Starting a Gym 101: Writing a Business Plan
Business experts and Gym Kix owners Carrie Harris and Stephanie Beveridge
Step three on the Starting a Business Checklist = writing a business plan. This is another crucial element that many current business owners still do not have. This is like going on a vacation without an itinerary or any idea of what you are going to do. You need a clear picture of what is in store for your business and the resources needed to get you where you want to go.
A well-written business plan is the story of how you will run your business, and almost every lender will require some form of business plan before lending money to a business.
The essential components of a business plan are:
Executive Summary: An overview of the entire plan along with a history of your company
Marketing Analysis: Illustrates your knowledge about the particular industry your business is in and presents general highlights and conclusions of any marketing research data you have collected
Company Description: How all of the different elements of your business fit together
Organization and Management: Your company’s organizational structure; details about the ownership of your company; profiles of your management team; and the qualifications of your key staff
Marketing and Sales Strategies: Your outline to attract and service customers
Service or Product Line: What are you selling/providing?
Funding Request: The amount of funding you will need to start or expand your business
Financials: The critical financial statements to include in your business plan packet
Appendix: Additional supporting information such as: credit history (personal & business), resumes of key managers, product pictures, letters of reference, details of market studies, licenses, permits, or patents, legal documents, copies of leases, building permits, contracts, etc.
Once you have gathered the information for the essential components, you can reformat it to fit a variety of needs (such as expansion, new business, plan for a lender or plan for personal records). Once you know exactly what information you need for your business plan, search for a basic Business Plan template online to assist you in the process. The majority of the information should come from the business owner because what gives a business plan “life” is you telling the story of your dream and how you are going to make it a reality.
–Stephanie Beveridge and Carrie Harris of GymKix
Past posts:
Starting a Gym 101: Legal Forms of Business Ownership
Eric
April 18, 2013 @ 2:38 am
I just wanted to thank you guys for taking the time to post this crucial information about opening up a cheerleading gym. I am currently in the early stages of opening a gym up in the Chicago area or my hometown area in the Quad cities. I am a former Northern Illinois cheerleader and I’m wanting to open it with my long time friend and flyer, who lives in the Chicago area. I currently have a good job, but I work a lot so it makes it increasingly difficult to communicate and discuss business plans with my partner. With that being said I just wanted to say thanks for this information it’s nice hearing from actual gym owner’s perspective!
Stephanie
August 7, 2013 @ 6:49 pm
Email me if you need anything at all! Stephanie@gymkix.com
amanda
November 3, 2013 @ 4:17 pm
Thank you so much for going through the trouble of putting this together. I have 12 years of cheerleading experience, and am hoping to open my own gym next year! This is helpin me get my busines plan finishe so that i can move forward with my dream! Thank you again!!
Inonda John
January 30, 2014 @ 10:35 am
Very helpful I am setting one in Kenya and I needed second hand equipment any leads?
jen
February 3, 2014 @ 12:12 pm
Inonda, we are starting a classified section soon where you will be able to connect with others selling equipment. Stay tuned!
Jenny
June 16, 2014 @ 10:53 pm
I currently have had my own Rec cheer program for about 3 years however took a step back last fall because some girls decided to venture into other sports and many of my girls graduated from Jr high going on to do high school cheer(which is was my program is training them for). Right now I am trying to grow but with the limited space and days (I rent at a tumbling facility) its hard for me to grow because of the fact we are only there 2 days a week. I want to take the plunge to lease my own place but am extremely hesitant because of the cost and don’t like to be in debt…. If I had my own gym I could offer my cheerleaders tumbling classes outside of cheer practice and other training classes to improve their skills plus it could be somewhere they are always welcome, not just when we have practice. Any suggestions ??