3 Key Considerations To Make Before You Expand Your Fitness Business

Are you a personal trainer in Adelaide looking to expand your fitness business to new areas? Before you consider expansion, here are a few things that we want you to ask yourself.

Have you designed the management and operational systems clearly? Managing everything single-handedly is not ideal especially when you have multiple locations to your business. Staff of managers along with the team of trained members is what you need. The second question you need to ask yourself is about profits. Are you making money consistently? In order to flourish in a new location you really just enough revenue to cover expenses unless that new location search generating revenue for you. And the third question is – do your services have relevance to customers in the new location?

If you are uncertain about any of these matters, then you should rather wait until all of these are completely clear to you before expanding your business. Whether the proper plan you are going to make losses in your business. But if everything is in place, then you are ready to move to the next phase.

Management

Who is going to manage the new location? If you are a personal trainer in Adelaide perhaps hiring somebody else to manage clients and keep up the business end of your services in the new location, wherever that may be. Do not plan on splitting time between two locations because that will use up all of your energy and more still, clients in existing market will feel your absence and may consider going to your competitor for better services.

Entity relationship

Get in touch with a legal adviser to define what relationship you are going to have with the new entity. Multiple locations may be a wholly-owned subsidiary of your first company or be a completely separate entity. There are tax implications that you need to figure out and a lawyer will be able to explain you all important issues that you need to consider at the beginning of your expansion.

Capital Needs

Have a thorough understanding of the comprehensive financial needs that you are going to have to expand to a new location. There are lending institutions and investors that may be interested in helping you out, or perhaps you have your own capital that will see you through. Undermining the need for cash flow is one of the biggest mistakes when people expand their businesses. Sit down with a financial advisor and assess your financial situation before the expansion.

Besides these obvious ones, there are smaller but equally important concerns such as leasing issues, trademarking your business, patents and copyrights that you must clearly define in order to add value to your fitness training business. Also, you need to consider automation of your management process. There are very powerful personal trainer software available on the market that will make your job a lot easier. Take everything into consideration and meet with all the right people (advisors, lenders, attorneys and software vendors) before you take the expansion route.