How to Set up 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. 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 professional fitness certification
Credibility is critical when starting your own gym. Lenders and clients will determine your competence and skills based on your experience in the field. Getting business education classes as well as being certified will help promote your professional credibility.
Decide on the gym services
Gyms provide several services to clients, including weight loss and rehabilitation. Knowing your client base will determine the kind of courses and services your gym will provide. For instance, a gym for senior citizens should offer rehabilitation services and easier forms of exercise like pilates, yoga, and low-impact aerobic workouts. A gym catering to women only may want to provide intense cardiac workouts, body-firming weight-training lessons, and weight loss services.
Find a good gym location
Ensure the location helps support your gym’s services. Find demographic areas that support the services of your gym. When selecting location, consider things like parking, street access, and visibility.
Get fitness equipment
A number of factors, including new technologies, equipment finance, and cost all play a role when selecting fitness equipment such as treadmills, free weights, mats, weight machines, and weight benches. To find out the cost of fitness equipment, consider leasing and buying options.
Before you start your own gym, you’ll need a business plan as well as a loan. On average, the cost of starting a gym is between $10,000 and 50,000, according to Entrepreneur. Lenders will never consider your loan application if you don’t attach a complete written business plan.
Get permits and licenses
To start your gym business, you’re required to register and stick to all regulatory laws. Make sure to research and get licenses and adhere to other regulatory laws like health department requirements and building permits.
Buy business insurance
Injuries and accidents do happen in gyms. Buy business insurance to protect your gym. Get in touch with your home insurance agent to get a referral to someone who deals in 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 guidelines when opening your own gym whether you’re a new gym owner or you’re looking for more space for your gym business.