The name of the Fitness Center Gym Business Plan is “The Princesses Gym” is a private organization intended to be situated on Baker Street, London, United Kingdom. The Princesses Gym is committed to motivating young girls and ladies who feel they can’t train like their opposite sex to be able to go through any workout. The Princesses Gym also aims at employing innovation, conditioning, and strength with the combination of the industry best practices to deliver matchless gym services using sophisticated equipment, while ensuring girls, ladies, and women of London are maintained physically and mentally, at the best cost. In addition, The Princesses Gym intends to acquire the state of the art equipment, special aerobic platforms (designed for the purpose of lessening strains and pains), and highly professional, motivated, and keened caring female trainers and other team members to guide our girls, ladies, and women to achieve their personal goals. The Princesses Gym will also offer easy time and schedules to ensure that customers can come for their workouts at their leisures. This is a gym company designed uniquely for the feminine world to improve and maintain their fitness level with great care and support of other great women in the premise. This company is created by a woman, and specifically for the women.
1.1 Summary of Purpose
The Princesses Gym is an organization that is specific to enhancing and improving the physical fitness of women in the London area. The purpose of this organization is to instill greater confidence in young girls and ladies who can’t perform physical fitness activities before their male counterparts. Thus, The Princesses Gym is saddled with the responsibility to achieve some amazing results for women. These include, losing weight to make them feel better about their look and feel; increasing their strength to help them burn more calories in the daily; increasing their energy to ensure they can keep up with their levels, peer, children, even grand children (for older women) or the rest of their lives; providing vitality in them for them to show to the world that they’ve got what it takes to live a freer and healthier life; more flexibility to help them constantly move freely in their daily works and activities; to also keep them younger all day long in order to be able to thread on any hills or mountains; and finally keep them living longer, through losing some weight, increasing their lifelong expectancy, and helping them enjoy the rest of their later years.
1.2 Mission and Vision
Mission: To continually provide innovative strategies and training programs amongst young girls, ladies, and women in London area about their healthy lifestyle and confidence.
Vision: To become the best and most sort for female health training and gym centre in London within the next five years.
1.3 Uniqueness of the Business
The uniqueness of this business is in the fact that it is proposed to be located in an environment where there is only a very small gym. This implies that female gyms exist in London, but not in every major areas in the city. Therefore, launching the Baker Street with one of the biggest gyms in London specifically for young girls and ladies as well as women is a unique idea. Moreover, The Princesses Gym intends to add innovation and extra welfare of all its customers within the London environs and the entire United Kingdom. In addition, The Princesses Gym intends to integrate side attractions within the premise of the gym to attract visitors within the country and city to benefit greatly from the innovation in this sphere.
1.4 The Business
Strength training or gym is an important aspect of our lives. The gym business provides the opportunity for young ladies to be confident about their fitness expectations. It is a business that delivers physical fitness training through all-female expert coach, highly sophisticated equipment, extraordinary exercise programs, in their convenient schedules.
The gym business has gained grounds lately, and people are getting more aware of its immeasurable benefits, especially when they enroll in a gym around them. People now know that the gym helps them stay healthy, enhancing their lifestyle, and helping them to live longer. People, who feel they are obese or have some health issues now register in the gym to primarily shed some weight, train, and increase their muscles.
Statistics have shown that the number of people enrolling for gyms is increasing steadily and because of its closeness to their residents, it makes it easier for them to access. Thus, the increase in the number of interests of individuals in gyms, the increase in income and revenue for the gym business owners.
1.5 Products and Services
The gym center as stated above will offer physical training and exercise to individuals in the environment they live or off their residential area. People are being coached on achieving the best fit they envision from going to the gym. The reality of The Princess Gym will help females exercise in a group, to bring fun to them, while using daily functional movements
The following will be the services offered by The Princesses Gym:
- Muscle Training with weight training equipments (Fitness with cardiovascular training)
- Swimming pool
- Diabetes and Obesity Control
- Physical therapy
- Court sports
1.6 Sales and Marketing Strategy and Activities
In order to build the brand recognition of this business and achieve early customer traction before fully opening the whole facility, it is imperative to create an awareness through offering free training program at a local park, this will spur and instigate the interest of the people, therein, there will be illustrations of the kind of training available for the young girls, ladies, and women. There will also be a very effective and mind-blowing web presence, in which an online blog will be designed to form a community among individuals that make use of the group in order to also attract new members and also retain them. Therefore, the target customers are females between the ages of 12 and 75.
1.7 Competitor Analysis
The Princesses Gym is not just only a health club, just like the majority of its competitors in the London area. The Princesses Gym is in the business that is targeted at health and physical fitness of young girls, ladies, and women in London and outside of London. The major function is to ensure that a strong confidence is built inside of those who cannot withstand training before men as well as those girls who wear hijab too. In addition to this, The Princesses Gym aims to work with other client companies to carry out other wellness strategies. As much as customers benefit from this offer, the company’s employees would also benefit from these strategies.
Also Study: Next Generation Gym Marketing Strategies
Other competitors in the London area include the South Kensington, London Bridge Gym, Nuffield Health, Fitness First, Liverpool Street Station, Monument Gym, LAX by PureGym, The Gym Wembley, St. Pauls, London Gym, Camden Gym, Angel Gym, Clapham, Soho Gyms Earls Court, Queen’s Park, etc. Finally, The Princesses Gym will take a cordial responsibility interest in the wellbeing of all its members, this is unlike its competitors. The integral part of The Princesses Gym is total follow-up and monitoring of all its members, based on their wellbeing.
1.8 Operational Structure
The managing director will be the full controller and manager of The Princesses Gym. The Center head will be the overall head in charge of the gym programs and reporter to the managing director for the needful of the organization. The marketing head serves the right to ensure the name of the organization keeps flying high and projecting to the marketplace with full force. The head trainer is the major instructor to other younger trainers, while the accountant is in charge of the financing of the organization. The common trainer and individual trainer to give personal training to customers and become customers’ personal trainers. The entire staff of The Princesses Gym will continually build the reputation of the organization till it becomes the best and most sort for the Gym for females in the London area. The figure below shows this organizational structure.
1.9 A Profit and Loss Summary
The Princesses Gym expects a massive rate of growth from the start of its operations. The expected financial statement for the next one year is shown below
|The Princesses Gym Sales Forecasts (Yearly)|
|Advertising and marketing||£1,136|
|Fixtures and Gym Equipment||£145,765|
|Swimming Pool expenses||£4,030|
|Other sports equipment (table tennis, etc)||£2,400|
|Total Start-up Expenses||£369,485|
Table 1: Expected Start-up Expenses Statement
Source of Financing:
Personal = £92,000
Relatives = £12,040
Commercial loan = £265,445
|Cash Flow Statement|
|The Princesses Gym|
|Fixtures & Gym Expenses||-704||-704||-704||-704||-704||-704||-704||-704||-704||-704||-704||-704||-8448|
|Total cash Inflow||371281||1796||2096||2296||2516||2646||2796||3096||3096||3296||3296||3496||401707|
|Cash Cost of Sales|
|Total Cost of Sales|
|Advertising and marketing||**||1136||1136||1136||1136||1136||1136||1136||1136||1136||1136||1136||161739|
|Interest on commercial loan||25||25||25||25||25||25||25||25||25||25||25||25||300|
|Cash Capital Payments|
|Total Capital Payments||658||658||658||658||658||658||658||658||658||658||658||658||7896|
|Total cash Outflow||12499||16668||16668||17668||16668||16668||16668||17668||16668||16668||16668||17668||346774|
Part 2 – Funding Requirements
Some equity sources include personal savings, friends and relatives, venture capital, angel investor, government grants, equity offerings, initial public offerings, initial public offerings, and warrants:
This is usually the money or funds saved over a period of time to start up a business. This includes, previously owned or currently operated job or employment, retirement, or cash value insurance policies.
Advantages of Personal Savings
- The business will be run in a better way so that the money is not lost
- There is total control over the money and the business
Disadvantages of Personal Savings
- There is risk of bankruptcy and personal debt
- The money at hand may not be enough to start the business as planned
Friends and Relatives
Entrepreneurs may get to their parents and friends to help them source for funds to start up their business.
Advantages of Funds from Friends and Relatives
- The funds will be easier to get since they already know the entrepreneur
- They will allow the entrepreneur to develop her vision into what everyone can recognize and value
- They may not want to add value to your business if they don’t understand
- The entrepreneur will feel fully responsible if there are any losses incurred
Some debt finance sources include friends and relatives, banks and other commercial lenders, banks and other commercial lenders, commercial finance companies, government programs, and bonds.
Banks and other Commercial Lenders
These are the major and popular sources of funds to start up a business.
- Loans obtained from this source offer long-term loans, usually between three and ten years, giving entrepreneurs the privilege to pay back slowly as the business profits increases.
- They also offer lower interest rates and very large sum of funds to cover up all the start-up costs with just one loan.
- They require strict provision of personal financial history and if there’s any minor issue with it, entrepreneur may not be eligible for the loan.
- There is less personal autonomy with commercial loans. If the money is very large, there must be a detailed accounting of how the money intends to be spent.
The Choice for The Princesses Gym
The Princess Gym will employ the Funding Circle organization with personal savings and relatives to source for funds to start up the organization. This choice is made because the organization is set up to offer new start-ups in the United Kingdom. They understand the differences in every business, thus, offer consideration based on different factors such as on merit, with or without credit history, and introduction to so many flexible business finance solution for the purpose of meeting individual needs. In addition, they offer loans within the range of £5,000 and £1,000,000 which is payable between six months and five years, without any early repayment charge.
The Investment Capital Use
The breakdown is shown below:
- Weight machines
- Resistance bands
- Flexion machines
- Wall bars
- Pull-up bars
- Weight training
- Street Strider
- Elliptical trainer
- Exercise machine
- Kettle bell
- Gym flooring
- Boxing gear
- Medicine balls
- Hojo undo
- Pull-up bar
- Employee uniform
- Notice boards
- Cable attachments
- Filing cabinets
- Wearable items such as hydration packs, foot-gear, and gloves.
- Table tennis court
- Swimming pool
- Spa accessories
- Interior designs
- Hofstrand, D. Types and Sources of Financing for Start-up Businesses | Ag Decision Maker. Retrieved August 15, 2016, from https://www.extension.iastate.edu/agdm/wholefarm/html/c5-92.html
- Huls, A. The Pros and Cons of Using Personal Funds to Run Your Business. Retrieved August 15, 2016, from http://sba.thehartford.com/finance/the-pros-and-cons-of-using-personal-funds-to-run-your-business
- McLaughlin, E., & Lydecker, W. (2016). The Advantages and Disadvantages of Friends & Family Funding. Retrieved August 15, 2016, from http://thepurposeisprofit.com/2015/04/29/the-advantages-and-disadvantages-of-friends-family-funding/
- MoneySuperMarket.com. Retrieved August 15, 2016, fromhttp://www.moneysupermarket.com/business-finance/business-lending/medium-to-long-term-business-loans/
- Yell. (2016). Retrieved August 14, 2016, from https://www.yell.com/s/ladies gyms-london.html