In order to have a successful fitness gym, it is really important to create a boutique fitness business plan. If you know what a business plan is, and the reasons why you need one to start and grow your business, then it is the time to actually check out how to write it.
Why is important to write a boutique fitness business plan?
A business plan helps you to:
- Make clear your business ideas
- Study potential problems
- Set out your objectives
- Measure your progress
In this step-by-step guide, you will go through every stage of writing a boutique fitness business plan that will actually help you achieve your goals if you want to start a boutique fitness gym.
Fitness and wellness are not only a trend, but finally most of people notice the importance of physical activity and sport. It is an enormous market in full growth.
According to IHRSA (International Health, Racquet & Sportsclub Association), the $30 billion health and fitness industry in the United States has grown by at least 3-4% per year in the last decade and shows no signs of slowing down in the near future. If ever, it is accelerating.
Currently, about 20% of American adults have a subscription to a fitness club, a number could easily double in the next 10 to 15 years.
At the present time, in contrast with the past, people are becoming conscious on the importance of being healthier. Some of them, prefer to pay the gym membership and others, attend just to classes like zumba, yoga or pilates.
A Business Plan for Boutique Fitness Business
Boutique Fitness: Business Summary
|1. Describe your Company: Vision & Mission|
|2. Define your Target Market|
|3. Creating a Marketing Plan|
|4. Figure the Finances Out|
What Are the Key Success Factors for a Fitness Business?
1. Describe your company: vision and mission
The main reason we stay loyal to brands is because of their values. The best brands do their best to combine physical, emotional and logical elements into one remarkable customer experience.
When you successfully create a connection with your customers and employees, many of them might stay loyal to you for life. And you can see those values in the company's mission statement.
On the one hand, a mission statement is an action-oriented vision statement, making public the purpose an organization serves to its audience. That often includes a general description of the organization, its function, and its objectives.
Basically, a mission statement is intended to clarify the "what," the "who," and the "why" of a company. It's the roadmap for the company's vision statement.
On the second hand, a vision statement describes where the company aspires to be once they have achieved its mission. This statement makes known the "where" of a business. For example: “We will be the largest fitness club in the world”
2. Define your Target Market
To complete your boutique fitness business plan do not forget to define your target market. Target marketing allows you to focus on a specific target that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to get to potential clients and generate business.
Figure out not only who has a need for your product or service, but also who is most likely to buy it. To create a buyer persona we need some information: age, location, gender, education level, occupation, personality, lifestyle, hobbies…
Once you know who you are targeting, it is much easier to figure out which kind of communication you can use to reach them such as social media, press appearances, paid campaigns...
Even though there are many boutique fitness, there are different types depending on the target.
3. Creating a marketing and sales plan
We have not finished yet! Once we have the strategy, now it is the marketing time. The marketing and sales plan section of your business plan details how you plan to reach your target marketing, how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.
Considering all the above mentioned, before you even think about writing your marketing plan, you must have your target market well-defined and have your buyer persona built.
“To write the perfect plan, you must know your company, your product, your competition and the market intimately.”
4. Figure the finances out
The last one, is your financial plan chapter. Sometimes entrepreneurs think this is the most difficult part, but it doesn’t have to be as intimidating as it seems. Business financials for most startups are less complicated than they think at first, and a business degree is not required to write a boutique fitness business plan.
A typical financial plan will have monthly sales and revenue projections for the first 12 months, and then annual projections for the remaining three to five years.
According to Entrepreneur, achieving marketing objectives will have costs. Your marketing plan needs to have a section in which you allocate budgets for each activity planned.
If you’re looking for a downloadable template to get you started, you can skip ahead and download it now.
Do not forget! Key assumptions and risks
Finally, your business plan should detail the key assumptions you have made that are important for your businesses success. Also, you need to think about risk. What risks are you taking with your business?
When you recognize your assumptions, you can set out to prove that your assumptions are correct. The more that you can minimize your assumptions, the more likely it is that your business will succeed.
It can be very helpful to view some completed business plans as you go through the planning process. We recommend you to take a look at our Boutique Fitness Business Plan PDF.