There are many things that must be done in when starting a fitness boot camp franchise. At times the amount of tasks to be completed can be overwhelming. The best way to handle the stress of completing each task is to organize a check list of the vital goals to be achieved prior to opening.
The following is a list of 20 things to do before starting a fitness boot camp business and a brief explanation of why they should be done.
- 1. Business plan
Having a business plan in place before beginning the adventure of starting a fitness boot camp franchise is important. A business plan allows you to sit down and plan out the details of your business. It goes over legal and financial aspects that will be viewed later when the operations phase of your boot camp business starts. Most importantly sitting down and planning out your business will give you the time to reflect on what you want from your boot camp and insight on how to achieve those goals.
- 2. Visit the Small Business Administration
The Small Business Administration was developed to help people who own small businesses. The second stop once you have created a business plan will be to visit your local SBA office. They will want to see your business plan (which is why you have already created it). The SBA can offer advice on how to get the right permits required in your state and can even assist in finding financing for startup and expansion costs. They are a great resource and should be one of the first stops on your road to a successful boot camp franchise.
- 3. Legal Structure
Determining the legal structure of your business is important. There are several options to choose from and depending on the circumstances of your operations and ownership not all of them may be right for you. Investigating which type of legal structure would be best for your boot camp business is the next thing that should be done. If you are starting a fitness boot camp franchise this may be taken care of for you by the franchising organization.
4. Taxpayer number
Filing for a taxpayer number for your business is important. You will need to have been incorporated or set up a DBA or LLC, if that is the legal structure you have chosen. Once you have your legal identity you can let the IRS know you are a functioning business and request a tax number. This will ensure that you have the ability to pay taxes properly. If you know nothing about taxes for businesses it may be a good time to consider getting an accountant who specializes in small businesses.
- 5. Bank Account
Once you have all of your paperwork filed, making your fitness boot camp a legal entity, you will need to open a business bank account. Keeping business finances separate from personal financial accounts is an essential part of operating a successful business. It is also important to have a business account so that any checks written to the business can be deposited. The last thing that you want when starting a fitness boot camp franchise is to be unable to cash the checks your clients write.
- 6. Insurance
Liability insurance is crucial in being able to maintain business operations when something unforeseen happens. If a client is injured while attending a boot camp class in your facility, or even an employee, the costs can be staggering. Carrying proper insurance can be the best way to enable your business to function even if an accident occurs. The fitness licensing organization should have information about liability insurance and the SBA can also assist.
- 7. Permits
Discovering two days prior to the scheduled opening of your new fitness boot camp that you are missing the necessary city permits to operate a fitness class can crush your business before it starts. Finding out from your local government what permits you need to operate your business can stop this type of catastrophe from happening. If you are unsure where to investigate this; the Small Business Administration can help.
- 8. Licenses and Certifications
Personal training licenses and certifications like CPR and First Aid expire on a regular basis. Before starting a fitness boot camp franchise it is important to double check the expiration date of all your licenses and certifications. If they are about to expire then renewing them before you open your business can save you from the hassle of trying to schedule this training and testing while launching your new business. If your licenses or certifications are going to expire within 6 months of your launch date, renewing them before opening would be the best idea.
- 9. Find Financing
Most people starting a fitness boot camp franchise do not have 100% of their start-up capital on hand. It is important to find sources of financing so that you have more than enough capital to cover operating costs during the initial opening phase of the boot camp. Keep in mind it is always a good idea to have more money than less so that you are not forced to close due to unforeseen purchases or expenses. The Small Business Administration can assist you in finding financing and may even find you free money in the form of grants.
Locating the space where you will hold your boot camp classes is important. If you cannot own or lease your own space finding space that is available in local gyms, athletic centers and other indoor areas may be the next best thing. A good location can provide you with access to additional clientele. The better the location the more the cost may be so it is something that may take up a large portion of your overhead costs. Make sure that there is enough space for each boot camp participant to do all of the exercises without bumping into the person next to them. Overcrowded classes can make people uncomfortable so the right amount of space is extremely important.