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Key Topics
Requirement
Question: Write a Business Plan: Gym Fitness Center
Solution
Executive Summary
The fitness gym business is gaining popularity in recent times. With the increasing awareness among people about the benefits of staying fit, they are enrolling themselves in the gyms so that they can get trained services for staying fit. In this business, a fitness gym will be opened for ladies where a personalized environment will be created for the people who want to stay fit so that they can pursue their fitness goals. The objectives of the business are to acquire 100+ memberships of ladies in one month and to give excellent service to the trainees. In this business, women, in particular, are targeted because, in their daily routine, they don't get time to stay fit. So, the document proposes a business plan for the fitness gym for ladies. It contains the marketing, financial, risk, harvesting and milestone strategy of the gym business.
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Description of business
In this business, a fitness gym will be opened for ladies where a personalized environment will be created for the people who want to stay fit so that they can pursue their fitness goals. Trainers will be provided to the people who will need them, and the service will be a high class using the best equipment (Dabija, 2015). The service will also include one of the best training programs that can be used by anyone and they can adhere to the routine for getting fit.
Mission:
To create a workout environment in which the confidence of ladies is promoted by meeting their fitness goals.
Objectives:
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To acquire 100+ membership of ladies in one month.
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To give excellent service to the trainees.
The gym will aim to give value to its customers by making them fit so that they can meet their personal and professional challenges. It will have time bound fitness plan that will help the ladies to focus on their unique needs. It will achieve the goals of those young mothers who want to look fit again.
Marketing
The marketing plan will target the young woman and the young mothers. It can serve 50 people in one hour. So, the number of customers that can be targeted in a month are 300-350. The gym's marketing plan will try to attract almost 350 people in a month. The marketing plan will have to compete with the other gym fitness centers that already have 200+memberships but the uniqueness that it caters to the woman can help it to market its service in a better way (McDaniel, 2013). The marketing will be done by advertising about the gym in the local area by distributing pamphlets, and the print media will also be sued to advertise the services of the gym. The trainers will take small sessions on fitness in the gardens and the parks in the morning so that people and the ladies who come there in the morning for exercising could know about the gym and they also know the importance of fitness. The marketing will aim to capture 40% of the market share as it targets only the ladies. The USP of this fitness center is that it is well-positioned, and it is easily accessible to the people. Also, the woman can avail services of the gym at affordable prices, and they can reap benefits of the complete package.
Operations
The gym will be set near the central market so that it is easily accessible to the people. Even if the ladies are working woman or they have small kids, they can easy come there. After some period of time when the gym will have enough memberships, then more centers will be opened in the other areas too. The trainers will be called from the experienced fitness centers, and they will have enough experience to train the woman. The equipment will be best, and they will be imported from other countries.
Management
The fitness gym will be managed by a gym manager who will be appointed for maintaining and supervising the activities and the processes that go on in the gym. He will also be responsible for the people who work in the gym. The manager will have a degree in management and will be experienced in handling such fitness centers. The employees will comprise of the trainers, cleaning staff, locker maintainers and the equipment handlers. They will be paid the best of salary in an industry (Johansson, 2016). They will also be given additional emoluments. The changes in the rate of taxes affect the business as the financial plan gets disturbed when the tax system changes. Also, the changes in the health and safety regulations affect the fitness business because the regulations related to injury claim are an important consideration for fitness gyms.
Financial
The business plans to earn $100,000 in one year. The monthly cash flow will be around $8,000. This cash flow will be calculated when all the outflows will get deducted from the inflows. The breakeven is expected to reach in the first year itself. The business will require the funds to purchase the equipment, build the center, recruiting personnel and for marketing and promotion of the gym. The funds will be arranged from the financial institutions like banks (Sandell, 2015). Loans will be taken from the banks and thus the funds will be arranged.
Critical risks
The potential problems that the fitness center can face during the course of business are:
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Personal injury: The clients of the trainers may suffer from injury during the fitness program, and they can file a legal claim on the gym for causing injury to them. This risk can be managed if a contract is made between the gym and the clients that the gym will not be held responsible for any injury which is caused by negligence or disrespect of the instructions.
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Safety risks: Some people already suffer from some physical problems. Then when they come to the gym, their problems might worsen as they suffer from cardiac arrest, etc. Thus, the safety is at stake (Thomas, 2015). For dealing with this risk, the gym instructors should make the clients sign a declaration form.
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Financial risks: The capital which is needed in these businesses is huge, and the gym may run short of cash. The fitness equipment which is required may be too expensive, so the gym may run short of cash. For this, the gym should plan in advance that what will be its expenses in the near future and accordingly it should prepare itself for the upcoming expenses.
Harvest strategy
The business will be sold entirely to the new owner if the time or situation of harvesting arrives.
Milestone schedule
The objectives have been set by considering the customers. The deadlines have been set by considering the potential of the business and its employees. Those targets have been made that are achievable and are not just imaginary. The senior and professional people have designed the objectives, mission and the way of doing business.
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Dabija, D.C., Abrudan, I.N. and Postelnicu, C., 2015. Competitive strategies of fitness gyms in international business environment. Empirical findings through observation.
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Johansson, T. and Andreasson, J., 2016. The Gym and the Beach Globalization, Situated Bodies, and Australian Fitness. Journal of Contemporary Ethnography, 45(2), pp.143-167.
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McDaniel, T., 2013. Time for Action. In Know and Grow the Value of Your Business (pp. 163-172). Apress.
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Sandell, M. and Lagrosen, S., 2015. Health and Fitness Marketing-The Role of Relationships and Trust. In Marketing in Transition: Scarcity, Globalism, & Sustainability (pp. 62-66). Springer International Publishing.
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Thomas, G., 2015. The symbiotic role of marketing and identity on transitional consumption to the ideal body as facilitated by a fitness-driven lifestyle.
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