The Planet Fitness business plan needs to match the corporate outline as closely as possible, but as with most franchise models, the basic outline and structure of the document lines up with the standard “bank-ready†business plan format accepted by the Small Business Administration. For Planet Fitness, a New Hampshire-based American fitness franchise with personal training and a variety of exercise equipment, the basic tenets to uphold are a judgment-free ethos and a commitment to personal fitness. Originally founded in 1992, American Fitness has become one of the most popular gyms in the country and currently has 300 independent locations. To launch your own franchise center, the plan you'll need should make a case for each of the following:
• Who are your target customers?
• What are the boundaries of your target market?
• How is the fitness industry performing regionally?
• What are the main competitors you face?
• Where is the nearest other Planet Fitness?
The business plan should illustrate that you know the competitive field inside and out, and that you have a solid idea of who your target clients are. The Planet Fitness business plan should have demographic data and stats from the Census Bureau on average household incomes, the number of people in your target sectors, and their commonalities and needs. A strengths and weaknesses assessment and a statement of your potential competitive advantages should be included, alongside a snapshot of potential marketing channels to use. Finally, a 3-5 year pro forma that shows revenues and expenses for the gym is essential. Need help here? MasterPlans has written more than 9,000 business plans so far and we have worked on every type of franchise plan. Call today! 877-453-2011.
