Business Plan for Gyms

Business Plan for a Gym
Student Name
Institutional Affiliation
Business Plan for a Gym
Industry Analysis
There are various gyms operating in the market. These will pose competition to the new business. The main sources of competition for the new gym will be the already existing gyms in the area. One of such competitors is the Wisconsin Athletic Club ("Wisconsin Athletic Club Homepage", 2017). It is the largest private gym in the state. It serves clients form seven locations within the Milwaukee as well as the surrounding areas.
The new gym will also face competition from the Capital Fitness, located at the Madison, WI ("Capital Fitness", 2017). It offers fun fitness classes, yoga, as well as training to keep its customers busy and fit. The centre has modern and adequate equipment to help clients in reaching their full potential.
Eupraxia, located at La Crosse, WI, will also pose as a stiff competitor to the new gym. The primary aim of the centre is to help clients to reach their fitness goals ("Eupraxia - La Crosse - La Crosse, WI", 2017). Further, the Prairie Athletic Club, located at Sun Prairie, WI, will be another source of competition for the new gym. It targets clients of all ages, unlike the new gym that will mainly target the youth and middle class.
The Tone Zone Fitness will also present stiff competition. It has centres in multiple locations. The facility’s mission is to satisfy its clients ("Fitness Classes | Tone Zone Fitness Studio", 2017). Other sources of competition include BrewCity CrossFit, Badger Fitness Express, and Pinehurst Fitness, among other gyms in the area ("BrewCity CrossFit Home", 2017). These are some of the most established gyms in the area. They also boats of modern technology and equipment. As such, they have emerged the favourite fitness centres for most of the people interested in health and fitness services.
Company Description
The business targets Wisconsin. The market has is considered ripe for a gym business due to various factors. In 2010, the state was estimated to have a population of 5,686,986 ("Obesity Facts and Numbers", 2017). Those who had attained the age of 18 and over were 76.4% of the population. The youth constituted the remaining 23.6%. It has also been established that overweight and obesity are the main health issues facing the population.
Market Analysis
62.8% of the adults in the area are overweight and their Body Mass Index is 25 or greater ("Obesity Facts and Numbers", 2017). Further, 26.3% are obese and they have a Body Mass Index of at least 30. Studies also show that only 46.6 % of adults achieve a minimum of 300 minutes of moderate training in aerobic physical activity; others also undertake 150 minutes of intense exercise in aerobic activity ("Obesity Facts and Numbers", 2017). Statistics show that 22.0% of the adults fail to participate in any physical activity even for a week. One of the major reasons that they cite is that they do not have any gym near them. Others claim the available gyms are too expensive and they lack motivation. There is thus need for gym services that are accessible and affordable for the interested parties.
The Economics of the Business
As mentioned, the gym will be located at Wisconsin. This is b...