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millions of people join gyms each year to get in shape and lose weight a gym model that is profitable typically revolves around many key revenue streams the most crucial is a gym membership membership dues or fees are rarely enough to make gym owners wealthy this is why most gym complement their core revenue with earnings from fitness classes juice bars tanning salons and renting space to personal trainers to get started the startup costs for opening a gym can range between 100 000 and 500 000 a larger gym can cost a million dollars or more franchises may have lower operating costs but you must pay a franchise fee which may or may not make it a less expensive way to get started in this video you'll learn how to start a gym business this video will be your first stepping stone providing a practical step-by-step approach to starting your gym business we will go over topics such as conducting market research conducting competitive analysis writing a business plan and raising money from angel investors it is critical that you watch this video from the beginning to the end so that you can have a clear understanding of how to start a gym business the first thing you should do before starting a business is conduct market research consumer behavior and economic trends are combined in a market research to confirm and improve your business idea it is critical to understand your customer base from the start market research allows you to reduce risk while increasing your chances of business profitability collect demographic data to better understand the opportunities and constraints for gaining customers this can include demographic information such as age wealth family interest or anything else relevant to your business then to get a good sense of your market you should answer the following questions one demand is your product or service in high demand two market size how many people are likely to be interested in your product three economic indicators what is the income range and employment rate four locations where do your customers live and where can your business reach five market saturation how many similar options do consumers already have six pricing how much are potential customers willing to pay for these alternatives you will want to stay current on small business trends it is critical to understand the specific market share that will impact your profits you can conduct market research using existing source or you can conduct your own research and reach out directly to consumers existing source can save you a lot of time and energy but the information may not be as tailored to your target audience as you would like use it to answer both general and quantifiable questions such as industry trends demographics and household incomes asking consumers directly can provide you with a more nuanced understanding of your specific target audience direct research on the other hand can be time consuming and costly use it to respond to questions about your specific business or customers such as reactions to your logo changes you can make to purchasing experience and where customers might go instead of your business direct research methods include surveys questionnaires focus groups and in-depth interviews following market research the next step is to conduct competitive analysis to identify a market advantage competitive analysis allows you to learn from businesses that compete for your potential customers this is critical for defining a competitive advantage that generates long-term revenue your competitive analysis should identify your competitors by product line or service as well as market segment here are some characteristics to look for in the competitive landscape one market share two strengths and weaknesses three your window of opportunity to enter the market four the importance of your target market to your competitors five any obstacles that may impede your entry into the market and six secondary or indirect competitors who may have an impact on your success there may be numerous businesses competing to serve the same market that you are the level of competition the threats of new competitors or services and the effect of suppliers and customers on prices are all important factors to consider you should write a business plan after conducting competitive analysis to determine a market advantage a good business plan will walk you through each stage of starting and running your company your business plan will serve as a roadmap for how to structure run and grow your new venture it's a method of organizing your thoughts about the most important aspects of your business business plans can assist you in obtaining funding or attracting new business partners investors wants to know that they'll get a good return on their investment your business plan will be the tool you use to persuade others that work with you or for investing in your company you should choose a business plan format that works for you there is no correct or incorrect way to write a business plan what matters is that your plan meets your requirements the majority of business plans fall into one or two categories traditional or lean startup traditional business plans are more common they follow a standard format and encourage you to go into details in each section they usually necessitate more work up front and can be many pages long lane startup business plans are less common but they still follow a standard format they concentrate on summarizing only the important points of your plan's key elements they can be made in as little as an hour and are usually one page long if you are very detail-oriented want a comprehensive plan or intent to seek funding from traditional sources you may prefer a traditional business plan format you are not required to follow a specific business plan outline when writing your business plan instead use the sections that make the most sense for your company and its requirements traditional business plans include some of these nine sections one executive summary tell your readers about your company and why it will be profitable in a few sentence include your company's mission statement product or service and basic information about its leadership team employees and location if you intend to seek funding you should also include financial information and high-level growth plans two company description provide detailed information about your company in your company description explain in detail how your company solves problems make a list of consumers organizations or businesses that your company intends to serve describe the competitive advantages that will help your company succeed such as is your team comprised of experts or have you found the ideal location for your business this is the place to talk about your company's strengths three market research you'll need to be well versed in your industry outlook and target market competitive research will show you what other companies are doing and their strengths look for trends and themes in your market research such as what are the actions of successful competitors what makes them so effective and also are you able to do it better this will be the time to respond to these questions four management and organization tell your reader how your company will be organized and who will be in charge describe your company's legal structure indicate whether you plan to incorporate your business as a c or s corporation a general or limited partnership or as a sole proprietorship or limited liability company llc in your company use an organizational chart to show who is in charge of what demonstrate how each individual's unique experience will contribute to the success of your venture consider including resumes and curriculum vitae for key members of your team five product or service line describe the product or service you provide describe how it benefits your customers and the product life cycle share your intellectual property plans such as copyright or patent filings explain in detail if you are conducting research and development for your service or product six sales and marketing a marketing strategy cannot be approached in a single way your strategy should evolve and change to meet your specific requirements this section's goal is to describe how you plan to attract and retain customers you'll also describe how a sale will take place this section will be referred to later when making financial projections so make sure to thoroughly describe your entire marketing and sales strategy seven request for funding if you're requesting funding this is where you'll detail your funding needs your goal is to clearly explain how much funding you'll require over the next five years and how you intend to use it indicate whether you want debt or equity the terms you want and the length of time your request will last provide a detailed description of how you intend to use your funds indicate whether you require funds to purchase equipment or materials pay salaries or cover specific bills until revenue increases include a description of your future strategic financial plans such as debt repayment or the sale of your business eight financial projections financial projections should be included with your funding request your goal is to persuade the reader that your company is stable and will be highly profitable include income statements balance sheets and cash flow statements for the last three to five years if your company is already established if you have any other collateral that could be used to secure a loan make sure to include it as well provide a financial forecast for the next five years forecasted income statements balance sheets cash flow statements and capital expenditure budgets are all included be even more specific in the first year using quarterly or even monthly projections make certain that your projections are clearly explained and that they correspond to your funding request this is an ideal place to use infographics to tell your company's financial story 9 appendix provide supporting documents or other materials that were specifically requested in your appendix credit history resumes product pictures letters of reference license permits patents legal documents and other contracts are all common items to include you may prefer a lien startup format if you need to explain or launch your business quickly if your business is relatively simple or if you intend to change and refine your business plan on a regular basis lean startup formats are diagrams that describes your company's value proposition infrastructure customers and finances using only a few elements they are useful for visualizing trade-offs and key facts about your company a lean startup template can be created in a variety of ways the following are the nine components of a lean business plan one key partnerships take note of other businesses or service with which you will collaborate to run your business consider vendors manufacturers subcontractors and other strategic partners two key activities make a list of the ways your company will gain a competitive advantage highlight activities such as selling directly to consumers or utilizing technology to participate in the sharing economy three key resources list any resources you will use to provide value to your customers staff capital and intellectual property may be among your most valuable assets remember to take advantage of any business resources that may be available to women veterans native americans and hubzone businesses four value proposition make a clear and compelling statement about your company's unique value to the market five customers relationships describe how your customers will interact with your company is it automated or human to human should it be done in person or online consider the customer's experience from the beginning to the end six customer segments when naming your target market be specific because your business will not be for everyone it is critical to have a clear idea of who your business will serve seven channels make a list of the most important ways you'll communicate with your customers most businesses use a combination of channels that they optimize over time eight cost structure will your company prioritize cost cutting or value additive initiatives define your strategy and then list the most significant cost associated with pursuing it nine revenue streams describe how your company will make money direct sales membership fees and the sale of advertising space are a few examples if your business has multiple revenue streams make a list of all of them following the completion of your business plan the next step is to secure funding for your venture starting a business costs money one of the first and most important financial decisions most business owners make is how to fund their venture how you choose to fund your business may have an impact on how you structure and run it every company has unique requirements and no financial solution is one size fits all your personal financial situation and business vision will shape your company's financial future once you've determined how much startup funding you'll require the next step is to determine how you will obtain it let's talk about how to fund your own business through self-funding self-funding also known as bootstrapping allows you to use your own financial resource to support your business self-funding can take the form of borrowing money from family and friends using your savings account or even tapping into your 401k you retain complete control over your business when you sell fund but you also assume all of the risk be cautious not to spend more than you can afford and be especially cautious if you decide to redraw funds from retirement accounts early you could face costly fees or penalties or you could jeopardize your ability to retire on time so consult with the administrator of your plan and a personal financial advisor first another option is to raise venture capital from investors venture capital investments can provide you with the funding to start your business venture capital is typically offered in exchange for a stake in the company and an active role in its operation in a number of important ways venture capital differs from traditional financing typically venture capital focuses on high-growth companies rather than depth they invest capital in exchange for equity they also take higher risk in exchange for potential higher returns and it has a longer investment time frame than traditional financing mostly all venture capitalists will want a seat on the board of directors at the very least as a result be willing to give up some control and ownership of your company in exchange for funding there is no certain way to obtain venture capital but the process generally follows a standard sequence of basic steps one find an investor look for individual investors also known as angel investors or venture capital firms make sure to conduct sufficient background research to determine whether the investor is reputable and has experience working with startup companies two share your business plan your business plan will be reviewed by the investor to ensure that it meets their investment criteria most investment funds focus on a specific industry geographic region or stage of business development three go through due diligence reviews the management team market products and service corporate governance documents and financial statements of your company will be scrutinized by the investors four negotiate the terms if they decide to invest the next step is to recent agreement on a term sheet that outlines the terms and conditions under which the fund will make an investment five investment you can get the investment once you agree on a term sheet when a venture fund invests it becomes an active participant in the company venture capital is typically provided in rounds as the company achieves milestones additional rounds of financing are made available with price adjustments as the company executes its plan if you found this video useful please show your appreciation by clicking on the like button also let us know in the comments if you'd like us to make a long in-depth follow-up video to learn more about how to start this business also don't forget to click the subscribe button to see more videos from sean academy an extension for education