There is an endless number and types of workout studios popping up around the country. They are catering to people who want to lose weight, slow the aging process, lead a healthier life, look like a bodybuilder, learn new modes of exercising, or master new skills like martial arts. The opportunities are only limited by the entrepreneur’s imagination. Bringing the exercise facility to life begins with writing a set of fitness center business strategies, covering everything from the mission to financial information.
Many Shapes and Forms
Before starting the fitness program description, decide if the facility will cater to the general public or specialize. For example, the concern may include space for a weight room and an exercise class area, a walking track, and a game court of some type. A current trend is boutique exercise locations or studios catering specifically to a market segment. Falling into this category are the small workout facilities offering limited activities like stationary cycling, pilates, trampolining, interval training, martial arts, and so on.
Play Close Attention to Membership Fees
Whether starting a big box or boutique exercise facility, or something in between, the owner sets a membership fee which is described in the business strategies for the fitness studio. Approximately 84 percent of Americans have no health club membership, so the competitive membership fee can attract new clients on a regular basis.
The monthly or annual facility membership amount will depend on the level of services offered, budgeted expenses, the number of forecasted clients, estimated client turnover, and the amount of investment in the facilities. One of the newest trends is the pay-as-you-go exercise facility where clients can join a group workout class. Center fees address all sources of revenue, including fees for membership, classes, product sales, class cancellations, special events, and extra services like use of a mechanical massage bed. All of this information is included in the fitness startup gym marketing strategy plan.
It takes a sizable investment in the center location and workout equipment. Many facility owners rent space in strip malls to minimize risks associated with property ownership. Heavy exercise equipment is expensive because most of it is digital and comes with televisions and cell phone connections. A big box facility will need staff, including personal trainers, front desk workers, and class instructors. However, the fitness studio operational plan may indicate the company will only require one employee – the owner.
One option is buying a franchise, meaning the opening a fitness center proposal will discuss the contractual agreement. There are distinct advantages to choosing the franchise route. The franchise does extensive industry and market research and assists franchise owners with getting the enterprise off to a good start. The franchisee gets to use the brand name and receives a set of policies and procedures that simplify center startup and operation. The venture proposal for fitness center will include monthly franchise fees as an expense.
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