Thinking about opening an exercise and fitness equipment rental business? We tell you what you need to know to get started.
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Creating Business Plans for an Exercise & Fitness Equipment Rental Business
Does your exercise and fitness equipment rental business have a business plan? If not, your company is lacking a critical business tool. If it's sound, your business plan will keep you new venture on course and help you avoid the pitfalls that plague other startup entrepreneurs.
Although many entrepreneurs write their own business plans, others outsource business plan creation to a professional business plan writer.
Professional business plans can often be more effective than plans that are created in-house. Even so, we caution new business owners against removing themselves entirely from the business plan creation process.
Startup entrepreneurs are well advised to materially participate in the writing process, even after they have engaged a proven professional.
Investigate the Competition
Prior to opening an exercise and fitness equipment rental business within your community, it's worthwhile to find out how strong the competition is. We've provided the link below to help you get a list of local competitors nearby. After clicking on the link, type in your city, state and zip code to get a list of exercise and fitness equipment rental businesses near you.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
As part of your due diligence on opening an exercise and fitness equipment rental business, it's a wise move to speak with somebody who is already in the business. If you think owners of nearby exercise and fitness equipment rental businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
Thankfully, an owner of a an exercise and fitness equipment rental business in a different city may be more than happy to give you a few tips, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
How do you go about finding an owner of an exercise and fitness equipment rental business who is willing to talk to you but doesn't live nearby?
It's easy. Here's a link you can use to find a mentor outside of your area.
Is It Easier to Buy an Existing Exercise & Fitness Equipment Rental Business?
Tough decisions are what business ownership is all about. And one of the first decisions you'll have to make is whether to start a business from scratch or buy an existing exercise and fitness equipment rental business.
In general, purchased exercise and fitness equipment rental businesses fare better than startups, at least during the initial few years. Existing companies have an established customer base, brand recognition and functional business models. More importantly, buying an existing exercise and fitness equipment rental business makes it easier for you to begin collecting a salary sooner rather than later.
Entrepreneurs who are committed to a highly unique value proposition may need to pursue a startup approach. But whenever possible, we recommend carefully surveying the business-for-sale marketplace before committing to a startup approach.
Explore Franchising Options
The odds of achieving your primary goal of becoming a successful entrepreneur go up significantly if you opt for franchising instead of doing it all on your own.
Prior to starting an exercise and fitness equipment rental business, it's worthwhile to check out whether franchise opportunities in your space might alleviate your startup process.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own an exercise and fitness equipment rental business, these resources will come in handy:
If you sell to exercise and fitness equipment rental businesses, this isn't the right place for you. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.