Inner Strength & Performance | Application Preview
Inner Strength & Performance is seeking government grants to address space and operational limitations at their gym. Currently, their leased gym space is 4,200 square feet, but only 1,800 square feet is usable for workouts, which restricts membership and equipment availability. They have the opportunity to lease an additional 4,200 square feet for growth, which could increase membership by up to 40% and allow for more diverse equipment.
The funding request breaks down as follows:
1. Strength training equipment: $27,000
2. Leasing additional space: $12,000/year plus an anticipated increase in utilities and insurance of $7,000/year
3. Increased coaching staff expenses to support a larger membership: $46,750/year
4. Marketing and signage enhancements for facility expansion: $5,000
The business plan includes enhancing marketing efforts through better signage, website updates, expanded social media presence, membership referral bonuses, and partnerships with local clinicians for rehabilitation services.
The applicant emphasizes their 12 years of experience in the fitness industry, noting resilience and passion as key traits. They highlight their unique model of community engagement as a competitive edge compared to local competitors. Inner Strength & Performance is described as a welcoming and supportive environment, differentiating it from competitors like East Race Muscle, Crossfit South Bend, and CFX, who either focus on niche markets or have operational weaknesses.
By securing funding, the applicant believes they can effectively steward the resources to expand their gym and better serve their members.
-
General Information
Business Registration Number: 84-2948105
Location: South Bend, IN, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
-
Funding Usage
Currently, the gym space we lease is 4200 sqft. which includes bathrooms, locker rooms, showers, office space, and utility room. Subsequently, the only usable gym space is only 1800 sqft. This limits the number of members who can use the space concurrently as well as the amount of equipment we have on site. An additional 4200 sqft. is available immediately adjacent to my gym and is separated by a temporary wall. acquiring this additional space would allow me to grow my membership by up to 40% and would expand the equipment options I could offer my members. The total cost (financial ask for grant support) would be as follows: 1. Additional strength training equipment (dumbbells, kettlebells, squat racks, muscle group specific machines etc.) Approximate cost: $27,000 2. Leasing additional 4200 sqft. of space. Approximate cost: $12,000/year Additional operational cost associated with increase in space such as utilities and insurance (40% increase over current rates). Approximate cost: $7,000/year 3. Increased coaching labor expenses needed to manage larger membership training needs. Approximate cost: $46,750/year ($25/hour x1870/year) 4. Business and footprint expansion would increase signage and marketing needs necessary to announce and promote increased facility capacity and new equipment options. Approximate cost: $5,000
-
Business Plan
I will revisit my marketing plan to expand its reach to reflect 3-5 year objectives such as: -Enhancement of external signage to capture attention of drive by traffic -Update my website to insure that my messaging resonate with my target market; to promote our boutique model of services; to promote gym expansion and our equipment enhancements. -Increase our use social media platforms to personalize our offerings and to reveal intimate and support features of our business model thats designed to nurture and guide our members through their health and fitness journey. -Offer referral bonus plan to our current membership as a reward for sharing our message and promoting our business. -Offer our membership a free "Bring a friend" month not only to help build our membership but to encourage each member to bring a "workout buddy" with them to increase their participation. -Capitalize on competitor weaknesses when creating marketing and promotional communications. -Collaborate with local clinicians to offer gym facilities for use in rehabilitating patients. With over 12 years of fitness industry experience and 8 of those years in a professional coaching position, I believe my passion, work ethic, compassion and need to help others makes me a great candidate for this investment. I have worked in large franchised type operations as well as smaller more rustic casual type of facilities. I have held roles in membership sales, operations management, coaching and private training, and now as a sole proprietor. Not only has this diverse and expansive experience, it has solidified my passion to take the best of all I have learned and design my own business encompassing our own unique model. Opening my business three weeks before the pandemic and successfully operating and growing Inner Strength & Performance as the only employee has shown my level of resilience, hard work, determination, and passion. Should i be selected to be a recipient of this grant, I can assure you I would be a an excellent steward of the funds.
-
Self Identified Competition
East Race Muscle 13,000 sqft. facility that primarily works with Powerlifters/Olympic Weightlifters. They have 24 hour access to their facility and a handful of employees. They are very niche specific. Their target market is clearly weightlifting competitors only. Their membership rates vary from $50-$100/per month with no commitment. As a weakness, their reputation in our community is considered to be not very welcoming to any member who does not want to compete in weightlifting. Crossfit South Bend 6,000 sqft. facility that primarily works with Crossfit athletes and individual clients. They have over 10 employees (some full and part time). They have been in business for over 12 years. Their class and membership rates are comparable to ours ranging from $175-$250/month for 12 month commitments. For the most part their target market overlaps mine. Their reputation is very good from a coaching quality perspective however they do practice in an unprofessional manor. CFX 21,000 sqft. facility. They are a facility that caters to the masses. They do not run specific group classes but offer personal training. They are a lower cost gym averaging $10-$35/per memberships to have access to their facility and equipment and require a year commitment. They are considered as a chain operation who gets bought out every 3-5 years.Their weakness is that their primary focus is gross revenue and not in individual member growth and development. All of these competitors are within 5 miles of my facility. Inner Strength & Performance vs. East Race Muscle East Race Muscle has a very narrow target market and utilizes "Buckshot" type of approach with their members by basically saying "The doors open, come on in, you are on your own." Inner Strength & Performance is far more engaging and enveloping in drawing new members in to our community with wrap around support. Inner Strength & Performance vs. Crossfit South Bend Our physical plant is significantly superior to that of Crossfit South Bend. Our facility offers showers, locker rooms, air conditioning, and ability to stream our workouts on the overhead screen. Furthermore they are located in an industrial development with poor visibility and limited parking. As stated earlier, their reputation is of being unprofessional and inconsistent in their business practices. Inner Strength & Performance vs. CFX CFX is a "one size, fits all" gym that does not focus on the coach to client relationships. It has all the equipment you could ever want but does not offer instruction/help with understand and using the equipment. Members wander in and out at will with little to no staff contact. I am consistent with the messaging of our brand and have successfully created a culture and atmosphere of community with our facility. We have built an environment of support and growth in not only health and fitness, but also build a stronger connection with our inner self and use the things we do within the gym and apply it to our everyday life.
-
Contact Applicant
Subscribe to our Administrator Dashboard to gain full access to this application. Learn More
