STARTING A BOXING GYM, PART 2; WRITING YOUR BUSINESS PLAN
In the first part of this series, we discussed some of the ideas you must think about before you start
your business, especially the fact that this is a commitment that you chosen for the long run and the challenges you will
face in operating your business.
Your business plan may seem like a complicated and confusing task. But do not be afraid. There
are plenty of avenues you can take in putting a plan together to start your boxing gym.
Starting a gym is not a matter of putting up a ring, punching bags and lockers, but you will have to develop
a stategy to keep the business in operation for years. This strategy is essential, if you plan to borrow money to fund
your gym. There may be lean times during your business tenure and you will have to show the lender or investors that
you will overcome challenges.
When writing your business plan, take your time, in most cases, when you finish your first or second draft
proposal, there will be other ideas that will come to mind that you will want to add to your draft. Complete your drafts;
solicit opinions and ideas from friends, partners, family and business associates. Ideas from various sources will help
you see things you may not have thought of.
Your business plan is the most crucial document you will have when starting your business. This document
has to be constructed with complete clarity and substance. If you need help in writing a business plan, in which 80%
of us do, there are sources in the United States that can help you with your business plan. There are sources that are
free, such as municipal, county, state and federal government programs.
They consist of one on one assistance (tutoring) and business planning classes. In other countries,
you can start with your government for sources that may assist you with your business plan.
There are private sources or consultants that will help you write a business plan for a fee. I
have noticed that there are more businesses on the web that specialize in helping potential boxing and martial art school
owners for a fee. These organizations could be helpful because they have on hand experience. They could be
a little more insightful in helping you put together your business proposal. You can explain to them what you propose
and they will construct your plan for you. Like anything, it is best to shop around and take your time before hiring
these experts. Ask them for references and check the references thoroughly.
In the US, the biggest agency in assisting businessmen with this type of service is the US Small Business
Administration. They have classes and books you can buy.
They also have field offices around the country to help small businessman. The field offices
have business start-up and planning assistance information and classes also. Your state, municipal and county governments
have economic development agencies and corporations of various kinds that will help you with business planning and funding.
On the web, you can search for these types of organizations within your state.
If you would like to acquaint yourself on business planning before you start drafting your plan, there are
thousand of books you can buy from bookstores and online stores, such as Amazon Books (www.Amazon.com
In my case, I started my first gym on my own though savings, but when I wanted to upgrade and move my
gym. The US Small Business Administration referred me to an agency in the county and state (Maryland) where my gym was
located. The referred me to:
Prince George's County Economic Development Corporation
4640 Forbes Boulevard
Telephone: (301) 429-3044
Fax: (301) 429-8762
They tutored me on how to submit a packet into the bank for funding. I included this organization in
this article for anyone who may want to contact them for information.
If you are seeking funding (loan), an application packet to a funding source will look similar to this:
Application for Business Loan
Resumes on Management Team Members.
Copy of Lease, if applicable.
Historical statements and tax returns (Last three years.)
Interim Financial Statements (Balance sheets, income statements, aging reports). No less than 45 days old.
Projected sales and expenses for 12 months
Owners' personal finacial statements and tax returns. (Last three years.)
Statement of Personal History