During this time of the coronavirus pandemic, small businesses everywhere have been affected. The fitness industry, in particular, has had to adapt quickly, taking to video to keep both existing and potential customers engaged, cash flow up, and their small businesses afloat.
Most fitness business owners have pivoted quickly and haven't yet had the opportunity to plan the future state of their video offerings—much less start writing a complete, video business and/or marketing plan.
That said, it's not too soon to start working on a business plan for your video offerings—especially with the extra time you have right now. From competitive market analysis to financial projections, a business plan will start you off on a solid foundation for long-term success.
You relied on your original business plan when you first opened your studio or gym doors. Now that you're bringing video services into the mix, it's time to put another plan to work. You don't need to create your new business plan from scratch. We've created a free business plan and marketing plan template for business owners to start planning with.
Download our free video business plan template to start writing yours today. This is more than just a traditional business plan. This business plan is specifically focused on the market analysis, financial projections, and resources specific to video offerings.
This usable Microsoft Word document will help you work through the essential components of a business plan for your video offerings, including:
- Executive summary, including your company's mission for video, your target market (Hint: it may be different than your brick-and-mortar clientele), the virtual services you plan to offer (live stream fitness classes, on-demand videos, and/or private sessions), and more
- Organisation and management, including who will manage your video offerings day-to-day, if you plan to hire additional staff members, how you'll pay staff/instructors, what video management software you'll use to reach your target market, and more
- Equipment and retail, including what equipment you plan to buy to create your video services (camera, tripod, microphone, lighting, licensing, etc.), and more
- Pricing and retention strategies, including how you'll price your video offerings (virtual memberships, class packages, drop-in classes, etc.) and the strategies you'll use to retain clients
- Marketing and sales, including how you'll showcase your video offerings on your website, how you'll launch your videos, and how you'll promote your video offerings across social media, influencers, and more
- Financial projections and funding, including how you'll fund your video efforts (do you plan to have investors?), what your start-up and ongoing costs are (including a linked Excel sheet to keep track of the equipment needed for video production), break-even analysis, and more
- Key performance indicators and future vision, including how you'll measure the success of your video offerings