Do you really need a business plan?

This is a commonly asked question when starting a business. Do you really need a business plan or can you start a business without one? The answer is yes and no. If you intend to open a fitness studio and are seeking financing then yes, you need a full business plan. If you intend to work as an independent contractor with no facility and only yourself as the main source of income then you don’t need to create a full business plan but you still need a plan.

In this four part article we will review the areas which are important when putting together your fitness business plan.  In this case, think of your fitness business plan as a guide to how you intend to operate your business and perhaps it won’t feel difficult to get started. Let’s review the first concept which is a description of the industry.

The idea behind this section is to do some research about the personal training industry and  understand where your fitness business fits within the area where you intend to train.

Description of the industry

(a) Industry outlook and growth potential

• Outline fitness industry trends – past, present, and future –and new developments in personal training

(b) Markets and customers

• Estimated size of total market share and sales, new requirements, and market trends for personal training

(c) Competitive companies

• Market share, strengths and weaknesses, profitability, trends of your competitors

(d) National and economic trends

• Population shifts, consumer trends, relevant economic indicators

In this section of your fitness business plan you are trying to find out as much as you can about the personal training industry, your competitors, your customers and the trends. Start by researching personal training studios, fitness centres and community centres in your area. Then branch out and do some research on the internet. The library has information on demographics as does your local newspaper.

Take your time to discover as much information as you can regarding the topics stated above. The more knowledgeable you are about your industry the easier it will be for you to move to the next section which is creating your financial plan. This will be covered in the next article on how to write a fitness business plan.

To purchase a template of a completed fitness business plan click the link here http://edgefit.ca/fitness-educators/2009/03/fitness-business-plan-templatefitness-business-plan-template/