If you consider yourself an expert in a sports or fitness trade, then there is a lot of opportunity in launching your own sports training facility. In fact, the health club industry brings in a whopping $87.2 billion annually, and is expected to grow each year. While this presents an excellent business opportunity, there are numerous factors to consider as you embark on this new entrepreneurial journey.
Best Practices for Opening a Sports Training Facility
Ensure your business plan includes ample market research
Before diving head first into any business, it’s important to thoroughly research related aspects to gain a better understanding of the opportunities and challenges that lie ahead. To ensure your business can enter your market competitively, you’ll want to take the following steps:
An interactive competitive analysis template can aid you in identifying your key competitors and their strengths and weaknesses, and enables you to define action items to get ahead (and stay ahead) of the competition.
Additionally, your sports training business plan should outline a strong brand strategy based on market research. Your brand is comprised of countless intangibles that create an identity for your company, and building, maintaining, and growing it should be a priority from day one.
Upper Hand’s sports business brand strategy guide will help you understand:
Prepare for operational costs
As you prepare to open your sports training facility, it’s critical to have a strong understanding of the costs associated with operations. Use a budget template specifically made for sports businesses prior to opening to analyze projected cash flow so you can crush financial goals.
This sports facility budget template will:
Determine and Purchase Necessary Equipment
Another critical step to opening your facility will be ensuring you have the equipment necessary for running your events. Keep in mind that you can always upgrade equipment later, and it may be worth opening with only the essentials in order to save money for other expenses.
Create a thorough list of the major hardware and software needed, and be sure to include needs from both an athlete training and admin operations perspective. Some equipment may include:
- Sport-specific nets
- Weights and fitness equipment
- Desks and furniture
- Training management software
Prioritize client and athlete safety
As you get closer to the opening of your facility, ensure that you have prepared the necessary forms to prioritize athlete and staff safety. One very important aspect of your sports and fitness business is a well executed client/athlete waiver. This will help protect you from any liabilities due to injuries during classes or training, or other unforeseen circumstances. In addition, a sports waiver is designed to help save your business, even if an injury were to occur due to negligence.
Upper Hand’s sports training facility client waiver template outlines:
No matter how many precautions are in place, injuries will happen in the realm of sports and fitness. However, there are certain ways to handle these incidents after they occur to make sure you, your business, and your clients are safe from a health and legal standpoint. In addition to the client waiver, you’ll also want to ensure your sports training facility has an Incident and Injury Response Plan in place. This should include:
Invest in proper operations management tools
As the demand for training facilities rises, ensuring you have the most innovative tools available in the market will help you outshine your competition. We understand how complex running a sports facility can be. From staff scheduling to resource management, Upper Hand has the features and functionality you need to operate more efficiently and maximize the revenue opportunities of your facility. Here’s why training facilities love Upper Hand:
- Optimized resource management: Flexible scheduling settings and resource management tools help maximize the usage – and profitability – of your facility
- Increased operational efficiency: Centralized tools and connected payments increase the efficiency of your team, saving you time and money to re-focus towards growth
- Unlocked revenue stream growth: Customizable programs and real-time analytics help optimize existing revenue streams while unlocking new opportunities for growth
Remember, starting a business is a process. You will run into unanticipated hurdles, but staying motivated and seeking advice from industry peers are key to success.
Opening a Training Facility? Be sure to check out these related resources:
- Sports Facility Budget Template
- Competitor Analysis Worksheet
- Sports Event Planning Checklist
- Brand Strategy Guide
- Program Profit/Loss Worksheet
- Incident and Injury Response Guide
- Athlete Waiver Template
- Resource Profit Margin Calculator