So, you're passionate about health and fitness, you have a wealth of knowledge and experience in your particular field and you want to set up your own gym. But how can you make sure you get it right first time?
Its no secret that 1 in 3 new businesses fail within 3 years, in this article we talk about the 7 key factors that can alter your pathway on the road to success, having seen countless gyms come and go we've highlighted the areas we feel need the most care and attention when embarking on your new venture.
Passion. This is going to be the anchor for you personally and the people you involve in this project. a great product or service that lasts isn't driven by calculations or profit margins, they're driven by focused, determined and passionate people. Conveying this passion to your team is crucial in the overall outcome of the project. Your vision needs to become a part of their day to day thinking so the decisions they make are best suited to the end goal. Passion is also a fantastic motivator, it spreads between people and creates a positive atmosphere about the product which is impossible to fake. from a personal perspective your passion is going to take away the feeling of it being hard work, you're building your dream and that isn't really work.~
Business Plan. Many consider a business plan to be the vehicle to business funding, whilst it plays a role in how potential lenders calculate the risk of investing in your venture the business plan is a tool that should be focused on one thing and one thing only, How to run your business. In short its a plan to discover how can you realistically provide the product or service that you wish to sell. If business planning isn't something you're comfortable with then recruit some help, ideally from a professional consultant or specialist, it could be the investment that makes your idea come to life. Once the business is up and running its important that the plan is still a key factor in how the business is managed day to day, why spend all that time mapping out a system of how to run a successful business and then ignore it when the doors open.~
Targets. Success isn't really something that has a time scale as things can always improve or change but setting the business targets lets you know how well you're doing over time and if the systems and ideas you have in place are effective enough. These targets can be for anything you want to monitor and control. Break these targets down into small, manageable day to day tasks, for example if you want 200 new members during 2016, divide that over the months, then over the weeks and finally into days. focus on the daily figure, its something you and your staff can impact on in real time. then you can set out a plan of how you're going to make sure you achieve that daily target. Targets need to be very clear, dates of completion, what budget you're setting out to allow the targets to be completed, who is responsible for achieving the targets and what the incentives are when the target is reached.~
Delegation. Whilst the idea, the passion and the drive may be pushing you to work every hour the day has to offer, overworked and overstressed minds make bad decisions. Delegating tasks to individuals who you trust and can be held accountable will give you some much needed rest or time to focus on other areas of your life that still need attention. Allowing people to take ownership of tasks or sub projects in the build or development of the business may invite new ideas and opinions that may create a better service for your customers. Make sure the person you choose to take on the given task is capable, understands the end goal and is aware they are accountable for the decisions they make. Keep the business plan fresh in peoples minds! ~
Competition analysis. One of the many keys to growing a business from the ground up is an in depth and exhaustive knowledge of the businesses, the people and the economy that surrounds you. Whilst your project is in the planning stages get to grips with the other fitness facilities within your area, understand what they have to offer, how much they charge and how you can competitively price and sell your business against theirs. Peoples opinions and thoughts are readily shared on social media, keep a keen eye on your competitors Facebook or twitter pages, they often reveal a clubs weakness or shortcomings as people comment directly to the club. Use any resource you can to give you an edge on the competition.~
Marketing. Often a buzzword thrown around business boardrooms, however it plays a vital role in how your club is seen and talked about. Begin early, set about not just creating a logo and a colour scheme but a brand! Being seen as a professional business will reap rewards as people build trust and a sense of loyalty towards your brand. set up a simple, easy to navigate website, link this to social media avenues, Facebook leads the way for businesses. Once these are in place you can begin creating anticipation and buzz by drip feeding information about the business and what it will become. if done correctly you can sign members up long before the doors are even open. Consider things like staff uniforms, membership cards and advertising banners to add depth to your brand, the more people see it, the more they will want to become a part of it. ~
USP. Unique Selling Point, what can your business do that others in your area cannot? This becomes a powerful tool for marketing and sales strategies. It could be something quite obvious I.e. Having the largest quantities of equipment, 24 hour access or the lowest price membership in the area. All these things can be used to your advantage when it comes to promotion of your club. Your club may be all of these things but focus on the one element that you think will impact your local community the most. This circles back to our point on competitor analysis, in understanding your rivals weaknesses you can play to your strengths. ~With these simple steps you can improve your chances of start up success and set yourself on a path to a sustainable, profitable and enjoyable living. for other ways to improve your club and discover more strategies for growth and development visit www.idcardsupplies.co.uk