The gym industry is worth billions of dollars. Getting in on it is a wise investment. You should be getting pumped up about owning your own gym business! You should also be considering these big factors before signing anything.
Let’s take a closer look at the steps to success in the fitness industry.
Do Your Research
Opening a business is a big deal. Research can help to educate and prepare you for what you may encounter while owning a gym business.
Topics you might want to cover while researching:
- Franchise vs Independent gym – Weigh the pros and cons of owning both.
- Other gyms in the area – Look around at the local gyms to see what you can offer the community.
- Location – Shopping around will help you find the right location for your gym within your budget.
- Legalities – What insurance coverage will you need for the business? Check with Cobra Insurance for sound professional guidance.
- Finances – Get familiar with your finances. Everything from buying cleaner to hiring staff that does the cleaning.
Often the best kind of research is speaking to people who have experience in what you are trying to do. Join an organization that links you with other fitness professionals. Reach out to fellow gym business owners from all over for their tips and advice.
Turn Your Investment Into Profit
The gym business is not a get rich quick industry. The equipment alone is a major purchase. Not to mention the cost of paying staff, and maintaining the facility, etc.
Memberships are not enough to create the profit you will need. A successful gym brings in at least 50% of their money through things other than membership fees.
Options like selling merchandise, supplements, and even food and drinks that will appeal to your clientele can make up the gap. Have you thought about partnering up with someone like a local juice bar?
Crunch those numbers until you have a good grasp on how much you will need to make to pay the bills, and estimate if that number is realistically within your reach. Better yet, hand off the job to a certified accountant.
Worried about money? Consider bringing on investors to help back you financially. Investors can be personal contacts like friends and family or professionals.
Think Outside the Box
To stand out in the crowd a business has to be unique and in-demand. Give the people what they want, and they’ll give you what you want.
If there are already a dozen of the same style gyms in town, do yourself a favor and pick something else.
Forward-thinking is what will keep your business moving forward. Keep your advertising fresh as well as the paint on the walls. Stagnation is the enemy in this biz.
Solidify Why You Are Opening a Gym Business
What does owning a gym mean to you? We all have personal reasons for starting businesses. Reasons other than money, of course.
Maybe it’s about creating your ideal facility. Or, maybe you just want to encourage the world with your passion for health and wellness.
Getting your reasons set in stone will help propel you forward towards success because your goals are what drives you. In business, this is part of your Vision Statement.
You Have to Be All In
You may not have been expecting to do soul searching today, but it is time to dig deep. This is about you. You are the (future) business owner.
As a gym business owner, you can expect to put in long hours (often including holidays,) manage staff, pay the bills, and still have a smile on your face when a customer walks in the front door.
You’ve got to commit to succeed. Ask yourself if you are ready for this type of commitment?
Was that a yes? Let’s go!
What’s The Next Step?
You should be congratulated on deciding to open a gym business. So, congratulations!
Fitness is all about motivation. It is important for you to stay motivated, too!
Make a plan. Get this to-do list checked off, and get building. Good luck!