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Business planning: How to plan and set up a new online fitness business

The nationwide lockdown caused by COVID-19 impacted most businesses; the fitness industry was probably one of the last to open. About a year of closure forced this industry to rethink its business strategy, from physical gyms to a more virtual one. We have created a step-by-step guide of how you can plan and set up your online fitness business. You can use this as a guide to help you step foot in the right direction.
What you will find in this post

What to consider when setting up a new Online Fitness business

 

The nationwide lockdown caused by COVID-19 impacted most businesses; the fitness industry was probably one of the last to open. About a year of closure forced this industry to rethink its business strategy, from physical gyms to a more virtual one.

We saw hundreds of personal trainers churn out videos weekly on youtube to help people stay fit. A lot of people responded by making space in their homes to follow along videos.

Loud thumps were heard all across Britain as people jumped and swung on their squeaky wooden floors, all in the name of fitness and good health.

We couldn’t thank youtube and smartphones enough for providing platforms from which we could access hundreds of fitness videos with a single touch of a button. In addition, well-known gyms released their apps to catch this new wave of online fitness and keep their business from collapsing.

As people continued to work out at home and use the outdoor spaces, the habit set in, as people soon realised it worked a lot better than going to actual gyms. It was more time-efficient, less hassle of finding a space in the gym or at the car park, and most importantly, you stayed away from those pesky diseases.

Online fitness has made a mark and won’t be going anywhere anytime soon. As more innovative ways are being engineered to beat the competition, it won’t be a better time to start thinking of starting your new online fitness business.

We have created a step-by-step process of how you can plan and set up your online fitness business. You can use this as a guide to help you step foot in the right direction.

So, without further ado, here are your all essential steps to consider when setting up an online fitness business, before creating a solid business plan.

 

Step 1

Pick a name for your business

 

Start your business planning journey with the basics: pick a name! This name would need to resonate with your target market. Therefore understanding which kind of people your exercise routines will resonate with will help pick a fitting name. For example, one youtube channel only focuses on men over 40, so the name of the channel is ‘over 40 shred fitness’.

If you find yourself struggling to come up with the name Bust a name is an online software that will help you find a name for your business in no time.

 

Step 2

Research your competition

You must know who you’re competing with in order to be able to draw up a bullet-proof business plan. Once you have selected your name and have an idea of what kind of target market you will be focusing on, it’s time to research your competition. This will help you understand their pros and cons, which videos have the most views, are they providing other services such as diet plan, one-on-one online coaching, what prices they are charging, and so on.

Remember, YouTube videos are a good place as a start. Yes, you can earn money from YouTube. However, that shouldn’t be your only focus. Instead, your focus should be on creating a series of products that your youtube viewers would want once they have established that it is from you they want further training.

 

Step 3

Create a business plan

 

A lot of people would ignore this step, as they would not think it as necessary. Have you ever sat in the car and started driving without having a destination in mind? If you don’t have a set direction in mind, you will struggle to keep yourself organised, and the strength to carry on. Without goals, you will be lost.

 

We have written an article on things to consider when writing a business plan, which you can access here.

 

 

Step 4

Create a marketing strategy

 

A few things go into marketing, and to ace, all of them takes a considerable amount of time. It can all be done if you outsource it all. However, I doubt you would have enough cash lying around, especially if you are just starting.

 

The best thing would be to start slow and make sure you understand every step. Understanding each aspect of marketing is essential, as later on, when you start delegating, you will have a clear understanding of how you want things to be.

 

Here are a few things you would want to look into:

 

1)         Create a website – Not everyone has the know-how to create a website, so Squarespace can provide you a drag and drop type interface. If you much rather pay someone, Fiverr hosts some affordable freelancers, which you can take advantage of.

2)         SEO – Once your website is ready, you need to make sure your website is searchable. This is known as search engine optimisation. You can find some excellent tools such as semrush, moz, ubbersuggest, etc.

3)         Social media – Make sure to demonstrate what you can do on social media, such as Facebook, Instagram, Twitter, Linkedin, etc. There are options to boost your ads to a larger crowd; it certainly helps bring those all-important inquiries.

4)         Content marketing – This can be in the form of blogs, vlogs, newspaper articles, magazine articles, podcasts, webinars, etc. Letting people know that you are an expert in your field is essential. Make sure to follow a strict routine, and keep churning out that content. It will take some time, but you will eventually start reaping fruits in no time.

 

Step 5

Sales

 

The word that most people hate to say. However, it’s a necessary evil. You have to think of it as you are providing a service that other people would benefit from; only then will you sell confidently. Creating a sales pitch is always helpful. However, this may not work for everyone. Whatever you decide, make sure you are clear and confident. If you have any doubts, ensure they are dealt with before you start selling.

 

 

Conclusion

 

The online fitness industry is highly saturated. But so are any other industries—barbers, salons, hairdressers, accountants, lawyers, etc. You will always find people who will resonate with you as a person, and therefore it is essential for you to showcase your personality and what solutions you can offer.

 

It all takes time, and so you must stick it in if you want to make a success of it. At this point, you might be thinking, all this is fine. What if I need further support.

 

We are here to help with any business needs you may have. For example, we can help you set up a business plan, get you funding for all the equipment and vehicle you might need, and meet your accounting and tax requirements.

 

Reach out to us for your free consultation. We would be more than happy to help out.

 

About the Author

Bilal Khalid

CEO, Accountant

Bilal Khalid EvoTax accountant

Successfully running my own small business for years has taught me a great deal about the complexities of taxation and I understand all the pain points that every entrepreneur has to go through. I often found myself paralysed with fear of making a mistake and getting fined and eventually decided to take up accounting and finances myself. Today, I help other small businesses suffering through similar mistakes and I am happy to share my knowledge, jargon free!

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