If you like working out and being fit, then fitness business idea probably crossed your mind.
The good news is that nowadays, one can start a fitness business from home nice and easy. There is a heap of free or affordable resources to fuel your entrepreneurial dreams. You can be your own boss instead of working for a gym or a sports team.
The earning potential is certainly there. People have grown weary of paying high membership fees. Personalized fitness programs and studios are gaining ground left and right.
That being said, you need to make a series of key decisions to lay the foundations for success.
It’s not enough to just look the part. You may know a lot about fitness, but what about running a business? Well, it has many moving parts that need to work in synergy.
We have compiled a step-by-step guide to help you build operations from the ground up.
Develop a Business Plan
A detailed business plan is a bridge connecting your personal passion and lucrative career.
This document has some key parts you need to focus on, such as executive summary, company description, financial plan, and market analysis. Make sure you know what they entail.
One of the most important things is to strategically ponder your industry placement. Competition is getting steeper and more diverse. Home-based fitness careers involve anything from small gyms to personal fitness programs.
Whatever your direction is, state the purpose and mission of your business. Create a unique value proposition that sets you apart from the competition. Remember, you’re selling more than fitness results: you offer a whole experience, a lifestyle.
To gain traction, pick a catchy business name and suitable business location. Establish S.M.A.R.T. business goals and indicators for measuring them. Set your pricing scheme (hourly rates are most common) and type of contract/commitment you require from the clients.
Find your Target Market
In this day and age, the fitness market is flourishing across the globe.
It encompasses areas like specific sports training or general fitness instructions. With raising awareness of health benefits, it’s also expanding to include people of all ages, backgrounds, and body types.
Your job is to find and carve out your (group or 1-on-1) workout niche. Trying to appeal to everyone as a jack-of-all-trades trainer isn’t an overly effective tactic. Specialization is the name of the game.
In other words, target a specific group, such as seniors, middle-aged people seeking to lose weight, or professional young athletes. Tailor workouts to help them reach their goals. Anything can be a fair game: dance, martial arts, diet regimens, cycling, you name it.
It would be wise to throw in something special into the mix, to serve as a brand differentiator. Think in terms of a killer gym sound system or free workshop events.
Depending on where you leave and type of business, your market may be small. That’s fine for starters —you can gradually expand your customer base over time.
Tackling the Legal Stuff
If you want to start a fitness business hassle-free, there’s no going around the legal requirements.
The first thing to do is to choose your business structure. A sole proprietor isn’t the most prudent course of action here, as it doesn’t protect your personal assets. Thus, you want to opt for another entity, such as a limited liability company (LLC).
Once that is sorted out, apply for business licenses and permits. Get familiar with zoning requirements for running a business and seek suitable fitness certification. This is the key to gaining client confidence and generally more important than undergoing formal education.
Notice you may need to get safety certifications as well (First Aid, CPR, and Automatic Defibrillator). If you hold classes in your home, check out liability insurance options to shield against lawsuits. On the other hand, in case you’re hiring employees, consider worker compensation.
Trust us on this one: operating uninsured isn’t a wise move. It tends to do more harm than good.
Get On Top of the Numbers Game
Starting a fitness business with no money is a treacherous proposition.
Startup and ongoing costs of home-based enterprises are relatively low, but you still have to perform a considerable financial lift. In case you don’t have savings piled up, seek external sources of funding.
Before you begin raising capital though, you want to figure out your startup costs. And I don’t mean doing some back-of-the-envelope calculation. You will need to be as specific as you can.
List your upfront expenditures and projected monthly expenses. The major items are the costs of tools and equipment for setting up a fitness facility. The same goes for expenditures related to hiring any fitness coaches.
Try to set a realistic budget and keep your overheads low for the time being. Put an accounting system in place, open a business bank account, and register for taxes. Carry out an income analysis to see how the numbers hold up in the light of set goals.
Estimate how long it will take to break even.
Establish a Strong Online Presence
Finding steady clients is your lifeline.
These days, the best chance to pull it off is to head online. Most people look for trainer and fitness experts via organic search. So, the bare minimum would be a brochure-type website. There, you can provide information about your brand and services.
But, you can also go the extra mile and pick additional platforms and channels to power your business. There are many ways to reaching and serving customers. For example, you could put together a blog or add new automation functions.
There are lots of free tools to help you set up an online presence.
Deploy Marketing Campaigns
One thing you don’t want to skimp on is marketing. Spreading the word out is of paramount importance for new businesses.
Therefore, come up with a smart marketing strategy. Aim to take full advantage of cost-effective digital channels at your disposal. Start by setting up profiles on social networks. Delight the audience by uploading great content on a regular basis.
For instance, craft a short video of your sample training session. Demonstrate your skills and share your enthusiasm in other formats too. Communicate with the followers and encourage them to share their stories. Create a system for generating referrals and testimonials.
Another marketing avenue to explore is the traditional one. Namely, you can hand out flyers in your neighborhood. Likewise, create a business card and network with fellow fitness pros. Attend fitness fairs and events.
Lastly, keep an eye on emerging fitness and marketing trends. Integrate new insights into your strategy as a part of the ongoing learning process. Getting complacent isn’t an option.
Strike Out on Your Own
Starting a fitness business from home is no walk in the park. There’s much more to it than sets and reps.
That being said, most of the management can be conducted from the comfort of your own home. The only problem is there is quite a bit of ground to cover.
So, before anything else, write a plan that outlines key aspects of your business journey. See to it you’re legally compliant. Keep your finances organized and cash flow running. Get ready to tackle day-to-day management.
To maximize your chances of hitting it big, boost your online presence and visibility as well. Define a distinct brand and market your business. These promotional strategies are integral to gaining a solid customer base.
It’ time to start inspiring others to make a positive change in their lives.