Want to put up your own personal training business? I’m sure you already have a clear idea of what you want to do with it and what your business goals are. But before you take any action, I recommend that you take your time writing a business plan first.
But why a business plan? And doesn’t making it require a lot of work?
Why You Need a Business Plan
If you really are clear about everything related to your business, then all you need to do is type your ideas down and organize it and turn it into a business plan. Because that’s what a business plan basically is: it puts down on paper the things that are related to your business.
What You Should Put in Your Business Plan
What do you typically put in a business plan? There are three basic things that every business plan must have: your business goals, the reasons why you think you can attain these goals, and how you will go about reaching these goals.
So whether you want to create a business plan to attract investors or to present your ideas to your business partners on buying new equipment, a business plan will show them clearly what your business goals are and how you think you will achieve those goals.
There’s no cut and dried format for business plans. The way you write and structure it depends on the audience who will read it. For example, you’re writing a business plan for a bank you wish to borrow money from. In this case, you will have to show the bank that your business is feasible enough to be able to repay the money you’ll owe them. Or for potential investors, show them why it would be good to do business with you.
Dealing with Changes in Your Business Plan
Look at the business plan as a blueprint for the success of your business. But as with blueprints, there may unexpected outcomes that will lead you to change your goals or strategies. So look at business plans not as something that’s set in stone, but something that may be changed depending on factors that affect your business.
For example, boot camps were popular during the time you drafted your business plan so you decided to focus your business on that. But as the years passed, the popularity of boot camps were surpassed by newer techniques or strategies, and so you must deal with those changes. Otherwise, you’ll be leading your business to bankruptcy.
In sum, your business plan should be the roadmap or the blueprint your business will follow in order for it to reach its goals. Basically, the business plan will outline what your business goals are, why do you think you can attain those goals and the strategies you will employ to achieve to goals.
But as with any other plans, things are subject to change. And when your business is faced with drastic changes, then your business plan should be flexible enough to meet those changes.