Steps for Opening Your Own Gym Business
The fitness field is flourishing and with the rise in number of company wellness programs as well as health insurance incentives, starting a gym seems like a fantastic opportunity. But with the wide range of options to choose from, it can be daunting to take the first step. To help you realize the dream of owning a gym, read this guide to know where to start.
Get fitness professional certification
Credibility is essential when starting a gym. Customers and lenders will gauge your skills and competence based on the level of experience you have in the industry. Getting business education classes as well as being certified will help promote your professional credibility.
Determine the gym services
Gyms provide many services to customers, including weight loss as well as rehabilitation. Understanding your client base helps you decide on the kind of classes and services you’ll offer in your gym. For instance, a seniors-only gym may want to offer gentler types of workouts like yoga, low-impact aerobics, and pilates as well as rehabilitation services. A gym that only caters to women may wish to provide intense cardiac exercises, weight loss services, as well as body-firming weight-training lessons.
Find a good gym location
Ensure the location promotes your gym’s services. Find demographic sections that support the services offered in your gym. When deciding on location, consider factors such as street access, visibility, and parking.
Choose fitness equipment
Certain factors, including cost, equipment finance, and new technologies play a role when it comes to choosing fitness equipment like treadmills, weight benches, free weights, weight machines, and mats. Consider purchasing and leasing options to know how much fitness equipment costs.
To open your own gym, you must have a business plan and a loan. According to Entrepreneur, it costs anything between $10,000 and $50,000 to open a gym. Lenders will never consider your loan application if you don’t attach a complete written business plan.
Get permits and licenses
To open a gym business, you’ll need to register and follow all regulatory laws. Be sure to research and obtain licenses and follow other regulatory laws such as building permits as well as health department requirements.
Purchase business insurance
Accidents and injuries are inevitable in gyms. By purchasing business insurance, you’ll be able to protect your gym business. Call your homeowner’s insurance provider to get a referral to somebody who sells business insurance.
Embellish your gym, hire staff, install fitness equipment, and start promoting your business. To relieve the burden of expenses like payroll taxes and benefits when starting a gym, considering employing people on independent contractor basis.
Follow the above tips when starting a gym of your own whether you’re a new gym business owner or you want increased space for your existing gym.