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. But with the many different options to consider, taking the first step can be a challenge. To help you realize the dream of owning a gym, read this guide to know where to start.
Obtain 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. Having business education classes and getting certified will help to boost your professional credibility.
Determine 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 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 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. 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. According to Entrepreneur, opening a gym can cost anything from $10,000 to $50,000. Lenders won’t consider your application for a loan without a complete written business plan attached.
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. Ask your homeowner’s insurance provider to refer you to a business insurance dealer.
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 these steps when starting your own gym whether you’re looking for better space for your gym or you’re a new gym owner.