1. Determine Purpose

2. Determine SMART Goals

3. Develop a Marketing Plan

4. Develop a Financial Plan

- Personal Training

- Group Programs

- Spa Services

- Youth Programs/ Child Care

Record when it's received, regardless of when goods sold or services rendered

When you sell merchandise or renders services in one month and collect cash the following month, cash-based accounting recognized revenue only when you RECEIVE the cash

Earned through selling products or providing a service

- Membership sales, fitness programs, profit centers

Shows company's assets, liabilities, and owner's equity at a specific point in time

- Balance sheet is divided in half, with assets on left and liabilities and equity on right

• Owner's ownership of business

• Reflects book value of business, not market value - like Kelley Blue Book

• Owner's equity - assets - (minus) liabilities

• Reports changes in cash holding over a certain amount of time

• Funds business receives for products and services sold, plus funds the business pays out for items such as rent and salaries

Anything a business owns that has monetary value

Ex: cash invested, land, exercise equipment, office equipment, inventory

Fixed: land, building, office furniture, fitness equipment

Ease and quickness with which assets can be converted into cash

• "current" assets are most liquid compared to "fixed" assets

• Amounts owed to creditors

• Current vs. long-term

• current: payroll taxes

- Businesses usually do this quarterly

• Long-term: to be paid beyond a year

Ex: Repaying a loan note for new outdoor tennis courts

- Most popular

• Use previous year financials to build budget for current year

• Looks at the past

- Benefit: Using established numbers as the starting point for your budget

- Disadvantages: numbers may not be the most effective ones

- Shows least desirable outcome, what happens if sales are low

- What will happen if fitness center misses all of its sales targets and expenses are higher than expected?

Taking an in-depth look at all areas of business and establishing a budget based on specific for year

• rarely used
• based on goals

Who is your point-person?

Do you have a plan?

Does the rest of your staff know your plan?

• Automated External Defibrillator (AED)
• First Aid Kit
  CPR Equipment
• Ice Chest/Maker
• Two-way radios

• About rules and policies of the facility
• About potential health hazards (i.e., cleaning supplies)
• "cover your butt"

-Exs.: - No chalk use

- Clothing attire

- Equipment wipe down

• Michigan Right To Know

• Blood Borne Pathogens

• Code System for Emergency Situations

• If you can, offer an orientation to every member of your facility

• If you can't, offer it as a service to any member who is interested

Why?

-Familiarization with equipment

-Familiarization with programs and services offered

-Comfort

• Equipment Repair
• Exercise Pad Upholstery
• Laundry Service

- 6 months preventative maintenance services

• Health History Form (required)
• Fitness Assessment (required)
• PAR-Q Form (optional)
• Physician Clearance (if necessary)

1. For all members (if feasible)

2. For personal training clients

3. For members who are interested

Used for risk stratification should ask questions regarding the following:

1. History of disease

2. Family history

3. current medications

4. current and past health habits

5. history of surgeries

6. signs and symptoms related to cardiovascular diseases

• Developed in Canada
• simpler than a health history questionnaire
• seven YES-NO questions
• designed to screen individuals in participating in too strenuous activities
• minimal assessment standard to be completed prior to participating in moderate exercise

First step before completing a health history form or the assessment itself

-information in it:

purpose, explains procedures, risks and discomfort possibly experienced, benefits of test, expectations of client, ensure confidentiality, explain voluntary termination, give opportunity for questions

1. body composition
2. blood pressure/heart rate
3. muscular strength and/or endurance
4. cardiovascular fitness
5. flexibility

- to obtain baseline fitness level information

- provides motivation to do better

- education on limitations

- allows for program design

• What is the 'theme' of your gym?
• Who are you trying to attract? Who will be using the equipment?
• More strength? More cardio? A little bit of both?

• Low upfront costs: leases rarely require a down payment, however, if required, usually start at 10% down payment
• Modern equipment: contracts usually last about 36 to 48 months. This means new equipment every 3-4 yrs, always keeping up with trends can attract new members
• Repairs: Typically done by leasing company as it's built in their contract

• Costly in the long run: interest rates will vary from company to company. Fees are typically built in with the lease cost
• Lack of ownership: Just like leasing a car, the equipment never belongs to you and your facility. Is it worth investing all of that money only to give it back?
• Cardio vs. Strength Equipment: Might make more sense to lease cardio equipment

• Ownership: once purchased, it's yours
• Cheaper in the long run: no leasing fees to pay for
• Trade-Ins: possible when ready to purchase new equipment

Obsolence: Trends are always changing, equipment is always changing. New technology = new equipment developed and features enhanced

Depreciation: fitness equipment starts to depreciate as soon as it arrives on your gym floor

Expensive upfront: very expensive. Some business owners simply can't afford to part with that much cash

Repairs: You are responsible for the cost of maintenance/repairs

• May not be very appealing for members and potential members to purchase a membership at a gym with used equipment
• Quality of equipment might not be great
• Not keeping up with trends

• very crucial role in determining equipment selection
• "A rule of thumb for designing exercise spaces is that one station or footprint of exercise equipment occupies approximately of floor space" - Mike Bates
• ADA regulations
• Life Fitness Room Planner

• Warranty Coverage: Varies from company to company. Look for three years minimum
• Type of Equipment: woth it - cardio

                          not worht it - strength

• Length of time equipment is in service: how long will you keep the piece?
• Preventive maintenance Plan: do you have one? If not, consider purchasing warranty

• To identify strengths and weaknesses
• To determine if learning has occured
• To measure quality based on standards
• To determine quality of the organization

• Internal
• External
• Program Assessments
• Learning Assessments