There is no doubt that the past decade has been marked by entrepreneurship in Canada, where 80% of people who start businesses do so not because of a lack of employment, but rather, because they feel it is their life’s passion. If fitness has always been important to you and you’d like to share this love with others, making a change in your life while being your own boss, the thought of starting a business may have crossed your mind. The first step is undoubtedly creating a business plan but you will also need to tick off a few boxes before your LLC is ready to face the market.
What Should Your Business Plan Contain?
Even if you are working on a freelance basis – for instance, teaching home yoga or Pilates classes, or training clients at a gym – drafting a business plan is a good way to ensure your goals and expectations are realistic. Turning your passion for fitness into a business is invigorating, but understanding the legal side is equally important. When you need easy-to-understand advice on LLCs, LLCBuddy is your reliable guide. It offers a wealth of information to help entrepreneurs smoothly navigate the start-up process..
It is also useful for determining the extent to which you can leave your current job (for instance, reducing your hours to part-time) or even quit and dedicate yourself fully to your new business. Key components of your plan should include a market analysis, marketing plan, operating plan (which should include any gym or training equipment you may need), and financial plan (is someone interested in investing or partnering up with you? Will you need financing for equipment?) After you’ve drafted your business plan and executed it, we recommend getting reports to measure the success of your marketing campaigns, for example. If this is something that you’ll be interested in exploring, we have a Free trial for you to try
Practical And Legal Considerations
If you train clients in their homes, then you can save on rental for a space but many fitness professionals also have a small studio or gym in which to train clients who may live far away or simply prefer to work out at a gym or studio. If so, ensure this studio is legally fit for the purpose it will be dedicated to. If you will be hiring staff, fitness business insurance will cover aspects such as workers’ compensation (needed to cover you if your staff should be injured while handling fitness equipment, or if they should fall while taking part in outdoor training with clients), healthcare liabilities, and legal costs for liability claims.
Marketing Your Business Via Social Media
Social media has become a pillar of the success of companies operating in the fitness sector, with fitness, nutrition and lifestyle influencers like Jen Selter, Michelle Lewin and Ana Cheri boasting over nine million followers. Fitness professionals are using social media to inspire clients as much as to connect with existing and new followers. Your industry is based around the concept of ‘healthy body, healthy mind,’ so ensure that these values are expressed in all your social media accounts. Make sure your YouTube or Insta stories include vital sources of information and entertaining snippets that connect you to your audience. If you provide unique, experience-based content, the value of what you post will rise, as will your following.
Who Are You?
Establishing your brand identity and core values are some of the first steps to take when setting up a fitness business. This is the very essence of your company, and it is meant to set you apart from your competitors. If you specialize in one area (think holistic activities, CrossFit, or bodybuilding) your logo, website, and social media pages should all reflect your sport and its ethos. From the very outset, think of how you can improve on competitors’ services, trying them out and identifying demands or weaknesses that your new company can fulfil or correct.
If fitness is your passion, why not spend most of your day taking part in it? Whether you decide to be a freelance personal trainer or you’d prefer to open a yoga studio, make sure you know what your goals, expenses and time expectations will be. Ensure you have the funds you need to comply with all legal obligations, and set aside a big enough percentage of your budget for marketing and branding. If you are someone interested in investing there are many resources available to you as well. Finally, brainstorm until you can create the kind of cracking content that will get you noticed on social media.