Steps for Opening Your Own Gym Business
The fitness sector is thriving and with the surge in number of health insurance incentives as well as corporate wellness programs, starting a gym business seems like an amazing opportunity. With the wide variety of options to consider, however, taking the first step may be difficult. To help you realize the dream of owning a gym, read this guide to know where to start.
Get fitness professional certification
Credibility is critical when starting your own gym. Customers and lenders will gauge your skills and competence based on the level of experience you have in the industry. Getting business education courses and certification will help enhance your professional credibility.
Decide on the gym services
Gyms provide many services to customers, including weight loss as well as rehabilitation. Knowing your client base will determine the kind of courses and services your gym will provide. For example, a gym for seniors may want to provide rehabilitation services as well as gentler forms of exercise like low-impact aerobics, yoga, and pilates. A gym catering to women only may want to provide intense cardiac workouts, body-firming weight-training lessons, and weight loss services.
Pick a nice gym location
Ensure the location helps support your gym’s services. Look for demographic areas that promote your gym’s services. When deciding on location, consider factors such as street access, visibility, and parking.
Buy 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.
Before you launch a gym of your own, you’ll need a loan and a business plan. On average, the cost of starting a gym is between $10,000 and 50,000, according to Entrepreneur. Lenders won’t approve your loan application without a good business plan attached.
Apply for licenses and permits
To open a gym business, you’ll need to register and follow all regulatory laws. Research, get licenses and abide by other regulatory laws like building permits as well as health department requirements.
Buy business insurance
Injuries and accidents are unavoidable in gyms. By purchasing business insurance, you’ll be able to protect your gym business. Ask your homeowner’s insurance provider to refer you to a business insurance dealer.
Spruce up your gym, install fitness equipment, hire staff and begin advertising your business. To ease the burden of costs like benefits and payroll taxes when opening a gym, consider hiring staff on independent contractor basis.
Follow these steps when starting your own gym whether you’re looking for better space for your gym or you’re a new gym owner.