Business plan- Formal structuring of your fitness business is of the greatest importance. The fact that you turned your dream and passion into a money-maker does not mean you can be a slack business man or woman now.
This is where the hard work begins. Have a business plan ready, as you will need it for Bank finance purposes as well as to check if you are making any process on your goal ladder. Please remember to comply with any registration and inspection requirements the law prescribes.
Financing- Personal equity and ownership experience are the pre-requisites for getting financing from your bank. If they think of you in the least a liability instead of an asset you can forget about monetary assistance from them.
Industry experience means nothing at all to them as they need reassurance that you are able to invest their money correctly in your new business. Collaterals are of great importance. If the bank sees that you are putting something on the table that is of more value to loose than the loan, you are almost certain of getting the loan.
Salary cuts- Forget about taking a fat salary every month. Your business is starting from the ground, so your income will also have to be rock-bottom. You are going to work twice as hard and get half the money you use to get from your employer but it will be all worth it in the end, when you see growth and health in your business finances.
Image is everything- Your club's image is everything. Remember, first impressions are lasting. Keep the venue manicured, neat and clean both on the inside and outside. Fitness institutions are germ infested playgrounds, so make sure the equipment as well as bathrooms are absolutely immaculate. Old or broken equipment should be replaced as soon as finances allow, you don't want the club to look like gym dumpster.
Professionalism- Integrity and professionalism must be top on your list of priorities. There is nothing wrong with special pricing or terms for certain clients but don't go overboard. The slightest of bad decision will reflect negatively on your bank statements. Don't be the cheapest fitness centre in the neighbourhood just to get maximum clientele. Higher rates mean better value to the clients.
Specialisation- Avoid a jack of all trade business. Start off with one area of specialisation for example Yoga. The area can be built on when the business is on it's feet and financially stable.
Education- Invest in formal education such as courses in personal training, marketing, business management and accounting. Experience is very important without a doubt but if you can combine your experience with formal training you will be on the high way to success. The courses will give you more insight into the mechanics of each subject as well as useful tips and tricks of the trade.
Advertising and networking- No advertising or fitness marketing means a dead business. Without a marketing plan you will have no clientele thus no income. Advertise in you local newspaper, magazines, brochures, flyers and on the greatest marketing vehicle - fitness internet marketing.
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