What is a Sports Massage Business Plan?
A sports massage business plan is useful for any sports massage therapist or personal trainer wanting to go solo and set up their own sports massage business. Spending the time to prepare your sports massage business plan will ensure you cover all the key areas and information you need to successfully launch your own sports massage therapist business.
In this article, we have explored all the detail you need for each element of a business plan along with a downloadable template for you to start putting together straight away. Our aim is to provide you with everything you need to outline a well-planned sales strategy.
Why do you need a business plan?
Having a business plan will help when starting your own sports massage business, this may include freelancing, having your own workspace or working mobile in different areas. Once you are qualified in a Level 3 Sports Massage Course, it can become very easy to start working with clients and avoid planning out the bigger picture.
Banks or investors
If you are needing additional funding to get started with your sports massage business, being prepared to showcase your full plan to start your business to potential investors or banks will put you in a stronger position. In each case, if you are looking for people to invest into your business plan, if they are unable to see a clear plan as a business owner moving forward it is unlikely they will see you as being worth the investment.
Spending the time to write a business plan will show you have thought through all possible elements of the business strategically whilst having evidence on how you got to this stage to ensure you are successful as a small business.
Self Motivation
If you are looking to be successful by starting your own business in sports massage therapy, have a plan in place with being your own motivation to stay on track. In your business plan you will map out clear business goals, this creates a clear path for you as a business owner to stay on track and follow. Although mapping out the plan may seem time-consuming at first it will be beneficial in the long run to keep yourself motivated and can be used as a document you constantly refer back to.
Summary & Pitching
The first section will be a summary/executive summary which will outline what you do and what you are wanting to achieve. In this pitch, you should include both aims and objectives as the overall business, an overview of financial forecasts, business plan ideas and identify your USP.
Personal background
In this section, you will outline your own personal background which will be where you outline your strengths and potential weakness for readers or listeners to understand. It is important to focus on both strengths and weaknesses to show you are aware of potential challenges.
Use your experience & expertise to build credentials
Both your qualifications and experience will be deemed valuable in this section, see this as an opportunity to sell yourself by demonstrating how you have educated yourself and the route you have followed to get where you are today. If you have invested in yourself through continuous professional development courses, this is a good place to showcase this.
It is also important to self-evaluate and identify any other potential training you may still need to complete, which will show you have a focus on personal growth and have factored this into the business plan. This is a beneficial section to understand how you plan on growing yourself as well as a sports massage business, identifying strengths and weaknesses will highlight points in the business that may need additional support or training.
Product or service
Sports Massage Therapy is positioned as a service-based business as you will not sell a physical product, you are offering both time and experience for your clients. You will use this section to highlight your core service, what will you be offering as a Sports Massage Therapist? Do you provide personal training as well? Take this opportunity to explain your service in detail including what you will be able to offer potential clients and any additional resources you may need for this.
Outline your USP
In this section, you need to outline what makes you different to other sports massage businesses, demonstrate this through your knowledge, expertise and background which is used to create your USP.
Understanding the market
In order to be successful in launching your sports massage business, you need to have a thorough understanding of the market you are entering into. This includes carrying out market research on the potential target market you are planning to operate in. After this, you will be able to build out a marketing strategy based on your understanding of the client market, this will ensure you are being effective in the way you market your business.
Target Market Research
Pulling together market research is the process that helps determine the success of your new service which is created around your potential clients. Companies will carry out market research to understand their target market and discover more detail by gathering opinions and feedback on a particular interest.
To carry out successful market research you should gather the information that provides you insights on the below:
- How big is the sports massage market?
- How much competition is there?
- What are the buying habits of your potential clients?
- Current market trends for sports massage businesses?
Create a marketing strategy
Once you have completed your market research you can start mapping out your marketing strategy. A marketing plan is a huge contributing factor to running a successful business and it is a good idea to map this out, without this potential clients will not come across your business which impacts revenue and profit.
When mapping out your marketing strategy you may think the cost is quite daunting, however, you should consider marketing as a business investment from which you can calculate a return on investment as this is a vital part of your business success. Whilst you will have to expect to invest some money into your marketing strategy, there are also alternative options that can be less costly, such as word of mouth, networking events and social media marketing.
Marketing has a direct impact on the business which is why it is essential to ensure you cover everything you need to run a successful marketing strategy.
Competitor analysis
Competitor analysis is vital to ensure you are marketing in the most effective way to ensure you enter the market in a strong position. You should carry out in-depth research into who your competitors are, their service, their location, their pricing and their strength and weaknesses.
Once you have done this, you should complete a SWOT analysis on your own sports massage business compared to competitors within the market. Doing this will provide you with any valuable insights on pain points you may have as well as highlight your USP.
Operations & logistics
Operation and logistics are a vital part of any business, particularly when you are looking to set up your own. This includes evaluating elements of the business operations such as functionality space, locations, supplies, sustaining equipment and any additional products you may need to operate as a sports massage business.
Understanding Inventory & Logistics
This applies to individuals who would be looking to set up their own sports massage studio, you will use this section to cover any details on where you will be delivering your sports massage service, locations, facilities you will be using and how you will sustain your equipment or software you use.
If you are planning on becoming a freelance sports massage therapist who is working within different gyms, sports teams or health clubs this section may not be applicable to you as it focuses on how your service will be sourced and delivered.
Pricing Strategy
Having a pricing strategy will help work out the business profit margins you are aiming to work towards and to help understand at which point you will break even and start making money. In this section, you will factor in all costs and investments for the business.
When trying to price your sports massage service you need to consider both business and client needs, if you are just starting out you will struggle if you decide to go in at a higher-end price point. You need to find a middle ground between business needs whilst still being accommodating to your clients in order to build a client base. Once you have built your client base, you will be in a stronger position to increase price points.
Cost & expenditure
As the final part of your sports massage business plan, you will need to calculate the cost and expenditure involved in how you are planning to operate. This will include calculating advertising and marketing, legal costs, massage gun equipment, studio rent or gym rent.
Sports massage business plan template
To make the process easier we have put together a sports massage business plan template for you to download and use. This template provides the all key points and sections needed to create a detailed business plan to help you set up for success.
Sports massage business plan – Download Now
Conclusion
Writing a sports massage business plan may seem like a long and daunting task when first faced with it, however completing this is a valuable exercise to having a successful business. As business owners, it is important that this plan is revisited and revised when applicable to ensure your business path and goals are continuously on track and up to date.
Cash flow may seem slow when getting started but with a plan as detailed as this in place, you will be prepared which will motivate and push you into improving your revenue streams. It is important to remember you are a new business and you are likely to face challenges but just take them head-on and create a learning hurdle from them. Spend hours completing a sports massage business plan to make a worthwhile investment in your personal time and energy later on down the line.