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Starting a Fitness Boot Camp Business

15 facts you should know before starting a fitness bootcamp business

There is a lot of information to gather before starting a fitness bootcamp business. A lot of the information that you need toStarting a fitness bootcamp business gather will be related to the area in which you are choosing to open your business. All locations are not structured the same way and not all states, counties or cities have the same laws when it comes to business operations. Since this process can be tiring, here is a little help with 15 facts that you should know before starting a fitness boot camp business.

  1. The right type of legal structure for your bootcamp business

Starting any business requires the right legal structure. Make sure to investigate all types of business structure to find out the benefits, and setbacks. If you are partnering with someone discover why a partnership may or may not be preferable to a Scorp.

2. Resources SBA

Learn what resources are available to small businesses. The Small Business Administration will help you in more ways than one. Contacting them to find out what you need to do to get a loan, find financing, incorporate or just to get business counseling classes for free. You must be aware of and make friends with your local SBA their information could prove to be the set of information that keeps your bootcamp up and running.

2. Where to get financing

If you are starting a business you are going to need financing. It is good to have a plan that will allow you to focus on your business and not worry about financing. 2-3 months’ worth of operating expenses should be sufficient to ensure your attention is on gaining clients when starting a fitness bootcamp business.

3. Creating waivers

You need to know how to create waivers. Waivers of liability protect you from people who maybe shouldn’t have signed up for a fitness boot camp in the first place. Having a solid liability waiver can protect your business

4. Creating billing agreements

A billing agreement ensures you get paid. You will need a strong billing agreement. Learning what needs to go into a strong billing agreement is vital to protecting your income.

5. Create member contracts

Contracts and terms of service are another important legal factor. The more people you have on a contract the better able you are to predict your monthly income. Learning how to draft solid contracts may be an invaluable asset.

6. Get a lawyer

All of the legal documents that are necessary to operate a successful business may require a lawyer. If those don’t a lawyer on retainer is always good for the occasional contract dispute that happens as a result of running a fitness bootcamp

7. Right type of insurance

Before starting a fitness boot camp business it is vital that you have the right type of insurance. Your certifying agency, the SBA and your lawyer can ensure that you are properly insured before opening your doors. You will have to have some sort of insurance!

8. Right type of permits

Some cities or states require permits for various types of businesses. Check with your resources to make sure that you have the right permits. If your bootcamp business will be selling items like drinks or food products it is very important that you have the right licenses to sell food.

10.  Taxation policies in your state

Make sure you know how much sales tax to charge and under what type of tax rate your business falls. Protect yourself from having to deal with back taxes by doing the research up front. If you are not mathematically or account minded this may be the right time to find an accountant. An accountant will safe you the time and effort of ensuring all your financial practices are legal. You will be responsible for all of your own records so an accountant may be the best route for the less detail minded people.

11.  Certifications needed

Discover which certifications are required in your area to teach a fitness class. Make sure that every employee involved in the teaching process is properly certified. Some states may require that fitness instructors also be CPR and First Aid certified. Some certifications are not valid without a CPR certification to go along with it. Knowing these regulations is very important.

12.  Rate of pay average in area

Discover what fitness instructors are paid prior to starting a fitness bootcamp business. If you can offer a competitive pay plan then you can get the best instructors available. If you are offering below average pay for additional instructors then you will probably get below average instructors.

13.  Competition

Research your competition. The fact is that your ability to compete will hinder on your knowledge of what the competition has to offer. Beating the competition is about price, but more so it is about service. Take the time to visit other institutions and find a way to make your facility better!

14.  Marketing

Learn the marketing techniques used to make fitness bootcamps successful. Embracing the marketing techniques can spell success. When starting a fitness bootcamp  business it is very important to learn how to sell. Taking a business marketing class may pay off.

15.  Industry standards in your area

This is similar to learning about the competition but is more on the business to business side. If your Gatorade vendor is charging you double because you are new to the industry it may take a while for you to see the type of profit you were expecting. Learn what standard prices are so that you can be a smart negotiator.

Now that you are armed with these 15 facts about operating a fitness bootcamp you will be prepared to be successful. If you have properly researched each of these area specific things then you will know about all of the local requirements prior to receiving a violation notice. You already will know members of your local SBA and will have a lawyer available any time you have legal questions. You are ready to enjoy the fruits of your labor with a very prosperous business.

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