Hello Readers,
So like many of small business owners you decided to take a risk and create a start up. This start up will be focused on a facility geared towards strength and conditioning classes. Before you start training athletes there are some key things you need to know when designing your facility and getting the start up afloat. One of the big names in the industry, Eric Cressy,explains that owners need to check the fine print in insurance policies. They can actually end up charging you things like anti-terrorism coverage. If you check the fine print you would be able to check off that you don’t want this coverage, and be able to put some extra money in the bank.
There are some legal matters that you also need to take care of. Cressy explains that gym owners need to maintain their LLC annually. Brian Schwab who is also a gym owner says that the individual or partners need to figure out how much this investment is all going to cost before making it a reality. You need to budget your money accordingly all the way to the last dollar. Cressy also says that you can’t just think about equipment. People need to think about necessities such as good quality furniture, desks, tables, phones, Gatorade and supplement sales. Schwab says to create a business plan. he explains that you can even use software such as Business Plan Pro. A business plan is a great tool to state your mission vision and values. It will also show what you project to do within the next five years. This will be useful for yourself and for potential investors.