View Full Version : Starting up a personal training (fitness) business, can someone help?
29-09-2008, 10:30 PM
Has anyone any experience of setting up such a business?
Basics would be great, where do I start?
I look forward to hearing from you with any advice that you can offer. I am overwhelmed by the information available on the net and would appreciate some guidance in particular on how to go about choosing a legal structure for the business. We are 3 individuals and have limited capital.
29-09-2008, 11:28 PM
Originally posted by aman77 We are 3 individuals and have limited capital
I would suggest you take some legal advice, most business gateways can provide details of local providers
Depending on how the individuals feel about it, the business will be either partnership or a private Limited Company
Given there are more than two partners, I'd be more inclined towards Ltd company
30-09-2008, 01:59 PM
Basic advice is to make a short plan, test each aspect of the plan in a small way, and then keep going round the circle, testing each aspect of the plan in more and more detail, testing to destruction on paper to see if it stacks up before committing much money and time to the business idea.
One immediate issue you mentioned in your post which might well mean a fail at the first hurdle is "....and have limited capital". Borrowing for new businesses is always hard (normally get 50% of the funds you need when you supply the other 50%). Right now I would suggest even that is going to be very hard work to get hold of indeed...........
On legal structure, I wouldn't worry about that right now until you have a detailed plan that works. Probably be a ltd co, but don't form that until you have had a chat to your accountant. I spend a huge amount of time closing pointless companies and opening them up properly for clients. Complete waste of time and money for everyone involved.
09-10-2008, 09:47 PM
Many thanks for both your replies. I really appreciate you taking the time.
We have had our first meeting to get our business ideas down on paper and have started to formulate an action plan ie research, research, research with a view to compiling our business plan.
I agree with you that choosing/investing time and energy into setting up our chosen legal structure is not important at this stage. We have however, decided on a limited company and all three of us want to be able to make decisions on the direction of the business. Is there a way of each of us having voting rights/directorships without each one of us necessarily having contributed significant or any capital? (I hope that makes sense.)
I am also on the hunt for a mentor, someone who has been there, done that and willing to guide me through this process. Do you know of anyone who would be willing?
We are three dedicated, passionate, realisitic and credible individuals. Please let me know of your thoughts and if you or any prospective mentors wish to know more I am more than happy to provide further information and answer any questions that you may have.
I look forward to hearing from you.
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