Dream Like You Mean It
If you are a committed fitness professional, you may have dreamed of one day owning your own gym or studio. Dreaming is an important first step in shaping your future business, but in order to turn your dream into a reality, you need a strategy. Before you draft a full-fledged business plan, Forbes recommends you begin with a concept statement. A concept statement helps you organize your thoughts and ideas into concrete objectives. It will give you the focus you need to present a coherent pitch to potential investors or partners. And it will help you see potential flaws in your dream that may make it unfeasible as a profitable venture.
Put It On Paper
Your written concept statement should define what your product or service is and what it does. It should identify your target market and explain why they will buy your product or service. Your statement should identify your competitors, and explain how your product is different and better. Your concept statement should be able to clearly and succinctly describe your business in a few well thought-out sentences. Paint a picture of your dream business that conveys success and professionalism.
Once you have perfected your concept statement, do a preliminary test pitch on family and friends. Set your ego aside and listen attentively to constructive feedback. If your idea is well received, you may be ready to seek funding for your venture. In the past, aspiring entrepreneurs have relied on friends, family and financial institutions to bankroll their brainchildren. But in today’s startup-friendly business environment, crowdsourcing has become a popular and effective way to find investors who believe in you. Take time to browse through crowdfunding sites and look at the style and content of other business concepts that appear to be exciting interest. Create a professional and appealing pitch that grabs the attention of potential investors.
Write Your Business Plan
While your concept statement works its magic online, begin drafting your business plan. A good business plan goes into detail about the nuts and bolts of your budding business. It should include startup costs, monthly overhead, wages and salaries, and projected earnings. Your business plan should detail your short and long term goals, and provide a timetable for achieving them. List your business team and describe what skills and assets each brings to the business. Include your plans for branding and marketing your product. Your business plan becomes your template for success, so review and revise it periodically.
Where you establish your business will have a profound impact on its success or failure. Seek out a location with a demographic that strongly represents your target market. Resist the urge to compromise location for low rent. Choose an attractive building in a high-traffic area with easy access. Keep the facade, grounds and parking area clean and well maintained. Add attractive landscaping or colorful plants to draw attention to your enterprise. Make the interior clean, classy and appropriately lit.
If you have the need to succeed and the drive to thrive, then W.I.T.S. is here for you, offering online business tools and courses that will set you on the path to prosperity. Check out our Business Success Skills, Fitness Management, Certified Personal Trainer, and Certified Older Adult Fitness Specialist courses. We are here to help you succeed!
References and Credits:
B Plans: Kick-Start Your Concept
Entrepreneur: 10 Top Crowdfunding Websites
Forbes: How to Turn an Idea into a Startup: Begin with a Business Concept Statement
Geek Business: The Business Plan Anatomy: Breaking Down a Successful Business Plan.
Venture Break: Create a Concept Plan Before a Business Plan
*Images courtesy of freedigitalphotos.net.