see it in action, book a demo today .

Gym Business Plan Sections Explained

Writing a business plan for your gym is an essential step in the formation and development of your fitness-related business. A well-crafted business plan can serve as a roadmap, guiding you through each phase of starting and managing your business. It also helps you identify potential challenges and plan appropriate ways to mitigate them. Here’s a step-by-step walkthrough of each of the sections needed to help you craft a compelling business plan for your gym.

Start with an executive summary that gives a high-level overview of your gym. This should include the gym’s mission statement, the market need you’re addressing, and the key features that set your gym apart from the competition. Aim for brevity but ensure it captures the essence of your business.

Example Text

“Our mission is to create a community of fitness enthusiasts who feel at home while achieving their wellness goals. Located in the heart of the city, our gym offers state-of-the-art equipment, personalized training, and a welcoming atmosphere.”

This section should offer a more detailed description of your gym, including its history, vision, and objectives. Explain the type of gym you’re planning to open and the services you’ll offer.

“Our gym will focus on strength training and offer services such as personal training, group classes, and nutritional guidance.”

Conduct an analysis of your market. Identify your target audience, assess the competition, and analyze market trends that could impact your business. This will help you understand where your gym fits in the current market.

“The fitness market in our location has grown by 20% in the last two years, with a noticeable gap in specialized strength training gyms.”

Lay out your marketing strategies. How will you attract customers to your gym? What channels will you use for marketing? Include both digital and traditional marketing methods.

“Our marketing plan includes social media advertising, local partnerships, and an opening day promotion.”

Describe the sales process, including pricing and payment methods. Indicate any plans for upselling services like personal training, nutrition plans, or merchandise.

“Memberships will be sold both online and in-person, with various pricing tiers to meet different customer needs.”

This section should contain detailed financial projections for your gym. Include startup costs, operating costs, and revenue forecasts. If possible, provide scenarios for best-case, moderate-case, and worst-case scenarios.

“We expect to break even by the end of the first year with a moderate-case scenario projecting a 20% profit by the end of year two.”

Lastly, include any supporting documents like market research, resumes of the management team, or any other information that supports your business plan.

“Attached are the resumes of our management team and market research findings.”

To run your gym efficiently, consider leveraging Exercise.com’s custom-branded fitness app, which provides all-in-one software solutions for managing your business, from booking and payments to hosting exercise videos and online fitness coaching. Book a demo today to find out more .

Example Gym Business Plan Financials (Small Gym)

Creating a robust gym financial plan is crucial for any gym business, especially when it comes to securing loans or attracting investors. The financial section typically includes projections for startup costs, revenue, expenses, and profitability. Below are example financials that could be part of a small gym business plan.

Gym Startup Costs

Equipment costs.

• Treadmills: $15,000
• Weight machines: $10,000
• Free weights: $5,000

Facility Costs

• Lease: $8,000 (initial deposit)
• Renovations: $12,000

Initial Marketing Costs

• Advertising and Promotion: $3,000

Miscellaneous

• Legal and Licensing: $2,000
• Insurance: $1,000

Total Startup Costs: $56,000

Gym Revenue Projections (First Year)

Monthly membership fees.

• 150 members at $50/month: $7,500

Personal Training Fees

• 30 sessions at $40/session: $1,200

Additional Revenue Streams

• Merchandise sales: $300

Monthly Revenue: $9,000

Annual Revenue: $108,000

Gym Operating Expenses (First Year)

Monthly rent, staff salaries, maintenance.

Monthly Expenses: $8,500

Annual Expenses: $102,000

Gym Profitability Projections

Monthly Profit: $500

Annual Profit: $6,000

Gym Break-even Point: Approximately 7 months

Note: These figures are hypothetical and should be tailored to fit the specifics of your own gym business model . Exercise.com can help you manage various aspects of your gym business, including tracking financials. Book a demo today to find out more.

• Gym Business Models
• How to Create Multiple Gym Revenue Streams
• Most Profitable Fitness Business Models

Example Gym Business Plan Financials (Large Gym)

For gym owners looking to operate on a larger scale, the financial dynamics will differ significantly. A larger operation means higher revenue potential but also increased costs. Below are example financials tailored to a larger-scale gym business.

• Treadmills: $50,000
• Weight machines: $35,000
• Free weights: $15,000
• Lease: $30,000 (initial deposit)
• Renovations: $50,000
• Advertising and Promotion: $10,000
• Legal and Licensing: $8,000
• Insurance: $5,000

Total Startup Costs: $203,000

• 800 members at $80/month: $64,000
• 200 sessions at $60/session: $12,000
• Merchandise sales: $2,000
• Premium services (spa, massage, etc.): $5,000

Monthly Revenue: $83,000

Annual Revenue: $996,000

Monthly Expenses: $41,500

Annual Expenses: $498,000

Monthly Profit: $41,500

Annual Profit: $498,000

Break-even Point: Approximately 5 months

These are hypothetical numbers tailored for a larger-scale gym business. Exercise.com offers solutions to help you manage your gym’s financials, member management, and more. To understand how it can cater to a larger scale operation, booking a demo is highly recommended.

• How to Increase Gym Revenue and Profitability
• How to Scale Your Gym to Multiple Locations
• Best Gym Multi Location Software

Why a Solid Business Plan is Essential for Gym Owners

A solid fitness center business plan serves as a roadmap for your gym’s success. It not only helps you define your goals and objectives but also provides a detailed framework for achieving them. With a well-designed plan in place, you can effectively navigate potential challenges, make informed decisions, secure funding, and attract potential investors. Ultimately, a business plan acts as a tool to guide your gym’s growth and ensure its long-term viability.

In addition, a comprehensive business plan allows gym owners to analyze the market and competition, identify their target audience, and develop effective marketing strategies. By conducting market research and understanding the needs and preferences of potential customers, gym owners can tailor their services and offerings to meet the demands of their target market. This not only helps attract and retain customers but also positions the gym as a competitive player in the industry.

Read More: How to Start a Fitness Business

Understanding the Purpose and Benefits of a Gym Business Plan

A gym business plan serves several purposes. First and foremost, it outlines your vision, mission, and core values. By clearly defining these elements, you can align your gym’s operations and activities with your overarching goals. Additionally, a well-developed business plan encompasses market research, competitor analysis, marketing strategies, financial projections, and risk management considerations. It also helps you identify and capitalize on growth opportunities within the fitness industry.

One of the key benefits of having a gym business plan is that it provides a roadmap for success. By setting clear objectives and outlining the steps needed to achieve them, you can stay focused and track your progress. This not only helps you stay on track but also allows you to make adjustments and improvements along the way.

Another important aspect of a gym business plan is that it can help attract investors or secure financing. When seeking funding for your gym, having a well-developed business plan demonstrates your professionalism and commitment to success. It provides potential investors or lenders with a comprehensive overview of your gym’s potential profitability and growth prospects, increasing your chances of securing the necessary funds.

Researching and Analyzing the Fitness Industry for Your Business Plan

Conducting comprehensive research on the fitness industry is crucial to gaining a solid understanding of current trends, consumer preferences, and market demand. Start by examining industry reports, market studies, and demographic data. Analyze factors such as population density, income levels, and competition in your target location. Additionally, researching consumer behavior and emerging fitness trends will allow you to tailor your gym’s offerings to meet customer needs and stay ahead of the competition.

Another important aspect of researching the fitness industry is understanding the competitive landscape. Identify and analyze your direct competitors, including their pricing strategies, target market, and unique selling points. This information will help you differentiate your gym and develop a competitive advantage.

Furthermore, it is essential to consider the technological advancements and digital trends impacting the fitness industry. With the rise of wearable fitness devices, mobile apps, and online fitness platforms, understanding how technology is changing the way people engage with fitness can provide valuable insights for your business plan. Explore opportunities to incorporate technology into your gym’s operations, such as offering virtual classes or implementing a mobile app for member engagement.

Defining Your Gym’s Vision, Mission, and Values in the Business Plan

Your gym’s vision, mission, and values are the guiding principles that shape your business’s identity and culture. Clearly define your gym’s vision statement, describing the ultimate goal you want to achieve. Your mission statement should outline the purpose of your gym and the value it offers to customers. Additionally, identify and establish core values that reflect your gym’s commitment to excellence, customer satisfaction, and overall well-being.

When defining your gym’s vision, mission, and values in the business plan, it is important to consider the unique selling points of your gym. These could include specialized training programs, state-of-the-art equipment, or a focus on community engagement. By highlighting these aspects in your vision, mission, and values, you can differentiate your gym from competitors and attract a target audience that aligns with your offerings. Furthermore, regularly reviewing and revisiting your gym’s vision, mission, and values can help ensure that they remain relevant and aligned with the evolving needs and preferences of your customers.

Identifying Your Target Market and Demographics

Identifying your gym target market is a critical step in developing a successful gym business plan. Determine the demographics, psychographics, and specific needs of your ideal customers. Consider factors such as age, gender, income level, lifestyle preferences, and fitness goals. This information will help you tailor your marketing efforts, facility design, and service offerings to effectively attract and retain your target audience.

One important aspect to consider when identifying your target market is their geographic location. Understanding where your ideal customers are located can help you determine the best location for your gym. For example, if your target market consists of young professionals who work in the downtown area, it would be beneficial to open your gym in a central location that is easily accessible to them.

Another factor to consider is the competition in your target market. Researching and analyzing the existing gyms and fitness centers in your area can give you insights into the demand for fitness services and the potential saturation of the market. This information can help you differentiate your gym by offering unique services or targeting a niche market that is currently underserved.

Conducting a Competitive Analysis for Your Gym Business Plan

Conducting a competitive analysis allows you to understand your direct and indirect competitors, their strengths, weaknesses, and market positioning. Evaluate their pricing strategies, service offerings, marketing tactics, and customer reviews. By identifying gaps in the market and differentiating yourself from competitors, you can position your gym as a unique and appealing option for potential customers.

Developing a Unique Selling Proposition (USP) for Your Gym

Your gym’s unique selling proposition (USP) is what sets you apart from the competition. It represents the distinctive factors that make your gym attractive to your target market. It could be specialized classes, personalized training programs, state-of-the-art equipment, or exceptional customer service. Developing a strong USP and effectively communicating it in your business plan and marketing materials will help your gym stand out and attract loyal customers.

Creating a Strategic Marketing Plan to Attract and Retain Members

A strategic marketing plan is essential for promoting your gym and attracting potential members. Your plan should include a mix of online and offline marketing strategies, such as social media marketing, search engine optimization (SEO), email marketing, and local advertising. Clearly outline your target audience, marketing channels, messaging, and gym business budget allocation. Additionally, consider creating gym referral programs , loyalty rewards, and other retention strategies to ensure a steady stream of members.

• Gym Marketing Guide
• Gym Social Media Marketing Guide
• Gym Email Marketing Guide
• Gym SMS Text Messaging Marketing Guide

Designing an Effective Pricing Structure for Different Membership Options

Designing an effective pricing structure is crucial to ensuring the financial success of your gym. Consider factors such as your target market, competitors’ pricing, facility overhead costs, and desired profit margins. Offer different membership options and pricing tiers to cater to various customer needs and budgets. Consider offering special promotions, discounts, and trial periods to attract new members and encourage long-term commitment.

Outlining the Organizational Structure and Staffing Requirements in Your Gym Business Plan

Outlining the organizational structure and staffing requirements in your business plan helps you determine the roles and responsibilities necessary to operate your gym successfully. Clearly define the management hierarchy, operational departments, and staffing needs. Outline key positions, their qualifications, and responsibilities. Additionally, consider employee training and development programs to ensure the delivery of exceptional customer service and consistent quality throughout your gym.

• How to Hire the Best Gym Staff
• Best Gym Staff Management Software System

Detailing Equipment, Facilities, and Amenities in Your Gym Business Plan

Detailing the equipment, facilities, and amenities available in your gym is essential for attracting and retaining members. Describe the types of equipment you offer, such as cardio machines, strength training equipment, and specialized fitness tools. Additionally, highlight any special facilities or amenities, such as swimming pools, group exercise studios, locker rooms, saunas, or a juice bar. Ensure that your gym’s offerings align with the preferences and expectations of your target market.

Addressing Legal and Regulatory Considerations in the Business Plan for a Gym

Addressing legal and regulatory considerations is crucial for ensuring your gym operates within the boundaries of the law. Research and comply with local, state, and federal regulations related to zoning, permits, licenses, health and safety standards, and employment law. Consider consulting with an attorney experienced in the fitness industry to ensure your gym’s compliance and minimize potential risks.

Crafting Financial Projections and Budgets for Your Gym Business Plan

Crafting financial projections and budgets is a vital component of your gym business plan. Project your revenue streams, including membership fees, personal training services, and retail sales. Consider factors such as monthly expenses, payroll, equipment maintenance, marketing costs, and facility rent. Create realistic gym financial forecasts , including income statements, cash flow statements, and balance sheets, to demonstrate the viability and profitability of your gym.

Securing Funding Options for Starting or Expanding Your Gym Operations

Funding is often necessary when starting or expanding a gym. Explore various funding options, such as traditional bank loans, Small Business Administration (SBA) loans, angel investors, venture capitalists, crowdfunding, or personal savings. Prepare a compelling business plan highlighting your gym’s potential return on investment to attract potential funders. Additionally, be prepared to present financial projections, market research, and a detailed breakdown of how the funding will be used to grow your gym’s operations.

Read More: How to Get a Loan for a Gym

Implementing Key Performance Indicators (KPIs) to Track Success in Your Gym Business Plan

Implementing key performance indicators (KPIs) allows you to monitor and measure the success of your gym’s operations. Identify KPIs related to membership growth, member retention rates, revenue per member, average visit frequency, customer satisfaction, and employee productivity. Continuously track and analyze these metrics to make informed decisions, identify areas for improvement, and ensure your gym’s ongoing success.

Creating Contingency Plans and Risk Management Strategies for your gym business plan.

Creating contingency plans and risk management strategies is essential for mitigating the potential risks and uncertainties that may arise in the operation of your gym. Identify potential risks, such as economic downturns, equipment breakdowns, and legal disputes. Develop contingency plans and procedures to address these risks effectively. Additionally, consider gym business insurance policies to protect your gym and its assets.

Incorporating Sustainability Practices into Your Gym’s Business Model.

Incorporating sustainability practices in your gym demonstrates your commitment to environmental responsibility and attracts eco-conscious customers. Consider energy-efficient equipment, recycling programs, paperless operations, and environmentally friendly cleaning products. Additionally, educate your staff and members about the importance of sustainable practices and provide resources to encourage their participation.

Leveraging Technology and Digital Tools to Enhance Operations in Your Gym.

Technology plays a crucial role in enhancing efficiency and customer experience in the modern gym industry. Consider implementing the best gym member management software , online booking systems, mobile apps, and wearable fitness trackers. Leverage digital marketing strategies, such as social media advertising and email campaigns, to reach a wider audience. Utilize data analytics to gain insights into member behavior, preferences, and trends, enabling you to make data-driven decisions.

Evaluating Growth Opportunities and Expansion Plans within the Fitness Industry.

Finally, continuously evaluate growth opportunities and expansion plans within the fitness industry. Monitor emerging trends, new fitness concepts, and changes in consumer preferences. Assess the feasibility of opening additional locations, introducing new services, or targeting new market segments. Review and update your business plan regularly to adapt to changing dynamics and maximize your gym’s growth potential.

By following these guidelines and incorporating all the essential elements discussed, you’ll be well equipped to write a comprehensive business plan that sets your gym up for success in the competitive fitness industry. Remember, a thoughtful and well-thought-out plan is not only a roadmap but a crucial tool for attracting investors, securing funding, and ultimately, achieving your gym’s goals and objectives. Good luck on your journey to building a successful gym!

Read More: How do I write a proposal for a gym?

How do I create a business plan for a gym?

Creating a business plan for a gym involves several key components: an executive summary, market analysis, business structure, services offered, marketing strategy, financial projections, and operational plan. Each section should be detailed, backed by research, and tailored to your specific gym concept.

Do I need a business plan for a gym?

Yes, a business plan is essential for a gym as it provides a roadmap for your business, helps in securing funding, and serves as a guide for operational decisions.

When and how will I use a gym business plan?

A gym business plan is used primarily at the startup phase for securing loans or investments. However, it is also a living document that should be revisited and updated periodically to guide your business decisions.

How will a gym business plan help me?

A gym business plan will provide a clear strategy and timeline for your business, help you understand your market and competition, and make it easier to secure funding.

Should I pay for a gym business plan or create one myself?

This depends on your expertise and available resources. If you have a good understanding of business planning, you can create one yourself. Otherwise, hiring a professional may be beneficial.

Do I need a gym business plan to get a gym loan?

Yes, most financial institutions will require a detailed business plan before approving a loan for your gym.

Read More: How to Get a Gym Loan

The best business structure for a gym could be a Sole Proprietorship, Partnership, LLC, or Corporation, depending on factors like liability, taxation, and investment needs.

Read More: What is the best business structure for a gym?

How do I start a gym project?

Starting a gym project involves market research, business planning, securing funding, finding a location, purchasing equipment, hiring staff, and launching marketing campaigns.

Read More: How to Start a Gym

How profitable is owning a gym?

Owning a gym can be profitable, with annual earnings varying greatly depending on location, size, and services offered. Utilizing management software like Exercise.com can help maximize profitability.

Is owning a gym a good business idea?

Yes, with the rising focus on health and wellness, owning a gym can be a profitable venture if well-managed and strategically located.

What is the hardest part of owning a gym?

The hardest part is often balancing high operating costs with the need for continuous marketing and customer retention.

Where do gyms make the most money?

Gyms often make the most money from membership fees, but additional revenue can come from personal training, group classes, and merchandise.

What is the toughest thing about being in a gym business?

The toughest part is likely customer retention, as the industry often sees seasonal fluctuations and competition can be stiff.

How much do gym owners make?

As previously discussed, earnings can vary widely but can range from around $49,000 to over $82,000 annually based on location.

Read More: Gym Owner Average Income

What is the budget of a gym business plan?

The budget should outline initial setup costs, ongoing operational expenses, expected revenue, and financial projections for at least the first three years.

How do gym owners make money?

Gym owners make money primarily through memberships, but also through services like personal training, group classes, and sometimes merchandise and food sales.

Is it hard to start a gym business?

Starting a gym business can be challenging due to high startup costs, competition, and the need for skilled staff and effective marketing.

What is required for starting a gym?

Requirements include a solid business plan, funding, a suitable location, licenses and permits, quality gym equipment, and a marketing strategy.

What would you need to open a small gym business?

For a small gym, you would need a more modest amount of funding, fewer staff, and potentially less space and equipment, but the foundational requirements remain the same.

• What makes a gym successful?

A successful gym offers quality service, maintains a loyal customer base, keeps up with industry trends, and manages its finances well.

• Most Successful Gyms

How many members does a gym need to be successful?

While the number can vary, a commonly cited range is at least 300 to 500 members to break even and become profitable.

What are the disadvantages of a gym business?

Disadvantages include high startup and operational costs, difficulty in retaining customers, and vulnerability to economic downturns.

Is it better to own a gym or franchise a gym?

Both have pros and cons. Owning gives more control but comes with more risk, while franchising offers brand recognition but less operational freedom.

What scares gym owners the most?

Common fears include failing to retain customers, facing stiff competition, and not being able to cover operational costs.

How can I open a gym with no money?

This is challenging but not impossible. Options include taking out a loan, finding investors, or starting small, such as offering outdoor classes before moving to a physical location.

What causes gyms to fail?

Common reasons include poor location, lack of effective marketing, subpar service, and high operational costs.

Read More: Why do gyms fail?

What expenses do gym owners have?

Expenses include rent, utilities, staff salaries, equipment purchase and maintenance, marketing, and insurance.

What is the monthly revenue of a gym?

This varies widely depending on size, location, and services offered, but monthly revenue can range from a few thousand dollars to several tens of thousands.

How much does it cost to maintain a gym?

Maintenance costs can include equipment repair, utility bills, staff wages, and cleaning services, and can range from hundreds to thousands of dollars per month.

Read More: Gym Costs

How much equipment do I need for a gym?

This depends on the type and size of the gym, but a general gym will require cardio machines, strength training equipment, free weights, and potentially specialized equipment for classes.

Read More: What equipment do you need to open a gym?

How much space do you need for a gym?

The space needed can range from as little as 500 square feet for a small specialized gym to 10,000 square feet or more for a large commercial gym.

Read More: How much space do you need for a commercial gym?

How much investment do I need to open a gym?

Initial investment can range from a few thousand dollars for a small, budget-friendly gym to several hundred thousand for a large, high-end facility.

What sort of expenses does a gym have?

Expenses typically include rent, utilities, equipment, staffing, marketing, and administrative costs.

How can Exercise.com help me manage and grow my gym?

Exercise.com offers comprehensive gym management software that streamlines tasks like membership management, scheduling, and payment processing. It also offers marketing tools to help you attract and retain members, making it easier to grow your gym. For a detailed look at how Exercise.com can assist you, consider booking a demo .

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How to Create a Business Plan for Your Gym

Crafting a gym business plan that prioritizes modern technology can help your new fitness business succeed.

A passion for fitness alone isn't enough to open a gym . If you want your business to thrive, you must create a roadmap for success. Gym business plans outline your business's goals and strategies to help you reach those goals, providing a structured framework for decision-making, resource allocation, and long-term growth.

Let’s explore everything you need to know to craft a successful business plan for your gym.

Why Do You Need a Gym Business Plan?

Writing a business plan can feel daunting, and you may wonder if it's worth the time and resources. While you may feel overwhelmed now, pausing to plan offers significant benefits.

Improves Success

A well-thought-out business plan improves your chances of success and accelerates growth. Studies show that entrepreneurs with formal business plans are more likely to succeed .

Additionally, companies with well-developed plans grow 30 percent faster than those without. Why? A strategic business plan creates a path toward achieving important milestones. It outlines specific strategies, timelines, and measurable targets, enabling you to track progress and adjust as needed.

Helps Secure Funding

Whether you're seeking a loan or attracting investors, a comprehensive business plan is essential to secure funding for your gym. Potential investors and banks typically require a business plan that includes market data and opportunity, a high-level marketing and growth plan , and projected costs and revenue.

Crafting Your Gym Business Plan With Modern Technology at The Forefront

With over 32,000 United States health clubs vying for members, new gyms must incorporate modern technology in their business plans to outperform their competitors.

"Technology spans nearly every element of the modern gym environment," says Randy Hetrick, Founder and CEO of OutFit Training. "From member acquisition, utilization, and retention analytics to scheduling, billing, goal setting, program design, biometric analysis, and more – technology touches nearly every aspect of a modern club."

In today’s rapidly evolving fitness landscape, adopting a tech-forward strategy isn't optional; it's a necessity.

Benefits of a Tech-Driven Business Approach

Improves member retention.

Providing a location to pump iron and break a sweat isn't enough to retain members. In fact, most gyms lose 50% of new members within six months of joining. Today, gym goers demand more than just equipment. They want a seamless experience that takes their fitness to the next level. Incorporating modern technology, such as personalized workout apps, virtual classes, and progress tracking, enhances your member's experience and improves retention.

Streamlines Operations

Repetitive administrative tasks are a time suck for gym owners. Ditch the spreadsheets and opt for a more efficient gym management strategy by investing in gym management software. Gym management software streamlines fitness facility operations by centralizing tasks like member registration, class scheduling, and billing. It also automates routine processes, like membership renewals and payments, reducing administrative work and minimizing errors.

Diversifies Revenue Streams

The demand for online exercise courses has increased 132% year-over-year. This trend presents opportunities for gym owners interested in diversifying their revenue streams and bringing in more money.

Offering virtual workouts caters to individuals who may be too busy to visit the gym every day. It can also help boost in-person attendance by 12%. This means not only meeting the needs of those who prefer the flexibility of virtual workouts but also encouraging more people to show up at the gym when they can. It’s a win-win situation for gym owners looking to adapt to changing preferences and attract a broader audience.

The Core Components of a Tech-Driven Gym Business Plan

Now that you understand the importance of a business plan and technology's role in helping your gym thrive, let's explore the essential elements aspiring entrepreneurs should include when crafting their strategies.

Executive Summary

Your executive summary serves as a bird's eye view of your gym, providing insights into your business model at a glance. This section introduces your business idea to readers and includes your mission statement, goals, leadership, operations, and locations.

Products and Services

This section outlines the range of products and services your gym will offer. Here, you should provide pricing information and detail your services' unique features and benefits, emphasizing how technology will enhance the overall fitness experience for your members.

Market Analysis

If you want to turn your dreams of gym ownership into a reality, you need to understand consumer behaviors in your area and economic trends in the fitness industry. In this section, delve into your local market, identifying target demographics, competitors, and potential growth areas. Analyze the demand for tech-driven fitness solutions and showcase how your gym is positioned to meet and exceed these market needs.

Marketing Strategy

This section should detail your marketing strategy, outlining how you plan to promote your gym and attract members. Include both traditional and digital marketing approaches, like social media marketing. A well-crafted marketing strategy will include strategies for building brand awareness, promoting special offers, and fostering community engagement.

Financial Projections

This section should outline your gym's financial planning and projections. If you already own a fitness business, include your financial statements from the previous two years, a listing of current or desired equipment to be purchased, and other relevant financial documents.

Aspiring gym owners should provide detailed financial projections, including revenue forecasts, expense estimates, and expected profit margins. If you need funding, include details about the financial assistance your gym will require. Most likely, you already know your business growth path. Demonstrating that growth path to third parties will help you unlock the funding you need to spur things into action.

The Importance of Financial Forecasting

Opening a gym is not for the faint of heart. Industry professionals estimate that 81% of fitness studios fail in their first year. This failure rate is often due to insufficient funds. If you want to avoid becoming a negative statistic, it’s essential to have a realistic financial plan in place before you open. Financial projections can help establish a budget and create benchmarks toward achieving your gym’s financial goals.

Creating Data-Driven Financial Projections

Financial projections predict the future income and expenses of your gym. This information helps you anticipate financial needs, set realistic goals, and demonstrate your business’s viability and potential success to investors.

Steps to Create a Financial Projections

Collect relevant data.

Established gyms can consult their historical data, like past financial statements, when crafting their financial forecast. However, aspiring gym owners with no historical data must conduct more research. Helpful data to explore when creating financial forecasts includes comparable market research (local and national), industry benchmarks, and analyst reports.

Forecast Expenses

Typical gym expenses vary widely from facility to facility. Opening a gym can cost anywhere from $50,000 to $1 million. When creating your financial forecast, consider the cost of opening a gym and ongoing operational expenses like staff salaries, insurance , the cost to lease property, and marketing.

Forecast Sales

Make a list of your planned revenue streams and project the monthly sales for each. Possible revenue streams for gyms include memberships, merchandise, digital classes, and personal training. Use the data you collected at the beginning of this process to make sales predictions. Remember that revenue tends to ramp up over time, so include a reasonable growth rate for revenue, start at $0, and build into what you believe is realistic.

Forecasting Profit

To forecast your net profit, compare how much money you plan to spend on the business with your predicted revenue. Demonstrating a path to profitability will show your lenders or investors (and most importantly, yourself) that your gym can be a successful and profitable operation.

Innovative Marketing Strategies for the Modern Gym

You could have talented trainers, high-tech equipment, and unique classes, but if no one knows your gym exists, you won't stay open long. including a comprehensive marketing strategy in your business plan is essential to attract new members. this strategy should include a variety of digital channels and outline what techniques you plan to utilize to reach your target audience., create a well-designed website.

Today's consumers expect businesses to have a website. Nearly everyone conducts online research before making a purchase. If you want to be on your target audience's radar, you must provide them with the opportunity to learn about your gym online.

If it's in your budget, we recommend working with a website designer. Poorly designed websites can do more harm than good, driving away potential customers. Skilled website designers will ensure that your website looks professional and is easy for users to navigate.

Optimize for Search Engines

Many business owners think having a website is enough to get discovered. However, creating a professional-looking site is just the tip of the iceberg. If you want your business to show up when prospects search for gyms in their area, you must invest in search engine optimization (SEO).

SEO enhances your website's visibility by optimizing your site's content and structure to rank higher in search results. This makes it more likely that prospects will find your business. Tools like Semrush and Ahrefs can help you identify keywords to include on your site that may help improve your ranking. Given how tricky SEO can be, having a pro in your corner can make things way easier and boost your gym's online game.

Implement Social Media Marketing

With over 302 million social media users in the United States alone, social media marketing helps gyms reach a wider audience. Leveraging platforms like Facebook, Instagram, and TikTok allows fitness establishments to connect with potential clients, share engaging content, and build a community around their brand.

When crafting your social media marketing strategy, include multiple social platforms. Today, the average user engages with up to seven platforms a month . Creating content across different platforms aligns with user behavior and maximizes your gym's visibility.

Utilize Email Marketing

As other digital marketing strategies have arisen, you may wonder if email marketing is still relevant. Let’s set the record straight. With 99% of email users checking their inbox daily , email marketing remains an effective tool for reaching and engaging your target audience.

Gym owners can utilize email marketing to promote special offers, fitness challenges, and exclusive content to their members.

Leveraging Technology to Enhance Your Members’ Experience

When deciding what products and services you want to include in your business plan, consider ways you can integrate technology into the workout experience. Offering fitness tools beyond the standard free weights and cardio machines will help improve your members' health journey and help you stand out from competitors.

Member Apps

If you want to attract tech-savvy members, Randy Hetrick recommends investing in a gym app, saying,"Start with a great member app that engages, challenges, and rewards your members for exhibiting the behaviors that will deliver the results they seek."

Not techy enough to create an app yourself? No worries. Gym management software often includes custom-branded member apps as part of their software solution. These apps allow members to view and reserve classes, track workouts, and access digital exercise programs.

Remote Training

While some people enjoy going to the gym to pump iron, 56.1% of exercisers prefer working out at home . Offering remote training options like digital personal training or online classes can help you tap into this market and add another revenue stream to your business.

Wearable Tech

As fitness technology advances, exercisers have become increasingly interested in tracking their health data. Nearly one-third of Americans use wearable tech like smartwatches to track metrics like steps, heart rate, and burned calories.

Recognizing consumer interest in this trend, successful fitness brands like Orangetheory Fitness utilize smart tech in their workouts. This provides members with helpful information on their health and facilitates friendly competition.

Consider elevating your gym’s membership experience by investing in customized wearable tech for your members. Providing devices like MyZone trackers at the beginning of each training session lets you gamify classes through leaderboards showcasing individual efforts.

Smart Equipment

With 38% of gym goers citing equipment as their primary reason for visiting their gym, investing in quality exercise tools is crucial. Smart equipment like Peloton bikes and Tonal strength machines track users' progress and provide real-time feedback. This data allows individuals to refine their exercise techniques, prevent injuries, and optimize their workout efficiency.

Gym Pricing Strategies and Membership Models

Determining the right pricing strategy for your gym can be tricky. If you charge too much, you'll scare away your target audience. On the flip side, if you charge too little, you'll hurt your bottom line.

To strike the right balance, examine your forecasted expenses and research your competitors' pricing. This will give you a strong idea of how much money you need to bring in each month to stay profitable and how much you can charge to remain competitive in the market. Below are standard pricing model options that may be a good fit for your business.

Monthly Memberships

Monthly memberships are one of the most popular membership models among gyms. These plans have a fixed monthly fee that grants members access to gym facilities and services.

Tiered Memberships

Membership plans structured in tiers offer varying levels of access to amenities and services based on the chosen tier. Higher tiers often come with additional benefits at a higher cost.

Class Packages

If your gym offers a variety of classes, you may want to consider offering class packages. This membership option allows members to purchase packages that include a set number of classes allowing flexibility in attendance.

Measuring Success: Key Metrics to Track in Your Business

After creating a gym business plan, ensure it stays on track by using metrics to monitor its progress. Research shows that companies that track their progress are more likely to achieve their business goals . While the best metrics to track will vary from business to business, keeping tabs on the following metrics will give you valuable insights into the health and growth of your gym.

Net Profit Margin

Net Profit Margin is a profitability ratio that calculates the percentage of net profit relative to total revenue. Your net profit margin is one of your gym's most important financial health indicators. This metric helps determine how much of every dollar your make is kept as profit.

Gross Profit Margin

Gross Profit Margin is the percentage of revenue left after subtracting the cost of products and services sold (like labor, equipment , and other consumables), showing how well a gym manages its core operations.

Revenue Growth

Revenue growth is the percentage increase in total income over a specific period, reflecting the expansion or contraction of the business. It's important for gyms (and all businesses) because steady revenue growth indicates an increasing demand for your services.

Member Retention Rate

Your gym's member retention rate is the percentage of members retained over a set time period. A high retention rate indicates happy clients that contribute to a consistent revenue stream.

Member Growth Rate

Your gym's member growth rate reflects the percentage increase in members over a specific period. A higher growth indicates an increase in popularity and will likely increase revenue.

Bottom Line

Opening a successful gym requires a little planning. But, investing time into crafting a strategic business plan increases your likelihood of success and improves your chances of receiving funding. Check out the U.S. Small Business Administration's resources for more information about creating a business plan.

More Advice for Gym Owners

• Best Gym Management Software
• Ultimate Guide to Opening a Gym
• Grow Your Gym: Capitalize on Fitness Business Trends
• Best Fitness Industry Events for Fitness Professionals
• How to Increase Gym Membership Sales
• Intro to Gym Equipment Financing for Gym Owners
• Harvard Business Review. Research: Writing a Business Plan Makes Your Startup More Likely to Suceed
• Bplans. Do You Need a Business Plan? Scientific Research Says Yes
• IHRSA. Media Center
• IHRSA. The 2020 IHRSA Health Club Consumer Report
• IHRSA. How to Build a Successful Health Club Franchise Model
• Power Reviews. Survey: The Ever-Growing Power of Reviews (2023 Edition)
• socPub. 5 Mobile Marketing Mistakes and How to Fix Them
• Statista. Social Media Usage in the United States-Statistics & Facts
• Forbes. Top Social Media Statistics And Trends of 2024
• Optinmonster. Is Email Marketing Dead? Statistics Say: Not a Chance.
• GoodFirms. At-Home Fitness Regime Is the Top Fitness Trend in 2022: GoodFirms' Survey
• National Heart, Lung, and Blood Institute. Study Reveals Wearable Device Trends Among U.S. Adults
• BDC. SMEs and Growth: Challenges and Winning Strategies
• U.S. Small Business Administration. Plan Your Business

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Gym Business Plan Template

Gym business plan.

If you want to start a new gym business or expand your existing business, you need a detailed gym business plan.

Since 1999, we have helped over 10,000 fitness business owners create business plans to start and grow their gyms, health clubs, martial arts studios, fitness studios, and other athletics businesses.

Write a Business Plan for Your Gym Business

A good business plan includes financial projections, detailed strategies and action plans. We recommend that you start with a simple gym business plan template.

Below are links to each section of a winning gym business plan:

• Executive Summary – The Executive Summary is the most important section of your own business plan. It should be clear, concise and provide an overview of your gym business plan.
• Company Overview – The Company Overview section should include your company name, legal structure, current business model, location, history, and a brief description of your products or services. You can also include your company’s mission statement and/or a list of your key objectives.
• Industry Analysis – The Industry Analysis should include information on the size of the gym industry, local market trends, competition and growth potential.
• Customer Analysis – The Customer Analysis should include a description of your target market, customer needs and how you plan to attract and retain your target audience.
• Competitive Analysis – The Competitive Analysis should include a description of your direct competitors, their strengths and weaknesses and your competitive advantage for how you plan to compete with them.
• Marketing Plan – The Marketing Plan should include your sales and marketing strategy, pricing strategy, and the promotion plan for your own gym.
• Operations Plan – The Operations Plan should include a description of your gym facilities, necessary gym equipment, fitness instructors, personal trainers and staff members, policies and day-to-day procedures. It may also include your gym or fitness business milestones.
• Management Team – The Management Team section should include biographies of the gym owner, your executive team members, key members of your team, and the overall management structure.
• Financial Plan – The Financial Plan should include your gym’s financial statements, funding requirements, and investment analysis.
• Appendix – The Appendix should include any supporting documents such as your gym’s lease, contracts, permits, business license and other legal documents.

Start Your Gym Business Plan Here

Next Section: Executive Summary >

Gym Business Plan FAQs

What is the easiest way to complete my gym business plan.

Growthink's Ultimate Gym Business Plan Template allows you to quickly and easily complete your fitness business plan .

Where Can I Download a Gym Business Plan PDF?

You can download our gym business plan PDF template .

What Is a Gym Business Plan?

A gym business plan provides a snapshot of your gym business or fitness center as it stands today, and lays out your growth plan for the next five years. It explains your long-term goals and your strategy for reaching them. It also includes solid market research for your local target market to support your plans.  

Once you have a handle on your market and the basics of running a small business, include more detailed information in your formal gym business plan. This better prepares you for financial negotiations with banks and other business opportunities to help your fitness business grow.

Why Do You Need a Business Plan for a Gym or Fitness Studio?

Fitness is big business, as baby boomers lead the charge to remain healthy for a lifetime. Gyms and fitness centers have come a long way, and new gym owners have a seemingly endless array of choices. Yet many new gym businesses fail because their owners try to be all things to all people. A written business plan is crucial to growing and developing your local gym in a controlled, sustainable manner. In addition, gyms are expensive to build and outfit. Potential investors and loan officers look to the business plan to decide whether to invest in your gym.

What Are the Sources of Funding for Gyms?

To secure funding for a gym, the main sources of funding are small business loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a solid gym business plan will give them the confidence that you can successfully and professionally operate a business.

The second best way to secure funding for a gym is through angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan. Venture capitalists will not fund a gym. They might consider funding a chain of gyms, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual gym or fitness center could never achieve such results.

How Much Will It Cost to Start a Gym?

There is no one-size-fits-all answer to this question, as the start-up costs for starting a gym will vary depending on the size and scope of your business. That said, you can expect to spend anywhere from $25,000 to $500,000 or more when starting a gym.

How Do I Write a Business Plan For A New Gym?

A business plan for a new gym will include your purpose for entering the fitness industry, key market data, direct and indirect competitors, and a more detailed description of your marketing plan, management team, target customers , and more. Outside of the 10 key elements noted in the gym business plan outlined above, you may also include the following information:

• Mission Statement: Define your philosophy on fitness and why you are opening this specific gym.
• Facility: Describe your gym’s layout and which gym and strength training equipment you will be using.
• Services: Describe the fitness services you offer, such as personal training, available exercise equipment, hosting fitness classes, and child care.
• Gym Membership Fees: Explain your pricing structure for gym memberships including membership options and other additional services.
• Financing: Detail how you will finance your startup costs and day-to-day operations.
• Growth Plan: Outline your plans for growing the business, including expansion into new markets and acquisitions.
• Risks and Threats: Describe the risks facing your gym and how you plan to address them.
• Exit Strategy: Explain how you will sell or close the business, including a timeline for doing so.

As you can see, a business plan for a gym is comprehensive and detailed. It should be updated regularly to reflect your changing business goals and strategies. Having a well-written business plan is essential to any successful gym or fitness center.

What Marketing Strategies Are Effective For A Gym Business?

There is no one-size-fits-all answer to this question, as the marketing strategies that are effective for a gym will vary depending on the type of gym you own. However, some general marketing tips include:

• Creating a strong branding strategy, including a recognizable logo and tagline.
• Developing marketing materials such as print ads, website design, social media profiles, and more.
• Creating a referral program to incentivize loyal customers to refer their friends.
• Developing partnerships with other established businesses in your community.
• Running promotional events such as free trial days or discounts for monthly memberships.

As you can see, many marketing strategies can be effective for your gym. Your marketing strategy should support your overall business strategy, which is defined by your vision and mission statements and unique selling proposition.

What Additional Resources are Available for Gym Business Owners?

• How To Start a Gym
• How Much Does It Cost To Start a Gym?
• How To Write a Gym Marketing Plan + Template
• Gym and Fitness Center Industry Trends & Outlook
• Gym Management and Growth Strategies

GYM BUSINESS PLAN OUTLINE

• Gym Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan
• 10. Appendix
• Gym Business Plan Summary

Other Helpful Business Plan Articles & Templates

How to Create a Fitness Studio Business Plan

February 8, 2023

Whether you are starting a studio, or already run one, a well-crafted fitness studio business plan is essential for building a profitable fitness business. A solid gym business plan helps you stay on track by identifying key market dynamics, illuminating opportunities for competitive advantage, and giving you key performance metrics to focus on. 

Your fitness studio business plan may drive such critical decisions as where to locate your gym, how large a space to buy or lease, how many staff members you hire, what their pay rates should be, how many fitness classes and what type of classes and training programs you’ll offer, and the most effective ways to promote your fitness business. 

If you own and operate an already established fitness business, revising your business plan – or creating one if you never have – can make a huge difference in boosting your bottom line and helping you to grow, especially if your gym’s growth has plateaued. A business plan is a constantly evolving blueprint that should reflect where your fitness business is in the moment, and let stakeholders know where you’re going and how you plan to get there. 

In this post, we’ll review the elements of a solid small gym fitness plan, give you some gym business plan examples and links to gym business plan templates.

Here are the key elements of any good fitness studio business plan:

Executive summary.

In this section of your gym’s business plan get down on paper your “why.” What is the purpose of your fitness business plan? What elements will you include in your gym’s business plan and why? How will this business plan demonstrate the viability of your fitness studio over time? What are your long term goals and how will you define success? Consider this section your “elevator pitch.” 

Starting a fitness business is no small feat. Doing your homework up front will not only give you confidence to weather the ups and downs of running your own business, but show potential investors that you’re prepared. Imagine being an investor who is reading your business plan, and whom you want to assure that you’ve got a solid vision backed up by well researched facts and figures. Add a few lines about your fitness business’s “why” that inspire and demonstrate your passion and commitment as a small gym or fitness business entrepreneur. 

Company Overview

This is the place to give all the details about who, what, where, when and why your fitness business exists. Include your mission and vision plus a detailed description of the type of services your fitness business offers and to whom. How is your gym or fitness studio structured? Is it independently owned by one or more people? Is it a franchise? Is there more than one location? What is the ownership structure? Are there shares? How are important business decisions made and by whom? 

This is the place to give clear, concise information about the products and services you offer, why you started your fitness business and what differentiates you in your local market. 

Industry Analysis

Taking time to research your market, understand trends and map the competitive landscape can make or break a fitness business, whether you’re in start-up mode, or an established player. 

What is your population size? How far are the people living in your area willing to travel to work out? What is your target demographic in terms of age, gender, income and other lifestyle factors? Pinpoint your major competitors. Get to know their pricing and promotions. Is there an unmet need in your area that your fitness business can tap into? You may want to consider using a SWOT format, outlining the strengths, weaknesses, opportunities and threats for competing gyms and your fitness studio. 

Also, make sure you’re on top of the latest national and global fitness industry trends like online workouts and gym-goers’ preference for small boutique fitness experiences versus big box gyms. What innovative programs and services are top companies offering? Why? 

Marketing Strategy

Many small fitness business plans rely solely on word of mouth to promote their gym. While getting great recommendations through your community is an essential step in building a thriving fitness community, long-term, your fitness studio needs to have a solid, multi-channel marketing strategy to maximize your brand’s exposure to potential new customers. 

In today’s competitive fitness industry landscape, it’s essential to understand how to efficiently use digital marketing platforms like social media, local search and email. To effectively run promotional programs, having a fitness business software platform that tracks your customer’s engagement and includes email, web and social media integrations is essential. 

List all the key members of your fitness studio’s leadership team and include professional, biographical information that highlights their skills and experience. Your gym’s leadership team could include owners, board members, investors, lead instructors, sales and customer service representative and any business advisors you may have brought on board. 

Describe how each person on the team will guide your fitness business to success. Consider including compensation structures and information about performance bonuses. Plan ahead for an eventual sale of your fitness business and formalize how owners and/or investors will be paid. 

This is the section where many new business owners are overly optimistic. Base your financial projections on fact and always over-estimate expenses and under-estimate revenues. This includes being realistic about membership sales, seasonal fluctuations, attendance and staff turn-over. Calculate your gym’s monthly expenses and then figure out what your revenue per class or training session needs to be to cover your expenses plus owners’ compensation. From here you can determine how many class passes and/or monthly membership’s your fitness business will need to be profitable. 

There can be a high turn-over rate in the gym business, so you’ll need a steady stream of potential new students coming through your doors each month, and know at what rate they will convert into long-term customers. Know your fitness niche’s average new student conversion rate. 

Build out at least five years of financial profit and loss estimates. Be sure to take into account any rent increases in your lease, taxes, increases in instructor pay and get granular with your expenses, from phone and internet to Facebook ads to the toilet paper in the bathroom, and don’t forget all those new cleaning products you’ll need to operate safely and courteously in a post-pandemic world. 

Gym Business Plan Templates

BusinessPlanTemplate.com This site offers a free outline of all the core content you’ll need to include in a fitness studio business plan. You can purchase a step-by-step business plan builder, including access to customer service and expert advise for $97. Business Plan Template.com is rated A+ by the Better Business Bureau and has strong, positive ratings from satisfied customers. 

Bplans If you need a bit of inspiration check out or Bplans DIY gym sample plans for fitness centers, corporate fitness, gyms, health clubs, as well as martial arts studios, gymnastics schools, and a number of other athletics businesses.

For those who want a higher level of support in creating a full fleged, modern business plan, Bplans offers a paid option called LivePlan . It contains the same templates and information you can access for free on the company’s website, plus additional guidance to help you develop a complete plan. Pricing starts at $12/mo. for a year subscription or $18/mo for a 6 mo. plan.

Institute of Personal Trainers This well-respected trade organization offers personal trainers a free business plan that includes step-by-step instructions. You can download the guide using the link on the association’s website. The institute understand that during the process of writing a business plan you will be presented with questions, ideas or challenges that you might not have thought of before. According to the organization, this alone makes it worth doing.

Remember, it’s better to start the process of creating a gym business plan, even if you feel intimidated, than to procrastinate until you feel you’ll get it perfectly right. There is a wealth of knowledge to be gained simply by going through the process. Writing out your fitness studio business plan may open your eyes to blind spots in your business strategy or long-term performance goals and shift your business into a whole new realm of growth opportunity in the coming year. 

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How to Create a Flawless Gym Business Plan

Your gym business plan is your roadmap to success. It guides you on your journey, helps you to make better decisions, and attracts potential angel investors to your business. Creating a business plan is a process. It’s easy to think of your business plan as one single document that you build and then you’re done. But, your business plan evolves and changes with you; it’s not a static checklist. 

Whether you’re starting a new small business or expanding an existing one, a business plan sets the foundation for success.

A great gym involves more than fitness equipment. Setting up a gym is a big task which is why you want to give yourself the best opportunity to succeed. All stages of your business plan are equally important and essential for the final steps. In this article, we try to understand the core elements of a gym business plan and how you can craft a business plan for your fitness business. 

What is a Gym Business Plan? 

Before we dive into how to create your business plan, let’s start at the beginning. So, what is a gym business plan? Well, it’s a document that tells the reader who you are as a business and a realistic idea of where the business is heading. At a basic level, your business plan answers the following questions: 

• How does your business work?
• How are you going to succeed?
• What steps do you need to take to succeed?

Research shows that entrepreneurs who write formal business plans are more likely to succeed . Business owners seeking external financial support are also more likely to commit their thoughts to a formal business plan. With a new business, it’s beneficial to pull your ideas into focus and put pen to paper. 

The Complete Online Branding Guide

Why do you need a fitness center business plan .

The main aim of your gym business plan is to create a blueprint for your business. For instance, if a potential investor were to read your business plan, they would understand how your gym will progress and succeed in the future. Your business plan also helps you to identify fresh opportunities and see gaps in your current business model or setup. Depending on where your business is, a business plan can be dual-purpose. Here’s why you need a business plan from day one. 

1. Test Your Business Idea 

Starting a fitness business is by no means easy. So, you have an idea, and you think it could be a winner. But you can’t always go out and test that idea. A business plan allows you to feasibly test that idea without actually starting the business. Working through your idea and creating a business plan allows you to break down numbers, analyze the market and competitors, and save you a lot of time in the long run. In the early stages, it’s a good idea to work through your idea and create a business plan. The more knowledge you have about your business, industry, and potential customers, the better you can see if your business idea could be a success. 

2. Attracts Investors and Secure Funding 

If you want to attract investors, you need a business plan. Most businesses need to secure funding and seek outside financial support. A thorough business plan helps you to obtain startup capital and funding for your new gym business. Even established businesses often need extra funding for expansion and business growth. Potential investors and finance companies will need concrete numbers with facts and figures to move forward with your business. Without a business plan, there is little to no chance of getting funding from investors, banks, or other external financial institutions. 

Read More: How to Get Financing For Your Gym

3. achieve short-term and long-term goals .

It’s great to have both short-term and long-term goals in mind, but it’s important to go a step further. A good business plan will contain detailed strategies on how you intend to achieve these goals. It could involve your business model, equipment plans, hiring strategies, and marketing efforts. Think about everything that you need to do to achieve your goals. Most businesses tend to have overarching business goals that are supported by smaller goals. It’s crucial that your business plan maps out your strategies for achieving your goals. Because goals and strategies can shift, as your business evolves, you can update your business plan as necessary. 

4. Make Business Planning Manageable 

A business plan is important for both new and established businesses. Firstly, a business plan gives you a higher chance of success. Budgeting, market analysis, and planning will set the foundation for a smoother beginning. When you have set out your goals and strategies to help you achieve them, you can implement what you need to progress. This whole process helps to make business planning more manageable and effective. A great business plan helps you to manage your business, monitor, and assess your progress over time. 

Want to create a flawless, streamlined, and sustainable gym business and marketing plan? Our fitness and online branding guide can provide you with all the tips and tricks you need to thrive as a fitness business owner.

8 Steps to Create a Great Gym Business Plan 

Developing a business plan is an organized process where you go through specific steps to achieve a final result. To start, think about where you are now and where you want to be. This will help you get into the right mindset when writing your business plan. There will be many times when you will refer to your business plan to help you make a decision. So, the more information you have, the better. You will need to dig deep into your business idea, future finances, competitors, and fitness industry to help you collate the information together. By following these eight steps, you can begin to cover all the different aspects of your health club and start building a great gym business plan template. 

1. Executive Summary 

The executive summary is always at the top of the business plan. It should be an attention-grabbing business pitch that’s short and concise, yet interesting. You will continue to flesh out the points from your executive summary throughout the document. But this first section should be very clear and engaging. Although the executive summary is the first document in the business plan, it can be easier to write it at the end. Keep in mind what it should include so that you answer your own questions as you write your business plan. The executive summary should explain: 

• Who – who you are and what you offer. 
• Why – what you hope to accomplish. 
• How –  how you are going to get there, 

2. Company Overview 

The company overview is a more detailed description of your business. You go beyond talking about who you are and delve into the type of clientele you plan on serving, how your business stands out from the competition, and the goals of your business. Because gym business models can differ, now is a good time to explain how you will run your business in more detail. Your executive summary states your mission statement and explains your thoughts at a high level. As you go through your business plan, you have the opportunity to expand and build on your thinking to showcase your business. Your company overview can include: 

• Expand on the purpose of your business. 
• Business model and structure.
• Products and services you offer. 
• Target market research.  
• Founding story. 
• Legal structure. 

3. Industry Analysis 

The industry or market analysis is where you investigate the local market. Think about your niche, current trends in the market, and how your business aligns with market demand. You’re looking to evaluate the fit of your business in today’s market. Try to include some facts and statistics about your industry and the future of the market. For example, a gym looking to obtain funding for expansion into online fitness would include trends and statistics on the rapid acceleration of digital fitness and where the market is headed in the future. 

4. Customer Analysis 

Within the gym industry, there are various niches and audience segments. Even within one business, you can have multiple target audience personas. The customer base you choose to target will have a big impact on your business, the types of services you offer, and how you market yourself. Start by breaking your target customers down by the following: 

• Demographics – age, gender, income level, occupation, location, and education, etc.   
• Psychographics – needs, interests, opinions, beliefs, and values, etc.  

5. Competitor Analysis 

A competitor analysis investigates businesses that are direct competitors to you. These are the gyms that offer a similar service in your niche. Although you can mention indirect competitors, this section is mainly for a detailed analysis of your direct competitors. Depending on your business type, you could have both in-person competitors as well as digital-only competitors. Although it may be impossible to find out everything about a competitor, you can usually get a clear idea from your research. Break down each of your competitors into the following: 

• Services and products they offer 
• Target audience 
• Pricing and business model 
• Strengths and weaknesses 

6. Marketing Strategy 

The marketing section of your business plan is the place to explain everything you plan to do to get your services in front of your target audience. Include your strategy, projected startup costs, and consider who will be handling the marketing efforts of the business. Your marketing strategy can include: 

• Social media marketing 
• Advertising 
• Email marketing 
• Referral program 
• Sponsorships
• Partnerships 
• Pricing 

7. Management Team 

Ideally, you and your team members have fitness experience within your niche. This section is a great place to highlight the skills, experience, and expertise of your management team. By doing this, it helps to show how specific team members will help you to achieve success. Lay out key members of your team. This doesn’t need to be limited to your fitness experts, but other experts who will guide your business like marketing and sales managers, customer service, and maintenance personnel. How you structure your business and the type of compensation and benefits you offer will help you to attract and retain high-quality talent over time. 

8. Financial Plan 

Depending on where you are with your business, your financial plan can include current financials for the most recent year and future projections. Your projected revenue should be based on facts and solid research with supporting numbers. The financial plan can include a five-year projection with detailed breakdowns of monthly and annual earnings. Think about your income, cash flow, costs, and outgoings. Your finances are the backbone of your business, so it’s important to be as thorough as possible. 

Want to Build Your Own Fitness Business?

Starting a business is hard and comes with its own set of challenges. A good business plan gives you a point of reference to help you navigate your business. Whether you’re looking to expand your gym or start from scratch, a business plan covers all aspects of your gym so that you have every opportunity to succeed. While you may face some unforeseen issues, a business plan helps you to identify potential problems as much as possible. Your business plan isn’t a static document set in stone, instead, it can serve as a guide to growth and your future success through changing times. 

If you’re looking for a fitness business platform that can help you create a fitness franchise that will stand the test of time, ABC Glofox is the platform for you. Along with reducing your admin time by 20%, the ABC Glofox platform, on average doubles user revenue in just 18 months.

If you’re ready to take the next step in growing your fitness business, book a call with a member of our team today.

Table of contents

• What is a gym business plan? 
• Why do you need a fitness center business plan?
• 8 steps to create a great gym business plan 

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Owning a Gym: The Hard Lessons to Learn in Your First Year

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How to write a gym or fitness studio business plan

A business plan is central to starting, growing and developing a gym or fitness studio. It serves as a road-map and allows you to step back and think objectively about what it will take to build a sustainable and profitable business.

Do you need to raise capital from investors or acquire a bank loan?    If so, potential investors and bank loan officers will want to see and review a well-written, data-driven business plan that shows them you’ve done your homework and thought about what it will take to start or grow your business. Before investing or loaning you money, investors want to see they will get a return on their investment in a reasonable time frame and loan officers want to know you’ll be able to pay back your loan with interest.

Creating a business plan is an organized and detailed process that results in clearly defining  the key factors associated with any successful gym or fitness studio business..

This post covers how to write a business plan, but we also wrote a  comprehensive guide on starting a gym that you should check out next.

Gym Business Plan Outline

Before going into the details of every section, here is an outline of what your fitness club business plan should include:

Executive Summary

Market research and analysis.

• Marketing and Sales Forecasts and Strategies
• Programs, Services and Products

Facilities and Equipment

Ownership and investor structure, financial projections.

Having a strong executive summary is crucial if you’re looking for investors or loans.  If your first few pages aren’t compelling, potential investors or loan officers won’t read on.  Thus, the summary should succinctly lay out a compelling business case for your gym.

It’s best if you write this section after finishing the rest of the document so that you can pull the most important information and data from the overall plan.

Address these questions in the executive summary:

• What is your business model and its strengths?
• What market demand will your gym or fitness studio fulfill?
• What key market data supports your concept?
• What is your competitive advantage?
• What is the bottom line with regard to revenues, expenses and profit/loss for the first three years?
• What are you requesting in terms of funding?

As a starting point, understand and communicate fitness industry trends. IHRSA has developed multiple industry reports  that focus on this topic and provides data to support that the industry is strong and growing.

In addition, discuss in detail your specific market location. This will include detailing the local competition and the demographics of your primary and secondary markets in the area. Based on this research, articulate why your fitness club concept will be attractive to your ideal customers.

Your market research and analysis provides one of the key elements of why your business will be successful and will help with messaging once you open, so spend a considerable amount of time wrapping your head around this information.

Marketing and Sales Forecasts

This section outlines your marketing and sales strategies, as well as sales forecasts for your first three years.

You’ll want to address the following questions:

• What membership types and/or class packages will you offer and what will you charge for them?
• What are your sales forecasts?
• What is your strategy to get your target market into your club and convert them into members?
• What is your unique selling proposition?
• What promotional offers and marketing strategies will you use during pre-sale and post-launch?
• How will you retain your members?

Products and Services

Next, you’ll need to define your service philosophy and the workout environment you’re looking to create. Will your business be high touch or limited touch in regards to your members? Do you want an aura of luxury or is your gym a no-frills fitness model?

In addition, provide a breakdown of the revenue and non-revenue services your business will offer. Products for sale, such as merchandise, food, and beverages should be included as well.

At this stage of your business start-up, you may or may not have a location picked out.

If you already have a site or facility, describe its key characteristics and benefits such as size, visibility, accessibility, parking, zoning, build-out potential, rent expectations, area demographics, and exposure to your target market. Include a map that shows exactly where it is.

If you are still exploring location and site options, provide the criteria you’ll use to evaluate potential facilities, including the ideal characteristics you’re looking for as mentioned in the paragraph above.

Include a detailed description of what the club will have, i.e. luxurious locker rooms, studios, cafe and/or amenities, and its general design aesthetic as well.

If you have architectural plans, include them in your appendix and reference them in this section.

Finally, you’ll want to list the equipment your facility will provide as well as the methodology behind how you’ll choose from the myriad equipment offerings available.

The staffing section is where you’ll describe your organizational structure, job categories and compensation and benefits plan.

If you plan on managing the club, include your bio alongside the rest of the management team profile in the appendix. Provide an organizational chart along with a description of any non-management staff you’ll need (front desk, trainers, etc).

Outside of rent, labor is the biggest expense for most fitness club operators so thinking through compensation and benefits structures is critically important. Keep in mind that how you structure compensation and benefits will impact your ability to attract and retain a strong team and can make the difference on whether or not your business is profitable in the short and long term.

In this part of the plan, you’ll need to outline the legal structure of your business, i.e. is it structured as a S Corp, LLC, partnership, or some other entity?

In addition, if you’re looking to bring on investors, this is where you’ll detail how much money you’re looking to raise, how much equity they’ll get in return, their projected ROI, and potential ways they can exit the investment, i.e. through the sale of the business or by having you or other investors buy them out.

Financial projections will likely be your most time intensive section to build out.

You’ll want to create comprehensive financial projections that include income statements, balance sheets, and cash flow statements for three to five years based on best, expected, and worst-case scenarios.

You should also provide context for these numbers by comparing them to industry benchmarks and ratios. Start-up costs, payroll expectations, debt payment schedules are important to reference as well.

The basis for the financials will be developing assumptions around membership and service pricing, membership and revenue-generating service ramp-up, membership churn (attrition), and staff compensation in your projections.  Other key line items for the operating budget include rent, administrative costs, insurance, utilities and sales and marketing.

You’ll also need a start-up budget that includes capital expenditures such as construction and equipment as well the working capital you’ll need to operate the club before it breaks even.

Once you have the numbers worked out, summarize the data, define your assumptions, and write a short introduction for the beginning of this section.

The appendix is your gym/fitness studio business plan’s last section where where you’ll include all supporting documents.

Common items to include are:

• resumes for you and your management team
• job descriptions
• demographic information
• facility plans
• marketing plan specifics

Wrapping Up

While starting a new business is exhilarating, it can become quite complicated with all the factors to consider and steps to take.

Doing your homework and having a detailed plan will be critical to your success.

A thorough business plan will help you assess the viability of your project, cement your ideas, develop goals and how to achieve them, and attract funding to get your gym startup launched and positioned for long-term sustainability.

Looking for help with opening your gym?

Over the years, we have assisted numerous first-time entrepreneurs and people new to the fitness industry in planning and opening their own gym businesses.

Click on these links to view our whole range of start-up and new development services  including business plan development .

• The Atwood Group, LLC
• Natick, Massachusetts
• 508-654-6244
• john@atwoodconsultinggroup.com

The Business Plan Template You Need For a Fitness Club

• December 29, 2023
• Beauty & Wellness

Whether you’re looking to raise funding from private investors or to get a loan from a bank for your fitness club, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in your fitness club business plan to build a complete, clear and solid business plan that get you funded. Let’s dive in!

1. Executive Summary

This is the first part and the most important section of your business plan. This is the first thing lenders and/or investors will have a look at.

Before we dive into the specifics, keep in mind the executive summary is a summary: keep it to 2 pages maximum.

Your executive summary should briefly sum up the key sections of your business plan as well as presenting the funding ask.

Why businesses prepare business plans?

The funding ask (or funding requirement), as explained below, is the reason why any business would have a business plan. Business plans are prepared for one of the 3 following objectives:

• Obtain financing from a bank or any other lender (a SBA loan for example)
• Obtain financing from private investors (business angels, investment funds, etc.)
• Get approval for a private or public grant

What goes in an executive summary for a fitness club?

Gyms, fitness clubs and other health centers should include the following information:

• Business overview : the name of your company, its legal structure, the business model (franchise vs. independent ; commercial vs. medical gym) and how you plan to generate revenue (subscriptions vs. memberships)
• Market analysis : how big is the fitness industry in your area? how many competitors are there? what’s the average spend per customer per gym?
• People : who is the management team? what is your/their experience in the fitness industry?
• Financial plan : what is your expected revenue and profitability for the next 5 years? When do you expect to break-even? Simply include here a chart of your key financials (e.g. Revenue, Gross Profit, Net profit )
• Funding ask : what loan/investment/grant are you seeking? How much do you need? How long will this last?

2. Business Overview

The business overview (or “Company description”) is the 2nd section of your business plan. It should cover all the important aspects of your company: what services / products you sell, how you make money, who are your customers, how the company is structured, etc.

Let’s now see one by one the different pieces of information you should cover here:

As an introduction, briefly explain the genesis of the project: when, how and why you decided to start your own fitness club. What gave you the idea to start a new gym today?

Anything that shows investors or lenders passion and most importantly the background and rationale of you deciding to open a new fitness club today goes a long way.

For example, you might be a private trainer with managerial experience and you found out that there was strong demand for a CrossFit club in your area yet little/no competition yet.

Business Model

Here, explain what is the business model of your gym. There are a few things to mention:

• Are you opening an independent or franchise gym?
• Which type of gym? Are you specializing into a specific kind of fitness club (e.g. CrossFit, HIT, bike, etc.) or is this a medical health center for accident recoveries and/or athletes?
• Is this a membership or a pay-per-class gym? A combination of both?
• How do you plan to make money: by selling subscriptions, classes, merchandise, online classes, etc?

Target Audience

Another important part of the business overview section of your fitness club business plan is your target audience .

Who is your typical customer? What’s their first motivation to go to a fitness club (physics, aesthetics, competition)? How much do they spend in average per month in fitness-related products and services ? What are they looking for (are they interested in extra services e.g. massages, personal training, etc.)?

For example, a high-end pay-per-class HIT gym like Barry’s Bootcamp would target fit and affluent young professionals and adults who are looking for short, high-intensity workouts. They aren’t necessarily interested in personal training nor even weight loss.

Knowing exactly who are your target customers will give you an edge over competition to attract and retain them.

Legal Structure

Finally, your business overview section should specify what type of business structure you opt for. Is this a corporation or a partnership (LLC)? Who are the investors? How much equity percentage do they own? Is there a Board of Directors? If so, whom? Do they have experience in the industry?

Gym Financial Model

Download an expert-built 5-year Excel financial model for your business plan

3. Market Analysis

The market analysis is an important section of your fitness club business plan. Here, you should show lenders and/or investors that you fully understand the trends of the industry you evolve in.

More importantly, it should prove to anyone that opening a fitness club now makes total sense based on market and competition dynamics.

For example, you would open a fitness club in an area where competition is limited. The same way you would start a HIT training gym in an area where your target customers live (e.g. large cities, affluent neighborhoods, etc.).

Market trends

Here you need to clearly identify 2 very important metrics:

• Market size : how big is your market?
• Market growth: how fast does your market grow?

First, you will need to define what is your market. Is this the membership gym industry in Los Angeles? Or is this the pay-per-class spinning gym industry in the US?

It’s always better to be more specific. For example, it’s better to define your market at a city level where you plan to open your gym (Los Angeles for example) vs. for the US as a whole.

Indeed, the US gym industry may be a very large industry ($33 billion in 2022), it might not be the case in the city where you want to open yours.

Of course, chances are that you will have difficulty finding some information. In any case, you should be able to make a high-level estimation of your market. Read our article on market sizing and how to estimate TAM, SAM and SOM for your startup .

Competition

The 2nd step of your market analysis is to describe competition in your area. There are a few questions to answer here:

• How many gyms are there in the area?
• What types of gyms are there (membership vs. pay-per-class ; specialty vs. general commercial gyms)?
• What is the price point of your competitors (how much do they charge per membership / per class)?
• How many customers do they have (approximately)?
• What type of machines / equipments do they have?
• Do they offer extra services (personal training, nutrition planning, massages, SPA , etc.)

In the end, your competition analysis should show a strong rationale for opening your gym today. It can be for example that:

• There is no bodybuilding gym in the area but only affordable gyms with limited machines and equipment. Bodybuilders would love paying extra for a new gym with all the key machines they need for their competitions and physique
• There is no pay-per-class fitness club in the area and existing gyms’ few spinning and HIT classes are always overbooked. Some sport enthusiasts would rather avoid paying a membership for a generic gym and go instead once or twice a week to a spinning class with dedicated trainers and lots of dates / times to choose from.

We already touched upon your target audience in the Business overview section earlier.

Here instead, the objective is to show lenders and investors that your target audience actually exists and live in the area where you plan to open a fitness club.

Therefore, you should explain here what are the types of customers who go to gyms and other fitness clubs in your area. Are they going to a yoga class once a week, or are they heavy sport addicts who hit the gym 2-3 times a week?

When you present customers here, you should always tie it into competition. Are gym customers in your area finding what they want, or is there a gap to fill in the market instead?

Studying competition is also very important to find information about potential customers. For example, it wouldn’t make any sense for you to open another CrossFit gym in an area where your only competitor is already struggling to pay rent. In other words, you don’t need to speak to any CrossFit enthusiast to know that they aren’t many in this area.

4. Sales & Marketing Strategy

Your fitness business plan should include a sales & marketing plan where you outline your strategy to acquire your target customers.

For example, you should answer the following questions:

• What channel(s) do you plan to use (online vs. offline marketing channels )?
• How does it make sense for your target audience? For example, social media may be your best bet to attract young adults to your new gym. Instead, billboards may be too expensive in certain areas
• What is your unique selling proposition ?
• What is your expected marketing budget?
• How will you track whether your marketing strategy is profitable? What’s your customer acquisition cost (CAC)?
• What strategies and promotional offers do you plan on using in the early days to attract your first customers?

Let’s expand a bit on a few questions below:

What marketing channels fitness clubs use?

A few marketing channels fitness clubs typically use are:

• Email marketing
• Social media
• Pay-per-click campaigns (e.g. Google Ads )
• Sponsorships (especially for B2B customers)
• Partnerships (for example with day spas, coworking spaces, companies, etc.)

What is your unique selling proposition?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors.

A few examples of USPs are:

• Price : you may be cheaper vs. your competitors
• Quality : you offer new, state-of-the-art machines and equipments whilst your competitors’ are outdated
• Pure player : you aim to be the go-to gym for pay-per-class HIT and spinning classes (vs. existing generic membership gyms that lag behind for these workouts)

5. Management & Organizational Structure

The 5th section of your fitness club business plan should be about people. It should include 2 main elements:

• The management team and their experience / track record
• The organizational structure: what are the different teams and who reports to whom?

Here you should list all the management roles in your company. Of course, the amount of details you need to include here varies depending on the size of your company. A franchise business with 6 gyms would need more detail vs. an independent fitness club.

If you plan on running your business independently, you may write a short paragraph explaining who are the co-founders and/or managers (if there are any in addition to yourself), their qualifications and previous professional experiences.

Organizational structure

No matter how many leadership roles there are, you should now explain how you intend to run the company from a management standpoint.

What are the different teams (management, operations, personal trainers, etc.)? Are they any key supervisory roles who aren’t necessarily managers (e.g. team leaders, etc.). Note that you should include these details even if you haven’t hired anyone yet. It will show lenders and investors that you have a solid hiring and management plan to run the business successfully.

A great addition here is to add an organizational chart that list all the roles, from Directors to managers, key supervisory roles, employees and contractors. Make sure to highlight with reporting lines who manages/supervises whom.

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any business plan.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your business is an attractive investment.

Remember: business plan are meant to obtain funding (a loan, grant or equity) from investors or a bank. These lenders or investors are people with strong financial analysis skills. Therefore, they will mostly look at your project from a financial standpoint. You might have the best fitness club out there, yet if yours isn’t profitable no one will invest, let alone lend you money.

There should be 3 sections to your financial plan section:

• Your historical financials (only if you already operate the business and have financial accounts to show)
• The startup costs of your project (if you plan to open a new gym, purchase new equipment, renovate your facilities, etc.)
• The 5-year financial projections

Historical Financials (if any)

In the scenario where you already have some historical financials (a few quarters or a few years), include them. A summary of your financial statements in the form of charts e.g. revenue, gross profit and net profit is enough, save the rest for the appendix.

If you don’t have any, don’t worry, most new businesses don’t have any historical financials and that’s ok. If so, jump to Startup Costs instead.

Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a fitness club, startup costs are all the expenses you incur before you can open your gym and make money.

These expenses mostly include:

• The lease deposit for the space you rent
• The equipment and machines. If you decide to purchase (vs. leasing) the equipment, the total cost varies based on the number of machines and the quality. Keep in mind that fitness equipment typically ranges from $2,000 a piece for standard equipment (e.g. mid-end price range bikes) to $8,000 for heavier, high-end machines

It costs on average $24,000 to $500,000 to open a gym. The startup costs depend on a number of factors, mostly whether you decide to buy or lease the equipment (the machines). For a full review of how much it costs to open and run a fitness club, have a look at our complete guide .

Financial Projections

In addition to startup costs, you will now need to build a solid financial model over 5 years.

Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in the business plan of your fitness club.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

• How much revenue do you expect to generate over the next 5 years?
• When do you expect to break even?
• How much cash will you burn until you get there?
• What’s the impact of a change in pricing (say 20%) on your margins?
• What is your average customer acquisition cost?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

• The number of customers over time ;
• Your expected revenue ;
• Operating costs to run the business ;
• Any other cash flow items (e.g. capex, debt repayment, etc.).

When projecting your revenue, make sure to sensitize pricing and the number of members / customers as a small change in these assumptions will have a big impact on your revenues.

When it comes to the costs, consider both startup and operating costs. For more information, read our article on  how much it costs to open a gym or fitness club . For more information on how to build financial projections for a gym, read our complete guide here .

7. Funding Ask

This is the last section of your fitness club business plan. Now that we have explained what your fitness club business model is about, what’s your strategy, where you go and how you get there, this section must answer the following questions:

• How much funding do you need?
• What financial instrument(s) do you need (is this equity or debt, or even a free-money public grant?)
• How long will this funding last?
• Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

• What percentage of the total funding the loan represents?
• What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

• What percentage ownership are you selling as part of this funding round?
• What is the corresponding valuation of your business?

Use of Funds

Any business plan should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying your employees’ salaries? Or will it cover mostly the cost to acquire the fitness machines and the renovation of the building?

Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our fitness club financial model template , you won’t have any issues answering these questions.

For the use of funds, we recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

Related Posts

10 Fitness Club KPIs (and How to Calculate Them)

Opening a Gym Costs $93,000 to $159,000 on Average

How To Build a Financial Model For a Gym

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Gym and Fitness Center Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Fitness and Wellness » Gym House

Are you about starting a gym or fitness center? If YES, here’s a complete sample gym or fitness center business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a gym/fitness center . We also took it further by analyzing and drafting a sample gym/fitness center marketing plan template backed up by actionable guerrilla marketing ideas for gym/fitness centers. So let’s proceed to the business planning section.

If you very much agree with the saying that goes ‘ health is wealth’, then you may also very well agree that one of the ways of staying healthy is by keeping fit and having a good BMI.

It is very important to not be complacent when the issue of staying fit comes to fore. This is one of the reasons why there has been the craze for fitness lately all over the globe. Those who are particular about staying fit know that it is a part of life

In the united states of America for instance; the rate at which folks get obese have continued to be an alarming thing. This is no thanks to the junk type of diet that these folks subject themselves to.

However, truth is that one can curb being obese and even totally eradicate those unwanted fats in the body by simply enrolling in a gym and eating healthy. This is one of the sole aims which those who are in the gym business try to pass across.

Starting a gym is a very interesting and profitable venture. This is because much more than wanting to help other people realize their weight goals, you also can keep and stay fit always. Below is a sample Gym business plan that you can effectively use to write yours.

A Sample Gym & Fitness Center Business Plan Template

1. Industry Overview

Gym business is gaining more grounds in recent times as it was in the 20th century. People are now more aware of the immeasurable benefits they stand to gain when they enroll in a gym. It is now obvious to a myriad of people that they can stay healthy, improve their lifestyle and live longer if they exercised regularly.

Statistics has it that there is a steady increase in the number of people that enroll in gyms and the fact that gym facilities is now closer to residential areas make this possible. In order words, with the increase in the number of people that enroll in gyms, comes the increase in the revenue generated by gyms.

Some people enroll in gyms not because they don’t have the money to purchase some of the basic gym equipment , but because exercising regularly requires discipline and that is part of what they stand to get when they enroll in a gym with an instructor at hand.

Loads of factors are responsible for the springing up of gyms in various locations in the United States of America; chief amongst them is the rise in the number of obese people. Being obese is a risk to one’s health, which is why obese people who thoroughly want to stay healthy and fit enroll in gyms that are close to them.

Different people visit gyms and fitness centers for various reasons. Some people register in the gym basically to shed some weight through proper exercising, whilst others go to the gym to train and increase their biceps (muscles) i.e. body building and other enroll in gym for cardio sessions et al.

Researchers, engineers, health and fitness experts are always improvising and inventing fitness equipment that can help people and gym owners achieve their aims.

Although gym equipment can be expensive, but the truth is that most of the equipment last longer if they are well utilized. Aside from the fact that they last longer, acquiring any gym equipment is an investment that is worth the while.

Starting a gym business in the United States of America is less stressful; it requires enough cash to equip the gym facility to meet the standard expected by gym users. As a matter of fact, building a swimming pool around the gym facility is one of the factors that could attract clients to enroll in gyms.

The gym industry is not going to go out of fashion anytime soon, but rather the number of people that enroll in gyms will continue to be on the increase and that of course will translate to more monies for gym owners.

2. Executive Summary

Fit as Fiddle Gym and Fitness Club is a company that is in the business of ensuring that people stay fit by exercising regularly and maintain healthy lifestyle. We are going to be located at 135 E John Carpenter 1400 Irving, Texas United States of America.

We are able to secure a standard facility along the road in the heart of the city. The facility for our gym and fitness club has a standard Olympic size swimming pool. We are going to services the whole of the community as well as visitors and travelers

Fit as Fiddle Gym and Fitness Club is going to become the number one family-focused gym and fitness in the whole of Irving, Texas, and we will work hard to build our facility to match the needs of the average family in Texas. Our gym facility has enough parking spaces to accommodate more than the numbers of customers we will accommodate per time.

Our facility will be equipped with modern technology, and we will install large TV screens close to cardiovascular equipment and treadmills, so as to help our clients stay entertained whilst they engage in their exercise.

We will work towards ensuring that we provide our clients /members with a daily program of exercise and diet that perfectly suit their lifestyle and also to help them achieve their desired results and to help them create lasting healthy habits that will last them for life.

One of our major goals of starting Fit as Fiddle Gym and Fitness Club is to encourage families in Irving, Texas, to cultivate the habit of regularly exercising and to stay healthy. Our gym facility is specifically designed and built to take care of adults and children, we have active childcare services for toddlers and we have a membership package that is highly discounted for families that enrolled in our gym.

We are quite aware that one of the reasons why some parents may not want to enroll in gyms is the reason that they may not have who to take care of their children whilst they are away in the gym.

Part of our strategies of encourage families to enroll in our gyms is to ensure that whenever these guardians come with children, their children will be well treated and entertained, so much so that they will be the ones reminding their parents to go to gym next time.

Fit as Fiddle Gym and Fitness Club will be open 24 hours in a day and seven days in a week, in order for us to be able to accommodate people with different time preference. This is why we have made provisions to recruit enough workers and to run shifts amongst our workforce. We will go out of our way to acquire standard cardiovascular and weight training equipment for our gym.

We will run a fitness club that will help members who want to lose weight to achieve their desire without little stress. We have a weight management consultant who will work with individual based on customized fitness and nutrition needs.

Fit as Fiddle Gym and Fitness Club is privately owned by the renowned health and fitness coach Arnold Quest and Family.

Arnold quest has well over 15 years of experience as a leading health and fitness coach in the United States of America. He wants to start Fit as Fiddle Gym and Fitness Club because of his desire to see families enroll in gym and exercise together.

3. Our Products and Services

Fit as Fiddles Gym and Fitness Club is in business to provide all round health and fitness services to the residence of Irving, Texas, which is why we have been able to put up a facility that can help us achieve the goal. We are optimistic that everyone who enrolled in our gym and fitness club will definitely derive huge value for their money. These are the services and amenities that will be made available to our clients;

• Personal Training
• Group Fitness Classes
• Yoga Classes
• Pilates (full body walkout)
• Spinning Classes
• Weight Management
• Kinesis Station
• Nutrition Counseling
• Childcare / Daycare
• Full Locker Room Services
• Physical Therapy
• Internet Café
• Sports shop (sale of sportswear, towel, shampoos et al)
• Comprehensive fitness assessment
• Full gym membership

4. Our Mission and Vision Statement

• Our Vision is to contribute our quota to encourage families and residence in Irving, Texas, to engage in the regular exercising of their bodies, so as to enable them stay healthy.
• The mission of Fit as Fiddle Gym and Fitness Club is to build a world class gym and fitness club in Irving, Texas, where residents can comfortably train for health and for fitness; a place where residents can connect whilst achieving their health goals.

Our Business Structure

Fit as Fiddle Gym and Fitness Club is in business to become the leading family gym facility in the whole of Irving, Texas, and we are fully aware that it will take the right facility, management and organization – structure to achieve our goal. We will ensure that we recruit only the best hands that can help us achieve all that we are set to achieve.

Our business will not be built only for the purpose of giving our members / customers value for their money, but also we will ensure that we make our work environment highly conducive for all our employees.

We will provide them with facilities that will help them stay motivated and deliver on their various tasks and goals et al. In view of that, we have made provisions for the following positions to be occupied by highly qualified and experienced staff;

• Gym Manager (Owner)
• Accountant / Cashier
• Marketing Officer
• Exercise Physiologists
• Trainers (5)
• Training Assistants (10)
• Juice bar Manager
• Childcare Assistant

5. Job Roles and Responsibilities

Manager (Owner):

• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for recruitment
• Responsible for payment of salaries
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for managing the daily activities in the hotel
• Ensures that the facility is in tip top shape and conducive enough to welcome customers
• Interfaces with vendors
• Prepares budget and reports for the organization
• Responsible for Training and Development in the organization
• Handles procurement
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members

  Training Instructors (5)

• Creates training rosters for members
• Assists members during exercise session
• Guides members on how to make use of gym and fitness equipment

Marketing Officer (2)

• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information.
• Represents the company in strategic meetings
• Helps increase sales and growth for the company
• Manages the company’s CRM system
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al

Juice Bar Manager:

• Interacts with customers, take orders for drinks
• Plans and presents bar menu.
• Mixes ingredients to prepare cocktails and other drinks.
• Mixes drinks, cocktails and other bar beverages as ordered and in compliance with gym’s standard drink recipes.
• Serves fruit juice to guests.
• Assesses customers’ needs and preferences and make recommendations
• Makes lists of supplies in conjunction with the management
• Prepares inventory or purchase requisitions as needed to replenish supplies.
• Ensures that the assigned juice bar area is fully equipped with tools and products needed for mixing beverages and serving guests.

Accountant / Cashier:

• Handles all financial transaction on behalf of the company
• Collects payment for drinks served and balance all receipts
• Prepares financial report at the end of every working week
• Interfaces with our bankers
• Responsible for payment of tax, levies and utility bills
• Handles any other duty as assigned by the manager

  Exercise Physiologist

• Responsible for evaluating, researching, and provide advice on coaching.
• Responsible for training
• Engages in recovery practices in all areas of exercise and rehabilitation
• Provides timely information and support on injury prevention, technique analysis, and nutrition.

Cleaners (3):

• Responsible for cleaning in and around the gym facility
• Cleans up after customers and clean work area.
• Clears ashtrays as and when required.
• Washes glassware and utensils after each use.
• Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
• Ensures that toiletries and supplies don’t run out of stock
• Handles any other duty as assigned by the restaurant manager

6. SWOT Analysis

Fit as Fiddle Gym and Fitness Club is in business to help its clients achieve their health and fitness goals and at the same time to make profit.

We are aware that there is competition in the gym and fitness industry which is why we took out time to conduct an effective SWOT Analysis, as stated in our gym and fitness center marketing plan; before investing our hard earned money.

We know that if we get things right before starting our gym and fitness club, we will not have to struggle before attracting loyal clients and building our membership base to a level where we can easily breakeven. We hired the services of Mr. Emmanuel Bright, an HR and Business consultant to help us conduct SWOT analysis for our company and he did a pretty good job for us.

Here is a of the result we got from the SWOT analysis that was conducted on behalf of Fit as Fiddle Gym and Fitness Club, Irving, Texas;

One of the obvious strength that will definitely stand as a plus for Fit as Fiddle Gym and Fitness Club is the fact that our facility is centrally located in a densely populated – residential area in Irving, Texas; our location is in fact one of our major strength.

We equally have a team of highly qualified professionals who will work with all our clients to achieve their aims or enrolling in our gym and lastly our membership package is one of the best that anybody living in Texas can get; it is cheap and affordable.

Having critically looked into our Business model , we were able to identify two major weaknesses. One is the fact that we are a new business and the second is the fact that we may not have the financial resources required to match up with existing gyms in Texas when it comes to acquiring latest gym equipment and generating the needed hypes that can drive traffic towards our facility.

• Opportunities:

We are centrally located in one of the busiest areas in Irving, Texas, and we are open to all the available opportunities that the city has to offer. We also run a 24 hours, 7 days a week gym and fitness club; thus giving us the advantage to leverage on any available opportunity.

Some of the threats that are likely going to confront Fit as Fiddle Gym and Fitness Club is unfavorable government policies, demographic/social factors, downturn in the economy which is likely going to affect consumers spending and lastly, the emergence of new competitors within the same location where our gym and fitness club is located.

7. MARKET ANALYSIS

• Market Trends

The trend in the gym and fitness industry is such that if a gym is well positioned in a residential area or a place where people can easily access without much stress, there is the likelihood that the gym will enjoy high patronage. Just like in other business venture, the owner of gyms and fitness clubs are always looking for ways to increase their market share; they go as far as signing deals with high schools and also offer home services.

What they do is that they offer pro bono services for a period of time, and then thereafter introduce a fee gradually and before too long they would have successfully converted some of the people that benefited from their pro bono services to loyal members.

It is common trend that as gyms grow, it becomes necessary for them to develop new service offerings or install new facilities that will help them attract more people.

Little wonder some gyms now have juice bars within their facility to encourage people towards healthy drinking. In order words, it is very important for gyms to continue to improvise if they want to grow their business and generate their target revenues.

8. Our Target Market

The target market for gyms cuts across people of different walks of life. The fact that people register in gyms and fitness clubs for various reasons makes marketing the business interesting. The target market for gym and fitness centers can be categorized into three various groups.

The first group is the people who are looking towards shedding some weight through proper exercising and under the guidance of a qualified instructor.

The other group of people are those who are interested in building their biceps (body building), and the last group of people are those who just want to enroll for cardio sessions under the watchful eyes of a qualified trainer. These sessions are a combination of light weights, treadmills and bikes.

Fit as Fiddle Gym and Fitness Club will work towards providing services, facilities and environment that will help us reach out to our target market. These are the category of people that we intend marketing our gym and fitness club to;

• Corporate Executives
• Business People
• Sportsmen and Sportswomen
• Young Couples

Our Competitive Advantage

Fit as Fiddle Gym and Fitness Club is centrally located in a densely populated – residential area in Irving, Texas; this is obviously going to give us an edge amongst our competitors.

We can confidently say that the location of our gym will definitely count as a positive for us amongst any competitor that might start a gym and fitness business in same location where ours is located. We will continue to work hard to ensure continuous improvement in our facility and service delivery. As a matter of fact, our services will be second to none in Texas.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Fit as Fiddle Gym and Fitness Club will generate income from the following service offerings;

• Childcare/Daycare

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available on the field. It would be hard to create a sales forecast with a newly opened business like gym and fitness club. This is simply because the statistics that will be provided will be on a short term basis.

Experts said that usually a business should be in operation for at least one year before they can generate the statistics that will be need to help in accurate forecasting; statistics should be at least one year old in order to show the trends and pattern in consumer spending.

We expect to register a minimum of 1,000 active members within our fits year of operations and then in subsequent year we will grow our membership. Below are the sales projection for Fit as Fiddle Gym and Fitness Club, it is based on the location of our facility and the services and products that we will be offering to our clients (members);

• First Year-: $200,000
• Second Year-: $450,000
• Third Year-: $700,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major competitor offering same additional services as we do within 4.5 miles radius from our gym facility.

• Marketing Strategy and Sales Strategy

Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization.

The truth is that all that we do will be geared towards creating new market channels, increasing sales and increase our market share. We will leverage on improving on our services and facility to ensure that we win new clients and retain old members.

At Fit as Fiddle Gym and Fitness Club, our marketing strategies will be consistent throughout the marketing mix and we will take into consideration product improvement, promotion, and price. As part of our sales and marketing strategies, we will pay attention to the promotion of our gym so as to attract people to enroll and become members of our gym.

Our unique selling proposition is that we are well positioned and people can easily access our facility, our prices are affordable and we have a complete package for families. Parts of the marketing and sales strategies that we will adopt are;

• Open our gym and fitness club with a big party in the neighborhood.
• Advertise our gym and fitness club on national dailies, local TV stations and local radio station
• Promote our gym and fitness club online via our official website and all available social media platforms
• Continuously Improve the performance of our brands
• Hire the services of experts to make our brands the first choice for people in Irving, Texas
• Deliver consistent customer experiences to all our members; making our first impression count positively to those making use of our gym facility for the first time
• Make use of attractive hand bills to create awareness and also to give direction to our gym and fitness club
• Adopt direct mailing coupon marketing approach
• Position our signage / flexi banners at strategic places
• Create a loyalty plan that will enable us reward our consistent members especially those that registered as a family.
• Engage on road shows within our neighborhood to create awareness for our gym and fitness club.

11. Publicity and Advertising Strategy

Fit as Fiddle Gym and Fitness Club is in Irving for serious business, which is why we have identified key platforms that will enable us achieve our goal of promoting and advertising our business so as to attract the crop of people that we designed our business for.

We have been able to enter into alliance with key stakeholders in Irving, Texas to help us use their good will to promote our business.

We will ensure that we leverage on all conventional and non – conventional publicity and advertising technique to promote our gym and fitness club. Here are the platforms we intend leveraging on to promote and advertise Sean and Sharon Hotel, Las Vegas;

• Encourage our loyal members to help us use Word of Mouth mode of advertisement (referrals)
• Advertise our gym and fitness club in sports magazines, local newspaper, local TV stations and local radio station
• Promote our gym and fitness club online via our official website
• List our gym and fitness club on local directories (yellow pages)
• Sponsor relevant community sport events
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
• Install our Bill Boards on strategic locations
• Direct coupon mailing approach to introduce our gym and fitness club to residence
• Engage in road show from time to time to create awareness of our gym and fitness club in the residential areas around our facility
• Distribute our fliers and handbills in target areas

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than what our competitors charge their members in Irving, TX.

Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us or when they register as a family. The prices of our services will be same as what is obtainable in the United States’ open market.

• Payment Options

Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available to clients who want to make payment / register for our gym program;

• Payment by cash
• Payment by check
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any difficulty. These are the types of exercise equipment that we will make available in our gym and fitness center;

• Resistance bands
• Weight machines
• Flexion machines
• Pull-up bars
• Weight training
• Elliptical trainer
• Street Strider (elliptical cross trainer on wheels)
• Exercise machine
• Kettle bell
• Fitness (biology)
• Hojo undō
• Pull-up bar
• Medicine balls
• Boxing Gear
• Gym flooring
• Cable Attachments
• Weight plates
• Wearable items as proper footgear, gloves, and hydration packs.
• Filing Cabinets
• Notice board
• Employee Uniform

13. Startup Expenditure (Budget)

This is the key areas where we will spend our start – up capital on;

• The Total Fee for Registering the Business in Irving, Texas: $750.
• Legal expenses for obtaining licenses and permits: $1,500.
• Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of $10,000.
• Cost for hiring Consultant – $5,000.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
• Cost of accounting software, CRM software and Payroll Software – $3,000
• Cost for leasing facility for the gym: $80,000.
• Cost for facility remodeling – $50,000.
• Other start-up expenses including stationery – $1000
• Phone and utility deposits – $3,500
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
• The cost for Start-up inventory – $15,000
• Storage hardware (bins, utensil rack, shelves, glasses et al) – $1,720
• Cost for acquiring gym equipment – $200,000
• The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
• The cost of Launching a Website: $600
• The cost for our grand opening party: $1,500
• Miscellaneous: $5,000

We would need an estimate of $3.6 million to successfully launch our gym and fitness club in Irwin, Texas. It is important to state that the testing and evaluating expenses would be high because of the large amount of equipment needed to start up a gym and also the sophistication of the technology used in gyms. Also, the supplies would cost a bit more because of the regular demand for it.

Generating Funding/Startup Capital for Fit as Fiddle Gym and Fitness Club

Fit as Fiddle Gym and Fitness Club is a family business and it will be financed by the owner who is also the gym manager. These are the areas where we intend sourcing for fund for Fit as Fiddle Gym and Fitness Club;

• Generate part of the start – up capital from personal savings and sale of his stocks
• Generate part of the start – up capital from family members and friends (soft loans and gifts et al)
• Generate a larger chunk of the startup capital from the banks (loan facility).

14. Sustainability and Expansion Strategy

We are in business to make profits and to build a popular gym and fitness brand in Irvin, Texas, hence we must do all it takes to grow the business and to ensure that the business survives generation after generation.

Part of the plans we have put in place to sustain our business is to ensure that we continue to deliver quality services, acquire latest gym and fitness equipment and improvise on better and cheaper packages four members and intended members.

Our workers will sure continue to enjoy working with us because we will deliberately make it our work environment very conducive and accommodating.

Furthermore, we are quite aware that our customers are key components to the growth and survival of our business hence we are going to continuously engage them to give us ideas on how to serve them better. We will not waste time in diversifying our services; expand our product and service offerings once the need arises.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Acquiring facility and remodeling the facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• writing of business plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed gym and fitness equipment , electronic appliances, office appliances and suppliers: In progress
• Creating Official Website for the Company: Completed
• Creating Awareness for the business both online and in the neighborhood: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress

Related Posts:

• Gym and Fitness Center Marketing Plan [Sample Template]
• Yoga Studio Business Plan [Sample Template]
• How to Start a Gym Business With No Money
• 50 Catchy Fitness & Gym Business Name ideas
• Starting a Gym House – Licenses, Permits & Insurance

• Tel: 0161 737 5290

Writing a Gym Business Plan? 10 Step Guide To Gym Business Strategy

Powerful integrations

Backed by industry standards

If you’re reading this, you’re probably the type of person who takes exercising seriously.

Has the idea of starting a gym suddenly sparked your interest? Or perhaps it’s a lifelong ambition of yours, and you are now ready to make a move.

Either way, what’s brilliant is that you’ve picked the right door. Because the first step you need to take is creating a gym business plan .

As the notorious American football coach, Paul “Bear” Bryant, once said, “It’s not the will to win that matters—everyone has that. It’s the will to prepare to win that matters.”

Knowing the structure of your business, understanding your target market and Unique Selling Point (USP), forecasting your financials, and hashing out any other details about your future gym: these are the vital components needed to create a valuable business plan.

Are you ready to make a name for yourself in a £4.7 billion industry which is steadily growing? Then let’s get started.

But before we get on the treadmill….

Ask yourself: can you afford to run a gym? This venture could see you outlay on equipment, personal trainers, class instructors, insurance policies, property fees, and more, depending on the scope of your gym.

If you’re comfortable financially, think about how much personal time you are willing to sacrifice, especially in the beginning. Maintaining that work/life balance is one of the greatest challenges of starting any business; you’ll probably need extra working hours to become fully operational.

Remember, though, that money and time won’t be enough to pass ‘Go’ if you don’t have good people skills, a savvy head for marketing and sales, or the ability to manage your finances (unless you have extra cash to splash out on skilled people …).

But here’s the good news: it will be worth the money and the hard work if this is your passion. And a big or small gym business plan is a reliable way to make that dream a reality.

Your Gym Business Plan Template

The latter group is crucial as Score, an entrepreneur mentoring enterprise, explains: in order to raise the capital you need for your gym to grow, “individuals or banks want a realistic forecast for when they will be reaping on their capital” to confidently invest in your gym.

Below is a comprehensive template for your business plan. Include all ten stages and you’ll fly. Miss one and you’ll fall. Because they are all equally relevant to your future as a gym owner.

Step 1: Executive Summary

Your executive summary needs to shout:

The what – your goals

The why – your mission

The how – what’s going to make you a success story

The bigger picture – your vision

It has to be attention-grabbing, to the point and clarifying. Which is why you need to keep it short. But that doesn’t mean you should rush this part of your business plan. It is your business pitch after all, as the Telegraph explains:

“The fact of the matter is that decision makers can only read so much in the course of a day. So if authors want their work to be paid attention, they must first sell it with a convincing pitch. To this end, executive summaries are a necessary and essential part of running a business, from start to finish.”

If you’re itching to say more on your goals and vision, don’t panic. You can flesh out these points in your company overview.

Step 2: Company Overview

This is where you put passion onto paper.

In your executive summary, you briefly outlined your vision and mission statement. In your company overview, you can elaborate on these points for further insight. Think of your vision statement as if it were a tagline on your future website. Cover:

• The purpose of your gym
• Who it’s going to be for
• How you’re going to accomplish your business aims

Your mission statement can be more personal. Talk about your desired outcome for the business. Here’s an example from Nike :

“To bring inspiration and innovation to every athlete in the world. If you have a body, you have an athlete”

Consider the main reason you decided to go into this industry and share it. Is there something you want to change about the fitness world? Or make it better?

Then give your readers a brief word on your history:

• What have you done previously?
• Have you had any other businesses?
• What is your current status?

Again, this is useful for your investors and partners in understanding your journey and future plans. The more they know, the more they trust you.

Then you need to outline your strategy: discuss what services you plan to offer in the beginning, and how you might approach development and new offerings. Perhaps you’ll need to hire an instructor or build a new facility like a spa or studio. This will be a valuable resource for helping you realise when or where you might need funding or extra staff.

Get another green tick for thinking about ways to increase your market share. You could set up pro bono services with workplaces and schools, for instance. Then you might start to introduce a fee gradually: an efficient way to convert big target customers.

Whether you want to create a gym and spa business plan or any other kind of blueprint, an overview should communicate your planning objectives to potential bankers, partners, employees and financial backers.

Step 3: Management

Consider the positions you’ll need to fill and how these people are going to help your gym succeed..

What’s your employee ladder going to look like? What or who will they be responsible for? What incentives can you offer?

Follow this through into a summary that emphasises how their skills and management experience will solidify your business’s success.

Go back and read this section as if you are an outsider considering becoming a partner to this gym. Does the management structure make you feel satisfied and excited, or concerned?

If it’s the latter, explore how you can change this by making your chain of command stronger.

Step 4: Market Research and Marketing

If marketing isn’t your thing, motivate yourself with the knowledge that solid research and marketing strategies will help you map out a plan for growth.

Your first goal is to summarise your market research. Not quite there with your findings? Think about your location, existing gyms in the area, and your local demographic.

When you are ready, use this space to define your target market. It might be:

• Working professionals
• Senior executives

Or even a specific group, like cyclists. Then explore why this specific demographic would join a gym – i.e. for cardio.

Having done your market research, you should have a better understanding of your target audience. Now ask yourself:

• How will you gain their loyalty?
• What makes you special?
• What’s the best membership package you can offer?
• Is there a demand for special equipment?

Answer these in your plan and define your Unique Selling Point (USP). This should communicate what makes your enterprise a valuable investment opportunity.

Identify your marketing strategies here and you’ll feel more secure about raising your business’s income in the future.

Your marketing strategy might include niche services such as:

• Improving services
• Advertising
• Sponsorship
• Loyalty plans
• Website promotions
• Email marketing
• New equipment

And any other ideas you have to build your customer base and increase your revenue.

Step 5: Services and Amenities

Here are some examples of products you might buy:

• Gym equipment (treadmills, rowing machines, etc.)
• Specialist equipment (have the best equipment available to draw in members like body-builders, etc.)
• Food or drink products (energy drinks, health foods etc.)

And services:

• Personal training
• Classes (yoga, spinning, body pump etc.)
• Swimming pool
• Physiotherapy

For bonus points: describe the benefits of your products and services. Perhaps this is a gym and spa business plan ; look to demonstrate why this added facility would be a valuable asset to your customers.

Next, you want to create a pricing list. The easiest way to do this is to bullet point the costs for specific products and services. This will lead you to your financial forecasting.

Step 6: Financial Projections

Create a menu for your gym. What do you need to spend your capital on? Leave no table unturned, and make sure you put an estimate next to each purchase.

Here are some key areas to get the ball rolling:

• Legal expenses
• Hiring costs
• Building work
• Gym Equipment
• Operational costs for the first three months
• Account software

Then it’s time to get real. Get out your calculator and write down how much you will need to successfully launch your gym. This will give you a clear indication of what you can achieve with your budget, and what you might need funding for.

Your next step in this part of your gym business plan is to highlight potential sources of income.

The idea is to reassure your investors, stakeholders and potential employees that you have a solid plan for your return on investment. Think about how much your services will bring in i.e. classes, a cafe, services, a spa and jot down your educated guess here.

You could also explore opportunities to sell products , such as health foods. You could produce your own protein shakes or energy bars, for example. Just ensure that if you do plan to sell food you keep in check with food hygiene standards.

Step 7: Financial forecasting:

“Your sales forecast is the backbone of your business plan. People measure a business and its growth by sales, and your sales forecast sets the standard for expenses, profits and growth.”

Outline your sales forecast for the first, second and third year of your business. It might also be a good idea to detail your active members predictions for your first year.

Make an educated guess based on:

• Unit sales per month
• Any relevant past data that you have
• Breaking down your purchases (as you will have done in the financial projections)

Step 8: Financial Strategy

How will you use your fees to increase enrolment? Perhaps you discovered that all the gyms in your area have higher prices than average. This would be a golden opportunity to add value to your business by being financially sensitive (you could lower your membership fees or have better offers than the competition).

You could also think about rewards for loyal customers, discounts for group registrations, and pro bonos (as we previously discussed).

Additionally, if you’re creating a gym and spa business plan , compliment your gym with discounts for the spa facilities (jumping in the jacuzzi after a workout session is a gym-goer’s dream come true).

Putting your pricing strategy on paper will make you feel more secure about the future of your gym. The Balance contributor, Darrell Zahorsky , agrees:

“The pricing strategy of your small business can ultimately determine your fate. Small business owners can ensure profitability and longevity by paying close attention to their pricing strategy.”

Step 9: Payment Options

How a customer pays for their gym membership or other fees is important. Use clunky, out of date and unregulated systems for processing payments and you’ll repel your customers.

If you do have a quick and painless booking system or banking platform in mind, make it known in this section of your gym business plan .This will instil confidence in your potential investors: with a seamless buyer experience in operation, your customers have an extra reason to be loyal to you.

Your most obvious choice is a managed direct debit service .

Because having automated payments in place ensures that bills are never forgotten, delayed or lost, allowing you to maintain a solid cash flow.

And the easiest way to integrate this into your business is to use a third-party to operate any direct debits on your behalf.

Take FastPay, for instance. Its simple user interface does wonders for user experience.

And since FastPay independently processes your payments, you’ll never have to chase down customers, giving you more time to focus on developing other areas of customer service. It’s also secure: customers are protected by the Direct Debit guarantee.

With a Direct Debit solution like FastPay in place, your customer retention level will rise. Why would they move to a competitor if paying for a class or gym membership through you is so effortless?

Step 10: Funding

Here are the key external resources you might consider to get funded:

• Personal savings
• Soft loans (family members, friends, gifts)
• Crowdfunding
• Sponsorship from other business

Detail exactly where you plan to get your funding from and how much you are going to gain. And if you’ve previously made loan applications, make a note of them here for any potential investor to consider.

You’re One Step Closer to Cutting the Red Ribbon

With a big or small gym business plan that details everything you have learnt today, you’ll be unstoppable in your new venture. Because you now have a solid roadmap that:

• Will act as a point of reference for you when you have to make important decisions
• Be a resource to help you secure investment
• Give you security that you have explored all aspects of your new business
• Show partners or new employees which direction you aim to head in

Your Personal Checklist:

Before you leave, here’s a personal checklist to guide you through the next stages of running your own gym. Refer to it throughout the development of your business to ensure you don’t miss a thing.

• Write business plan
• Register business
• Apply for business license and permit
• Open business bank accounts
• Select online payment platform
• Obtain tax payer’s ID
• Purchase insurance
• Organise rental space / purchase facility
• Purchase / rent equipment
• Secure funding
• Set up Direct Debit service
• Recruit employees
• Draft contract documents and any other legal documents required
• Design company logo and brand
• Develop website
• Write website content
• Create accounts on social media platforms
• Design leaflets and brochures
• Organise branded uniforms
• Hold launch party

Starting any business is not without its challenges, but the rewards are more than worth it in the end. Sign up to a Direct Debit bureau and make collecting recurring payments from your fitness suite members a reliable, secure and pain-free process. It’ll be a weight off your mind.

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How to Write a Gym Business Plan

• by Nancy Mann Jackson Nancy Mann Jackson is an ... more
• June 18, 2020
• 5  Minute Read
• Home > Blog > Financial Health > How to Write a Gym Business Plan

A gym business plan is a crucial component of running a successful fitness facility. A gym owner who wants to attract outside investors, or is just looking to boost business, should know how to write a business plan for a gym. A good business plan can serve as a guide to growth and sustainability for up to several years. As we emerge from the unique financial crisis created by the coronavirus pandemic, it’s an especially good time to update your plan, or create a new one capable of adapting to unpredictable conditions.

Why a Business Plan Is Important

A good business plan is like a road map to success. Without it, you’re likely to get sidetracked and lose sight of your goals, or make decisions that may be out of sync with your ultimate business objectives. Rather than operating your business blindly, changing direction based on whim, having a solid business plan helps you stay focused.

For example, Karen’s main goal may be to build a gym for women to get in shape and forge relationships with each other. But when cash flow is short, she may be tempted to change her policies. For example, if a group of men who work in a neighboring building ask to join so they can play basketball during their lunch hour, Karen may consider changing her females-only policy. With a clear business plan in place that maps out how she can focus on women and build a profitable gym, Karen will be more likely to continue pursuing her business goal and refer the men to another gym a few blocks away.

Whether you’ve never had a business plan or yours is outdated or incomplete, consider these three important reasons to take the time to write — or revise — one now.

• Outside financing — If you’re looking for a gym and fitness center business loan to support the growth of your business, a strong business plan is a requirement. No smart investor or lender will pour money into a venture without a clear picture of how that money will be used. A good business plan maps out exactly how the funds will be used and what the projected results will be.
• Change in direction — When you launched your business, you may have assumed it would attract serious weightlifters interested in your high-end equipment. But now a significant percentage of your membership includes mothers with young children, and you’ve realized you may need to broaden your services to accommodate their needs as well. The coronavirus pandemic may have prompted you to offer fitness classes online, which some members hope you’ll continue. A new or revised business plan will take into account the ways your business goals and needs have evolved and plot out new paths to build greater success.
• Detailed strategies — Even if you have goals in mind for your business and general ideas for reaching them, that’s not the same has having your strategies in writing. A good gym business plan will include detailed plans for marketing, obtaining equipment , hiring new staff and other strategies to help you reach your goals.

How to Write a Business Plan for a Gym

Writing a business plan for a gym doesn’t have to be difficult. Your business plan will include a lot of information that’s already in your head, but getting it on paper will let you share your plans with others (such as investors) and refer back to your strategies and goals for guidance throughout the year.

Your gym business plan should include the following sections:

Executive Summary

Since this is a summary of everything else that’s in the plan, wait and write it last, but place it at the front of your completed business plan. It should summarize everything you hope to accomplish with your business in the coming year. It should also include your mission statement and a brief description of your gym’s product and service offerings.

Company Description

This is a more detailed description of your gym, the clientele it serves (or the clients you hope to serve), and how your gym stands out from the competition. This is also a good place to include your goals for your gym.

Market Analysis

To write this section, you’ll need to carefully examine your local market and your gym’s potential to fit into that market successfully. It’s a good idea to include some hard data and statistics to show where the market has been and where it’s expected to go.

For instance, Sanjay is considering reopening his gym in the wake of the COVID-19 crisis. In updating his business plan, he’ll likely need to analyze business volume before the crisis versus his expected volume going forward. He should also incorporate figures from the online classes he offered during the shutdown. If real estate prices in his area have dropped as a result of the pandemic, he may be able to benefit from lower rent or move his gym to a spot closer to his target customers’ workplaces or neighborhoods. All of that information is important for Sanjay to include in his market analysis, along with the average income of the residents he hopes to serve, the percentage who own their homes and the average number of people per household.

Competitive Analysis

This section is important because it requires a business owner to take time to investigate their competition. You should list direct and indirect competitors, their strengths and weaknesses and how your gym measures up against them.

Products and Services

In this section, include a detailed breakdown of what you offer your customers. That might cover membership options, group classes, available exercise equipment and personal training opportunities. You might also include child care options, special training opportunities for community teams or groups and guest options.

Discuss the needs that your products or services fill for your target audience. Also, use this section to detail any plans to add or change products and services, including the projected cost and payoff for those changes.

Marketing Strategy

This section details everything you’re doing — and everything you plan to do — to get your product and services in front of your target audience. That may include social media campaigns, membership drives, sponsorship of local events or nonprofits, advertising, partnerships and other marketing strategies. Include the projected costs for your marketing efforts to help you plan, and consider including which staff members are responsible for each piece of the marketing strategy.

Financial Projections

Here, include your financials for the most recent year, as well as your projected revenue for the coming year or several years. Those projected revenues should be based on the solid market research you’ve done.

Once you’ve spent some time developing a detailed gym business plan, you’ll be ready to meet your business goals, whether you’re requesting funding or simply pushing ahead to greater success.

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Gym Business Plan

According to Statista , the health and fitness industry generates over $80 billion of revenue every year. With annual revenue that big, it shows that many people are mindful of their physical health. And that they’re willing to make room in their  budget to keep themselves in excellent shape. So if you ask us about opening a gym or physical fitness center, we’d say that it’s a profitable business. That said, if you’re planning on launching such a business, we’ll help you get started by offering our business plan examples for a gym!

10+ Gym Business Plan Examples

1. gym business plan template.

• Google Docs

Size: A4, US

2. Annual Gym Business Plan

Size: 570 KB

3. Fitness Business Plan Template

Size: 115 KB

4. Play Center Gym Business Plan

Size: 103 KB

5. Sports Gym Business Plan

Size: 605 KB

6. Sample Gym Business Plan

Size: 329 KB

7. Gym Business Plan in PDF

Size: 78 KB

8. Gym Working Business Plan

Size: 175 KB

9. Fitness Business Plan in PDF

10. Simple Gym Business Plan

11. Gym Business Plan Example

What Is a Gym Business Plan?

A gym start-up business plan is what you’ll need to formulate strategies and actions to open your gym facility. Its basic elements and functions are the same as those of other business plans . With the countless things that a gym business needs, such as equipment, licenses , permits, and start-up budget , it’ll be hard to prepare them without using a new gym business plan example. It serves as your guide to keep track of your gym business’s progress and status. Other than that, entities who might be interested in supporting your gym will want to see a business plan. They will want to know how feasible it is before they form a partnership with you.

How to Launch a Gym Business

There are several preparations you must do to plan for the gym you want to open. But what we’ll show you here are its four crucial foundations. They’re pretty basic, but they hold tremendous importance for your gym to be successful.

1. Formulate a Budget

Every business needs a budget; that’s the golden rule. Without a budget, a business can’t start operations. But if it does, its owner is in danger of suffering substantial financial losses. So make sure to establish enough budget to purchase your gym’s necessities. When you make your budget, try to limit the cost of opening a gym as much as you can. As a business owner, it’s essential to have a cost-effective mindset.

2. Search for a Good Location

Gyms have to be accessible. Otherwise, not many people will be able to visit them. With that in mind, make sure to find a good location for your gym. Aside from being accessible, the location must have plenty of people around it. You can choose areas with other businesses surrounding it, such as malls and business parks.

3. Purchase High-Quality Gym Equipment

Of course, you can’t call your business a gym without the proper equipment. So make sure to purchase ones with high quality. See to it that all of them are made of quality materials and are safe for the users. Your gym won’t be able to attract people if it has substandard equipment.

4. Look for Skilled and Knowledgeable Personal Training Staff

It’s hard to manage a gym all by yourself. Plus, you can’t act as a personal trainer to all of your clients. That’s a lot of responsibility to carry. For that reason, you should hire personal trainers. They can help you plan fitness regimes , plot workout schedules , and entertain clients. Hire those that have a rich fitness background and have experience in managing gym facilities. Offer them an employment contract to be with you for the long term.

How to Write a Gym Business Plan

Earlier, we’ve talked about a gym business plan and how important it is. Not just important, but also necessary. So here, we’ll show you the four steps in writing a gym business plan.

1. Describe Your Gym and Its Programs

Talk about what makes your gym unique from other ones. And explain how its training programs will help clients achieve their fitness goals . You can also provide previews and descriptions about how the facility will look and what equipment it’ll have.

2. Explain Your Marketing Strategy

A marketing plan plays a big part in putting your gym business on the map. So make sure to explain it thoroughly in your business plan. Talk about how you’ll promote your gym and what platforms you’ll use to make it popular.

3. Structure Your Gym’s Business Model

The business model is a system of how your gym will get clients, generate revenue, cover expenses, and grow. It showcases your entire gym’s operations. It would help if you had a well-structured business model so that you’ll have a clear direction on how to run your gym. And for sure, potential investors of your gym will want to know its business model.

4. Write Your Executive Summary

Most gym and fitness center business plan examples online have an executive summary . It’s the first section of a business plan, and it’s an overview of the business. So, make sure to write one for your gym business plan. It may be the first section, but it’s best to write it last. Please take note that it’s a summary. So it’s like a bird’s eye view of your business plan. If you write it last, it’ll be like writing a short recap, which is more manageable.

What are the various types of gym facilities?

These are the types of gyms that you can do business out of:

• Training gym
• Membership gym
• 24-hour access gym

How can I make my gym more popular?

Here are excellent approaches to bring more people into your gym:

• Use social media as a marketing platform
• Organize competitions for charity, such as Crossfit games
• Establish a referral program
• Offer one-time free sessions, such as yoga and Zumba classes
• Host corporate wellness activities

What are suitable names for my gym?

If you’re looking for some gym names ideas, we have some for you:

• Strip and Gain Gym
• Kratos Power Gym
• Beast Mentality Gym
• 24/7 Intensity Gym
• Warrior’s Den Gym

Those are names that we made up ourselves. You can get inspiration from them.

You might not know it, but your gym will be a place that can change lives for the better. Fitness is key to a better and healthier life, and your gym can bring that to many people. So start moving! Make preparations for your gym business as soon as you can. And let our gym business plan templates help you.

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How to start a business in Florida: Everything you need to know

By Christine Umayam

With a booming population and many popular tourist destinations, Florida can be a great location for starting a small business . After all, it’s the fourth largest economy in the country and it leads the nation in number of new businesses started , according to the Florida Chamber of Commerce. 

Florida is also an incredibly business-friendly state, with the nation’s 3rd highest workforce and tax policies that favor business growth . But as with any business, you need to obtain the necessary business licenses and permits from state agencies, navigate regulations and tax requirements, and follow laws around worker compensation and business structure.

Learning how to start a business in Florida comes with its fair share of unique considerations, so here’s our guide on how to start a business in the sunshine state!

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6 steps for starting a business in Florida:

Every business starts with a dream, but how do you transform your bright idea into a working, thriving business? To set your small business in Florida up for success, consider these important steps:

Step 1: Clarify your business idea.

Before you get the ball rolling, it’s important to have direction. Know what your business will be and who your business will serve so that you’ll have answers prepared at every turn when starting a small business. The ideal business concept should align with your passions, address a market need, and have the potential to be profitable. 

For instance, if you have a passion for books but lack writing skills, a writing business may not be for you. Instead, you might consider opening a bookstore in a location where there is a demand. If you’re uncertain about the type of small business to start, think about your interests, skills, and passions. Reflect on what you enjoy doing, what you’re good at, and what you’re passionate about. 

The responses to these questions can guide your business focus and help refine an existing business idea.

Step 2: Conduct market research.

Market research is a critical step for starting any business. You need insights into the viability and potential profitability of your business idea, and research can help you succeed when you launch and beyond. 

Market research comprises two types of data: primary and secondary. Primary data is gathered directly from consumers through methods such as focus groups, surveys, and interviews. Secondary data, on the other hand, is collected from external sources like government census data, research reports, and studies conducted by other businesses in your industry.

Market research may seem time-consuming and potentially expensive, but your effort will pay off. Research can validate your business idea in terms of market demand and profitability. It can also help you understand your potential customers better, making it easier to market and sell to them. 

Lastly, it should guide your marketing strategies by understanding your customers’ preferences and whether they are more inclined to be influenced by social media, traditional media, billboards, email, or other marketing channels. 

When you’re considering starting a business in Florida, you want to make sure your market research applies to your audience. If you have an eye on a specific city, narrow your focus on that location. If you’re looking at the state, compare and contrast research results across the state. 

With a strong research base, your future decisions will be that much easier to make.

Step 3: Write a business plan.

After validating your business idea through market research, the next step is to consolidate your findings into a business plan. 

A business plan is a comprehensive document that outlines your business strategy, future objectives, and the roadmap to achieve these goals. Contrary to popular belief, a business plan is not just for those looking for funding; it can benefit all businesses by helping to refine the business idea, identify potential challenges, and offer a clear understanding of how you will acquire customers and become profitable.

A robust business plan includes several key sections: 

• An executive summary that encapsulates the entire plan. 
• A company description that answers key questions about your business. 
• A market analysis section that leverages your market research.
• A section on mission, goals, and objectives. 
• A description of your products or services.
• A marketing plan detailing your unique value proposition and promotional strategies. 
• A financial plan that includes a proposed budget, projected financial statements for five years, and outlines any funding requests. 

When you create a business plan to start a business in Florida, be sure to note how your market research has reflected your chosen location and audience. 

Step 4: Finance your business.

With a plan in hand, it’s time to think about execution. And making your small business a reality means finding a way to  finance it. 

The initial investment can range from a few thousand to a few hundred thousand dollars, with the average cost for a small business to start and operate for the first year being around $40,000.

But don’t let the projected start-up costs deter you! There are many funding options available to small businesses. Self-funding or bootstrapping, which involves using personal funds, is one route. However, this method can carry significant financial risk if your needs are high.

Consider applying for small business loans or lines of credit, but remember you’ll often need your business plan and personal financial statements when applying. Although competitive, small business grants  provide funding that doesn’t need to be repaid, so you can get farther with less. 

And be sure to look into Small Business Administration (SBA) loan programs, which offer lower interest rates and longer terms compared to conventional loans.

Step 5: Conduct a Florida business entity search.

 Your business name is often the first impression you share with the world. But before you pick the one that draws the most crowds, you’ll need to conduct a business entity search. That’s how you’ll learn if a business with the same name already exists. Make sure you choose a business name that complies with state regulations to ensure legal protection and public transparency.

Next, consider using a trade name, which is like a short pseudonym for your business. For example, you might incorporate your business under the name XYZ Designs, Inc., but your trade name is just XYZ Designs. To put your best foot forward, you want your business to be named something short and memorable—and a trade name lets you do that.

Step 6: Register your business.

You’ve got a name—now your business is taking shape. Choose a business structure that accurately captures your preferred tax obligations, daily operations, personal risk, and legal obligations. Here’s a list of common business structures to jumpstart your search:

• Sole Proprietorship : A sole proprietorship merges the identity of the owner and the business. This makes the owner personally liable for business debts, so be cautious.
• Partnerships : Suitable for businesses with multiple owners, these require a partnership agreement and offer limited liability for the debts of the LLP. 
• LLCs : Owned by one or more entities, these limit personal liability for business debts and are relatively easy to establish.
• Cooperatives : Cooperatives operate to benefit their users and span various industries such as healthcare, retail, restaurants, and agriculture. 
• Corporations : Common in larger companies due to their legal and tax complexities, but these can also be utilized by small businesses. 
• S Corporations : These function like a corporation, but the flow-through of income and losses is sent through to shareholders to help you avoid double taxation on corporate income.

Learning how to start a LLC business in Florida can be useful, since many small business owners in Florida favor S corporations and LLCs. That’s because they are exempt from state income taxes !  

Do your research into each type of business so that you register the best fit for your small business. Consider in particular the taxes you may pay and the legal risks you wish to avoid. 

Regardless of structure, businesses in Florida are required to collect sales tax if applicable, with the sales tax rate and oversight of sales and use taxes managed by the Florida Department of Revenue .

Just remember to talk with a lawyer or accountant to ensure the chosen business structure is the best fit for your business.

How to incorporate in Florida.

Business registration and licensing requirements can vary across states, and Florida involves several unique steps. You might need to apply for a trade name and file Articles of Incorporation with the state, depending on your business structure.

Here are the main steps for incorporating a business in Florida:

• Check business license requirements. Knowing how to get a business license in Florida comes down to verifying all registration and licensing requirements with the Florida Division of Corporations . Connect with relevant local government bodies and industry associations for more specific information and guidance. Businesses, including corporations, must also file and pay Florida’s corporate income tax.
• Register your business with the Florida Division of Corporations by completing the required paperwork and settling any fees associated with your business category.
• Get an Employer Identification Number (EIN) from the IRS . This number is essential for federal tax purposes and is typically required to open a business bank account. You’ll also need to register your business with the Florida Department of Revenue to obtain any necessary tax IDs.
• Obtain relevant licenses and permits . Depending on your business sector, you may need to get specific licenses and permits from both state and local governments. For instance, businesses involved in the sale of food, alcohol, or tobacco must acquire particular licenses from the Florida Department of Business and Professional Regulation . Businesses, including sole proprietorships, must also register for sales tax in Florida.
• Secure the appropriate insurance . Florida law mandates the purchase of workers’ compensation insurance if you intend to hire employees. You should also consider other types of insurance, such as general liability insurance. If you’re uncertain about your insurance needs, we advise you to consult with a legal expert.

How Homebase can help you start a small business in Florida.

Every business needs the right tools at its disposal to be successful. When starting a new business, it’s a smart investment to find software that can accommodate your business growth both today and in the future. 

That’s why Homebase offers a comprehensive set of tools designed to support your business at every stage. As your team expands, enjoy the convenience of effortless scheduling and time tracking . When it’s time to pay your team, Homebase handles payroll seamlessly. And you can always stay connected with your remote workforce through efficient team communication . 

Homebase provides everything a new small business needs, eliminating the need to switch platforms as your business scales up.

Give Homebase a try for free!  

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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Biden’s Stimulus Juiced the Economy, but Its Political Effects Are Muddled

Some voters blame the American Rescue Plan for fueling price increases. But the growth it unleashed may be helping the president stay more popular than counterparts in Europe.

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By Jim Tankersley and Madeleine Ngo

Jim Tankersley reported from Washington, and Madeleine Ngo from Georgia.

The $1.9 trillion economic stimulus package that President Biden signed shortly after taking office has become both an anchor and a buoy for his re-election campaign.

The American Rescue Plan, which the Biden administration created and Democrats passed in March 2021 , has fueled discontent among voters, in sometimes paradoxical ways. Some Americans blame the law, which included direct checks to individuals, for helping to fuel rapid inflation.

Others appear upset that its relief to people, businesses and school districts was short-lived . The Federal Reserve Bank of Dallas reported recently that several business contacts in its district “expressed concern about the winding down of American Rescue Plan Act dollars and whether nonprofits and K-12 schools will be able to sustain certain programs without that funding.”

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