When you start to build up your own personal trainer business, whether you are doing so at a physical location or strictly online, there are multiple important features that go into it. One of these is a business plan. This article will show you exactly how to create a Personal Trainer Business Plan in a few easy steps.
When you start to build up your own personal trainer business, whether you are doing so at a physical location or strictly online, there are multiple important features that go into it. One of these is a business plan. An online personal trainer business plan will draft out the important details of your new endeavour, and make sure you are prepared moving forward.
There are different parts of this kind of plan, and different steps to take before you start officially writing your own.
Defining A Business Plan
Business plans are a key part of any business, including personal training. Knowing how to create a good plan can be the difference between your business succeeding or failing. Creating a business plan might sound difficult, but it can lay the foundation for a lucrative career as you move forward.
This plan will lay out a description of your company and what you will provide, in this case, the fitness services that you offer. It will also look at your objectives, goals, financial aspects, and target market.
Why You Need It
You need a personal trainer business plan if you want to set yourself up for success. It is one of the first steps in starting down this new journey, and vital in keeping you from making careless mistakes. Creating a plan will also help in landing investors if that is something you are after. It can help you design marketing strategies as well, and show you what to expect when it comes to revenue.
Different Parts of a Business Plan
There are a few different parts of business plans, and each one comes together to provide the roadmap you need to find success.
The executive summary will look at the plan for your business as a whole, highlighting key points. It’s recommended to write this part at the end when the rest of the plan is done, so you know exactly what needs to be included here. Include your reason for starting a personal training business, and make sure to mention the exact services you will be providing.
A description of your training company is another important part of your business plan. The description should include what gives you the expertise to be a trainer, as well as important details about the fitness industry itself. Other important features of your company description are your overall business goals, target market, and products you may sell.
A market analysis is an important part of your business plan that can help create marketing campaigns down the road. During this analysis, you will narrow down your target market by looking at important features like demographics, where your target market lives, and how they spend their time online. For an online personal trainer business plan, you will want to look even closer at the way your target market behaves online.
Another vital part of your personal trainer business plan is the financial projections. This part will examine the revenue streams you will have, your budgeting needs, and the ways you plan to get additional funding. Make sure to include current projects of how much you are expected to bring in, and spend.
How To Make Your Plan
There are a few main steps you can take to create a proper personal trainer business plan, whether you plan to work in person or strictly online.
Your fitness business will have both short-term and long-term goals, and defining what these are is an important part of crafting your business plan. Include detailed descriptions of goals you want to accomplish in the next five years, followed by the long-term goals that come after that. Make sure to include your plan for reaching these goals, the type of funding they might require, and the kind of profit these goals will lead to.
Describing Your Services
A detailed description of your fitness services should include everything about the services you plan to offer. If you plan to sell any products as well then mention that here too. Include the location of your gym, unless you plan to train just online, in addition to the equipment and technology you need, permits required, and similar details. Any information about how you will be operating your business should be included here while being as concise as possible.
Budgeting is important for any business and should be included early in your planning. Doing this right can make all the difference between success and failure. Include the funding that will go into your business, as well as what you are projected to earn. Include your expenses as well, like employees you need to pay or equipment you need to buy.
You might have multiple revenue streams as a personal trainer, and you should include all of them in your business plan. Revenue streams include sessions for clients, online courses you sell, fitness-related products you provide, or anything else that brings in money for your business.
Narrowing down your target market is key to running a successful business. You need to learn who your business is for and figure out how to get your services in front of them. Knowing what your target market is will help you when you need to create advertising campaigns or pitch your business to potential investors.
What Makes A Good Business Plan
When drafting your personal trainer business plan, you should keep in mind the key factors that create a good plan. Any good business plan should be honest, well-written, concise and specific, and up to date with current fitness and market trends.
A good plan will look at your business honestly, and touch on each of the important details it needs to. You should be honest about the funding you have, and the revenue you expect to bring in. Be honest about your goals as well, and the audience you want to target with your marketing campaigns.
Business plans should always be well-written. They could be viewed by potential investors, employees, or business partners. Even if you don’t expect anyone to read your plan, it should still reflect professionalism.
Make sure that your personal trainer business plan is specific and concise. You want to be straightforward about your services, goals, target market, funding, revenue, and any other details that need to be included. A typical business plan will be between ten and twenty pages long.
A good business plan needs to reflect up-to-date fitness and market trends. This means you may need to periodically update your business plan so it is still relevant. You should also update your planning as needed if you add or lose a revenue stream.
You need to make sure to proofread your business plan to look for careless mistakes and errors. Leaving these in can be seen as unprofessional, and may cost you, investors or business partners. Make sure to proofread your plan a few times. It isn’t a bad idea to have someone else read over it either.
Even though a business plan is not required to start your personal training business, it can increase your chances of being successful. Once you know the different parts of a business plan, you can take the necessary steps to create your own.
Are you new to personal training? Read these articles to get started on growing your business:
- How to price your online training
- How To Attract Clients as a Personal Trainer
- What insurance should I get as a personal trainer?
About the Author:
Cory is a huge fan of fitness - and an even bigger fan of helping you with your fitness. He's started on his journey with WeStrive back in 2015 and has been building it ever since.