How to Set up 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. 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.
Get fitness professional certification
Credibility is critical when starting your own gym. Customers and loan officers will judge your abilities and competence based on your level of experience in the industry. Having business education classes and getting certified will help to boost your professional credibility.
Choose the gym services
Gyms provide several services to clients, including weight loss and rehabilitation. Understanding your client base helps you decide on the kind of classes and services you’ll offer in your gym. 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.
Choose a good location for your gym
Ensure the location helps support your gym’s services. Find demographic areas that support the services of your gym. When picking location, consider factors like visibility, street access, and parking.
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 launch a gym of your own, you’ll need a loan and a business plan. According to Entrepreneur, it costs anything between $10,000 and $50,000 to open a gym. Lenders won’t approve your loan application without a good business plan attached.
Get permits and licenses
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.
Purchase business insurance
Accidents and injuries are inevitable in gyms. By purchasing business insurance, you’ll be able to protect your gym business. Get in touch with your home insurance agent to get a referral to someone who deals in business insurance.
Decorate your gym, set up the fitness machines, hire employees and start 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.