In the face of forced closures, fitness businesses across the world had to pivot quickly to survive, shifting to online training and classes in a matter of weeks. And the impact of those changes—and the pandemic—will be felt for months and years to come. In many ways, COVID-19 changed the fitness industry.
And while much is still unknown, now is a good time to take a step back and consider what the future of your fitness business will look like. If you plan to adopt a hybrid model (both in-person and online training) for your fitness studio or gym moving forward, what will the long-term implications be? How will your studio or gym's staff be impacted? Your brand? Your overhead? An updated business plan will help answer these questions and more.
Download our hybrid business plan template to start writing yours. Whether you plan to add or keep live streaming in the mix, offer a video-on-demand library, or both, this editable Microsoft Word doc will help you think through the various components of a hybrid model, including:
- Executive summary, including the mission and vision of your hybrid fitness studio or gym, your service offerings (one-on-one online training, in-person and virtual group sessions/classes, an on-demand library, etc.), your ideal target market (for both in-person group training and online workouts), as well as an analysis of the current market and your competition (the fitness industry both locally and online)
- Organization and management, including how you (or a member of your team) will manage your hybrid model, your hiring needs, staff payroll and incentives (i.e., will staff be paid differently for in-person and online training?), software and credit card processing, and more
- Pricing and retention, including how you'll price your fitness services, what your sales process will look like (and how it might differ in-person vs. online), and how you plan to retain clients at your fitness studio or gym, long-term
- Marketing and sales, including how you plan to keep your fitness brand and experience consistent, how you'll incorporate virtual fitness offerings on your website, and how you'll launch and promote your new hybrid fitness services with social media and other advertising outlets
- Equipment and retail, including the additional equipment you need to produce high-quality, virtual fitness (microphone, camera, tripod, etc.) and any additional retail products you plan to sell in your fitness studio or online
- Financial projections, including virtual start-up costs (equipment, retail inventory, legal and licensing fees, etc.), ongoing costs (rent, fitness instructor/personal trainer payroll, insurance, music, marketing, etc.), and how you plan to fund your hybrid model
- Key performance indicators (KPIs) and future vision, including how you'll measure success over the coming months and how you plan to evolve your fitness business in the years to come