How To Start a My Own Gym Business? – Simple Business Plan
Obesity accounts for most of the lifestyle issues we are facing nowadays. But people have started realizing the importance of a good lifestyle which includes exercising regularly. Today’s lifestyle has stimulated many lifestyle diseases. Stress, overwork, less time for oneself, desk work, etc has led to deadly diseases. Therefore it has become crucial to save one’s health by exercising regularly.
In a gym, one can get proper instruments, guidance, and motivation to do so. If you are a fitness freak and are thinking of opening a gym of your own, be aware that it is not as easy as it sounds. This kind of business needs substantial investment in the form of:
- Gym equipment
- Good quality speakers,
- Air conditioning, and
- Professional trainer/s, nutritionist
- Sauna bath
1. Business Plan
The first step is to make a business plan, and getting a loan. You can also consider taking up a franchise, but those will incur additional costs. The biggest pro in opening your own gym business is the brand you create and the flexibility in the host of services that you might want to give. Apply for a business license. As with most types of businesses, it’s necessary to obtain the proper licensing in order to operate your gym legally.
Raise capital or get a loan. Like any business, opening a gym costs some money. Obtaining the space for your gym, buying equipment, modifying your building to accommodate the needs of your gym, hiring personnel, and registration/licensing fees can all be substantial cost barriers to open your gym.
2. Pick a Lucrative Location
As with other types of small businesses, a significant portion of a gym’s success has to do with its location. People don’t like having to go far out of the way to fulfill their fitness needs. The best gym locations are in areas where there is a demand for a gym, where the gym can be easily accessed by its clientele, and in which competition with other gyms, fitness clubs, etc., is minimal or at least manageable.
3. Gym Equipment
Tie up with top gym equipment manufacturing brand which has high resale value or buy your equipment wholesale. You might also want to consider buying your equipment secondhand from businesses that are going out of the market or those who are upgrading, as long as it’s in good working condition.
4. Get Insured
One thing that gyms have to worry about that certain other businesses do not is the possibility that someone using the gym may be injured or even die on-site. Because high-intensity exercise occurs near-constantly during business hours, injury is always a possibility even if extensive safety precautions are taken. Thus, it is a wise idea for gyms to carry liability insurance.
5. Hire Qualified Trainers
You might also want to take a fitness instructor certificate from a recognized university/college. Credibility is what people see when signing up for fitness classes. They will want personalized classes and nutrition advice. It’s good to tie up with a leading nutritionist; this will lend your business further credibility. Likewise, your staff should also be properly equipped with both technical and practical application of their knowledge.
You may also consider opening a gym with specialized aerobic, dance, and yoga classes for target groups (i.e. if you are opening your own business). With the craze for the perfect lifestyle these days, this could be a potential business option to look into.
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