Key Elements Of Business Plan

Key Elements Of Business Plan-36
Ibrahim’s journey to becoming a gym owner may have been slightly unorthodox.However, the foundation of his achievement is something that is replicated across the board by most successful fitness entrepreneurs.“What I believe is that once you write down what you are going to do, you know exactly how to go about it, rather than guessing along the way” explains Ibrahim.We will also go through the 9 key elements you need to include to create an effective gym business plan.

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Writing a gym business plan can be a useful exercise to help you clarify exactly what your ideas are for the gym.

It can help you understand the scope of the fitness business and figure out the resources(staffing, equipment, facilities) you need to get going.

To achieve this, we approached the Regional Growth Fund which had funding from the EU for any emerging start-up that had real plans.”Using the gym business plan they had created as part of their application process led them to receive the funding they needed to finally own their building, which Ibrahim says has had an extremely positive knock-on effect for the rest of the business.“We received £80,000 in funding, and we were able to use that to secure our property which we now own,” he says.

“And this has led to a reduction in the overall costs of running the business and has enormously increased our asset value.”An important point to note is the plan itself is an evolving document that grows with your business. From a strictly martial arts venue for hire, they have evolved into a fully-functioning gym that now has the addition of Olympic weightlifting and power-lifting facilities.

“You know how you are getting from A to B and on to C.”As the gym grew over time, Ibrahim found the plan extremely beneficial in bringing MYGYM to the next level.

He explains: “One of the big milestones for was to try and own the building.

It put him and his Taekwondo club into a tailspin for which they were unprepared.

He decided to take it upon himself to find a new space in Bristol for the club but soon ran into difficulties, with the majority of leisure centers and gyms in the city unable to accommodate them.

This allows you to focus your time and energy wisely.

By sitting down and doing out a gym business plan, it forces you to research the different factors that are going to affect the success of your business.

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