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Hi guys :-) New business proposal

 
 
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Dave Miller
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Joined: 09 Mar 2008
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PostPosted: Sat Mar 22, 2008 9:26 pm    Post subject: Hi guys :-) New business proposal Reply with quote

Hi guys, I'm proposing to launch a new gym in my local area. I know this topic has been addressed a few times on this forum but I think I'm a little further into the thought process so I'm going to give out a few of my ideas and questions and any thoughts and answers would be duely appreciated Smile

Basically in the area I've recently moved to I've found that, despite it being a wealthy, large area there's no real gyms. I've moved fro an area that was heavily saturated with gyms so I found this a rather large surprise. With my research Ive found one old hardcore gym, which is the background of training Im from however it's the sort of dingy, grungey atmosphere that only really attracts the hardcore bodybuilding and strength athletes and it isn't particularly large. There is also a council run sports complex that is more catered to sports such as football etc and isn't really a health and vanity gym. My proposal is to have a gym that while certainly catering to the hardcore athletes, will also be pleasant to all comers whether just wanting to improve on fitness, physical appearance or take up a sporting hobby. The gym I currently train at is basically how I hope to model the business.

Unfortunately I have no real capital to invest so it's going to have to come from the form of a business loan or grant. Understandably I need a business plan which is where the struggle begins as I don't really know where to start in terms of a layout and how to put it on paper.

One of the ideas for marketing I've had (which actually came from this forum) was to pamphlet drop the area to sort of advertise the proposal. In the ad I intend to make offers to anybody who shows an expression of interest (i.e waive the joining fee). Another hook for the business is that I plan on making it "pay as you go" so that there's no contractual obligations. I would then take a list of interested parties to financial investors to hopefully show it to be a worthwhile investment.

I would hope to create a website before the pamphlet drop as one of the ways people can express their interest so as to appeal to the fact not many people can be bothered with post and telephone these days!

Any input would be greatly appreciated guys, particularly with pointers to a business plan.

Thanks for you time
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richardbarker
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PostPosted: Fri Mar 28, 2008 3:51 pm    Post subject: Reply with quote

If I remember correctly you can use a business plan template through MS office professional which allows you to enter in all your details and figures and produces cash flow forecasts profit and loss and a balance sheets perfectly.

If you are going to a bank for a loan they are going to want to see forecasts for at least 3 years if not 5. My advice is to make the figures as conservative as possible. I have an accounting background and one of the big turn off’s is seeing people over exaggerate the earning potential of a new business. The bank see enough of these to know if your pulling their pudding.

Market research is good, but people are very lethargic these days and tend to be uninterested in other peoples business and plans especially if the system is 'reactive'. I like the ‘waive the joining fee’ as that’s the ‘Give to get’ marketing philosophy and should work a treat, but in order for people to know about it you need them to read the leaflet. This is the tricky part as the return for this type of media is only 1 out of 100.

Talking to people is good, but talking to ‘The right people’ can save you loads of time and effort. One of the things that worked for us in our town was getting friendly with and networking with other business owners. I own a training and supply company and a Nail & beauty salon, so our target market is ladies between the ages of 16-70. So we made sure we got in with local ladies clothes shops and boutiques that would name drop us to their clients. Word of mouth referrals from a third party like this are worth their weight in gold, because it gets round the ‘Yeah Sure’ reaction that your own marketing literature causes.

I love the pay as you go price plan too. But don’t discount a membership fee completely. If the area you are in is ‘wealthy’ as you described, carrying round cash to the gym may seem a little inconvenient. Why not operate both and give people the choice. It would certainly make a bigger difference to your cashflow if you get people paying a big membership fee than dribbles of cash.

To encourage this make the ‘Pay as you Go’ feature more expensive for the regular user. This will give people the chance to try out your gym a few times with no commitment and if you they are happy with your services they can sign up as a long term member with the knowledge that they are ‘Saving’ a load of money. This makes them feel good in their pocket as well as their body!

Good luck with the venture.
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Dave Miller
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Joined: 09 Mar 2008
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PostPosted: Sat Mar 29, 2008 4:05 pm    Post subject: Reply with quote

Hi Richard, thanks for the feedback.

The plan for waiving the membership fee was just intended for an opening offer and something to be brought around every now and then as a marketing ploy. By pay as you go I meant to give the options of single session, weekly, monthly or yearly - the bigger your commitment, the more you save in the long run Smile Another idea I had for rallying new members once open would be to encourage existing members to "introduce a friend for a month and get a month's training for free". At very worst the new member wouldn't come back but that would cover the costs lost from the existing member. At best I have a permanent new member's business.

I've managed to download a template from royal bank of scotland so that's a start! I intend to start hunting for a good premises this week.
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richardbarker
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Location: Cheshire
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PostPosted: Sat Mar 29, 2008 4:22 pm    Post subject: Reply with quote

Hi Dave.

Sounds like you've got things under control Very Happy

Good luck
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http://www.easynail.co.uk
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