Business plans are at the heart of successful franchises up and down the UK. These important documents set out the plan for your business’ growth, place in the market and unique selling points. While your plans will always be likely to change, there are still some important factors that will contribute to a successful outdoor fitness business plan.
Business plans aren’t just documents that help you plan for the future of your business. They’re also a product of the ongoing discussions you have with your franchisor. Particularly in a sector as competitive and varied as the outdoor fitness world, it’s important that you have a good guiding document to help you grow.
But how exactly do you go about putting together a winning business plan for your franchise business? In this article, we’re going to cover all the essential details you’ll need to include in your business plan, so if you’ve been wondering what your own plan should look like, this is the article for you.
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.
How to build a business plan for an outdoor fitness franchise
If you’re new to the world of franchising or want to know what a plan for a franchise should look like, there are some key details you’ll need to include. The key rule with any business plan is clarity. Make sure you cover all the following details with plenty of clarity and succinct analysis to really show that you understand both your market and your franchise’s role within it.
Consider what kinds of things you’ll be doing on a daily basis and what kind of support and advice you’ll need. With these factors in mind, make sure you include these following details:
- The executive summary
- The business description
- The product/service descriptions
- The management summary
- The market analysis
- The operational details
- The location and area of operation you want to work in
- The sales and marketing plans
- The financial projections and requirements
Remember that this is a document that you’ll need to put together in the earlier stages of your franchising experience, so consider this an opportunity to show off your knowledge of the franchising world.
>> Read more:
- 5 Advantages of Running a Sports, Fitness or Gym Franchise
- The Best Around-The-Clock Fitness Franchises in the UK
- How to Start Your Own Outdoor Fitness Business
- Q&A: Does Planet Fitness Franchise in the UK?
- Sector Spotlight: The CEOs Whipping the Sports, Fitness, and Gym Industry Into Tip-Top Shape
- 6 Tips for Building a Business Plan for a Successful Sports, Fitness, or Gym Franchise
1. Start strong
In the opening pages of your business plan, you’re going to want to be concise while showing plenty of depth, scope and understanding of the outdoor fitness sector. To hit the ground running, open with an overview of the sector: feature key details, statistics and other relevant supporting facts.
In the opening couple of pages - or at least very early on in your business plan - you’re going to need to set out what exactly it is that makes your franchise different from the competition. Your unique selling point will ultimately be the bread and butter of your business. Why will your franchise stand out from your competition in your area? What will you be doing differently and how will you draw customers away from your rivals?
You might also want to do some basic research into your competition itself. In your market, who will be your biggest competitors and how will you be able to outperform them?
It will then be a good idea to move on to the operations side of your business. Here, you’re going to want to talk about things like your recruitment, marketing, inventory and other technical aspects.
Each franchise will have its own commitments and brand ethos. While your franchisor may see those values in you, it’s important you continue to represent these same values through your recruitment. When it comes to new members of staff, think about:
- Previous experience
- Skill set
- Commitment to representing your franchise every day
And what kind of inventory will you need? Fitness franchises are only as strong as the equipment they use. Think about how much or how little equipment you want and give an indication of the ideal inventory you’d like.
The other essential part of a business plan is the finance section. If your business isn’t going to make any money, it won’t be successful so you need to be very clear on how you will make a profit. Use it to your advantage – your plan will be incredibly useful when it comes to securing loans and investment, but that’s not it’s only use. It’s also a personal tool to help you understand your objectives.
- Prince’s Trust
How you finance your franchise and your future revenue potential is a big part of the viability of your business. Because franchise businesses are known for their excellent survival rates - only 1% of closing franchises cited commercial failure as the reason for closing [British Franchise Association] - you will be able to enjoy some fantastic financial rates from major banks. Often, up to 70% of your start-up costs can be financed.
Include how you intend to finance your business, but also include plenty of information about your revenue potential. No projections can ever be entirely accurate, but to the best of your knowledge, do some analysis and show how your business will grow.
>> Read more:
Use these tips to help put together a sharp business plan for your outdoor fitness franchise
With the above advice, you should be in a great position to start working on your own business plan. These documents can be tricky at first, but remember, it isn’t a test. Your franchisor will likely have their own say on things, and if you’re applying for funding, you will likely also need to adjust some of the financial details.
But at the end of this process, you’ll be in a great position to kickstart your own franchise. For more information about the world of outdoor fitness, learn about the top 5 outdoor fitness franchises in the UK or discover how to become an outdoor fitness coach. If you’ve decided to look elsewhere for the right business opportunity though, have a look at the UK franchise directory.
Elliott Fudge, Point Franchise ©