As a personal trainer, it's important to write a business plan in order to establish and achieve your goals. Read this article so you can get started on your business plan.
How To Write A Business Plan
A business plan is an essential guide that serves to help you outline and achieve your business goals. More importantly, it’s a management tool that allows you to analyze business reports, formulate a business strategy, and highlight your businesses strengths & weaknesses.
Before we get started, you should use a Google Doc to start writing out highlights of your business plan (or whatever writing tool you prefer). Here's a good example of a business plan so you can have an idea of how to format everything.
Here's a summary of the 7 best unique ways to write a business plan for personal trainers & the steps involved:
- Executive Summary
- Products & Services
- Sales & Marketing
- Competitive Analysis
- Financial Plan
The Importance of Writing A Business Plan
When starting a business, personal training or not, you want to establish a strong foundation. Writing a business plan will help your business grow faster since you'll have goals you can work to achieve. A business plan is designed for you to establish your business and make adjustments to help you identify problems and achieve goals. And the first draft? The first draft definitely doesn’t even have to be perfect - what's important is that you just get started.
Nothing is more assuring than proving to your business partners, investors, or loan providers that you understand the trajectory of your business.
Tips on How To Write An Effective Business Plan
- Keep your business plan concise
- Keep explanations simple and direct by avoiding the use of jargon
- Review and test elements of your plan and get feedback from colleagues
- Present your vision and establish your goals
- Take one step at a time, and you’ll learn and find tools as you go
Key Components of Writing a Business Plan
A business plan should cover the following key components. However, the contents may vary depending on your insights and goals.
1. Executive Summary
The executive summary should always come first in your business plan. It should show the purpose and goals of your business. A great executive summary should at least show the following factors:
- The objective of your business (Example: Train 30 personal training clients and live a happy life)
- A brief outline of your products and services (Nutrition, personal training, Yoga, etc.)
- A description of your target market (Females between the ages of 30-45)
- A justification of your competition and competitive advantage (trainers in the area, gyms near me, why I'm better)
- Transparency of your fundings and its growth potential (if I'm opening a gym - do I have investors? If it's just me, what equipment do I have?)
It’s as easy as remembering what, who, and whom. What are the products and services you’re willing to provide (live video training, nutrition, vertical training, etc.)? What are the resources you need to have to provide the products and services that you want (equipment, certifications, etc.)? Who will provide you with those items (the gym, manufacturer, personal training course, etc.)?
More importantly, to whom will you provide the products and services (who's your target audience?)?
To start, you can identify and define your type of business. You can choose from in-person, at-home, online training, live video training, or some kind of hybrid.
Your target customers are essential as well. Make sure that the training offerings match your audience. For example, you don't want to target 18-22 year olds and then give them at-home programs. They'll probably be in the gym!
3. Products and Services
In terms of products and services, you must avoid using jargon and synonyms when explaining. Think as if you are presenting directly to your customers. You have to describe and explain everything about your offering and justify why they are better than others.
Things to consider:
- Timeline and timing - When are you launching your business & how often will you train?
- Price and reasonable cost - How much will I charge & how much will it cost?
- Source of the product - gym training, online training, etc.
- The existence and development of the products and services - Continued education, specialty certs, nutrition certs, etc.
4. Sales and Marketing
The success of your business depends on your marketing plans and strategies. Marketing is an investment in the growth of your business and if you don't tell anyone about your business - then how will they know about it?
But, you must tread carefully before spending money on different marketing efforts. I've personally wasted thousands of dollars on Facebook ads & it can take forever to learn how to properly use them.
You must do your homework and plan wisely. Do remember that the money you spend on marketing must generate a return.
5. Competitive Analysis
In the business world, there are existing competitors. Nevertheless, this shouldn’t intimidate you as long as you analyze your current business plan.
Be aware of the strengths and weaknesses of your business and accept them. All while understanding the strengths and weaknesses of your competitions. If you're not good with nutrition then just accept that and maybe find a dietitian to partner up with.
The purpose of your Operations plan is to serve customers, keep track of operating costs, and ensure profitability. It should contain detailed strategies for managing, educating, staffing, inventory, and all things involved.
Key things to consider:
- The certifications & education you'll need
- Organizational structure - If you hire a team
- Initial equipment necessities - If you don't use a gym
- Business relationships - Working with dietitians, physical therapists, etc.
7. Financial Plan
Through the financial plan, over time you’ll see the fruits of your labor.
These five basic elements should be included in a typical financial plan:
- Balance sheet
- Income statement
- Operating budget
- Cash flow statement
- Break-even analysis
Good news though! You don't need to be overwhelmed. I guarantee most personal training businesses don't have even a single one of these.
Honestly, the only thing you should worry about is revenue & expenses when you're starting off. And if you're an independent business owner, make sure you're setting money aside for taxes.
Record everything you're purchasing and then keep a record of all the revenue you're bringing in from clients. This will help save you days of work come tax season.
Starting a business isn't easy. The business plan you make should convince you that your ideas make sense. It should be logical, objective, and effective.
Remember, not everyone is a master at doing things for the first time. Learn and trust the process as you grow with your business & adjust things as you go.
Now, are you ready to start your business plan?
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
- How to write a memorable and professional fitness bio
About the Author:
Cory McKane is the CEO/Founder of WeStrive - a platform for personal trainers to manage & grow their personal training business. He enjoys working out and spending time working with trainers on WeStrive on how to manage/grow their business.
Sample Article for reference: