How To Start Your Own Gym Business – Fitness is big business, and small business owners are seizing the opportunity more than ever. In the post-epidemic era, the global fitness industry is growing steadily, especially in the United States.
The US gym industry was worth $41.8 billion in 2019, according to Statista, after shrinking to $28 billion just before the coronavirus hit. Since 2020, gym companies have continued to grow, with an annual growth rate of around 8%.
How To Start Your Own Gym Business
Additionally, there has been an increase in demand for boutique or niche gyms ( source ). These fitness studio companies specialize in specific disciplines, such as Pilates, yoga or martial arts. Simply put, opening a gym right now is a bargain.
How To Start A… Micro Gym Business
Although starting a gym or fitness business is a great idea and can be very profitable, as with any business, you need a plan to be successful. This gym opening guide will walk you through all the steps you need to take to make your gym business as successful as possible.
Let’s cut to the chase: Opening a gym is not a cheap option. When you consider the equipment, staff, marketing costs and general overhead of running your own gym, it adds up quickly.
You need things like water, toilets, changing rooms, security and access control. You’ll also need gym management software to accept payments, manage class and coaching schedules, and even run other modern necessities like email marketing or promotions.
Running a gym can be expensive to run, with a piece of equipment costing anywhere from $50 to $30,000, or more.
How Much Do Gym Owners Make?
Let’s take a quick look at the costs you will most likely need to consider before opening a gym.
In most countries, you need a business license to open a gym or fitness center. Its cost can vary by country and local laws, but budget around $50 to $500. Depending on whether you sell equipment or groceries, provide additional services such as sports massage, or own a swimming pool or sauna, additional licenses may be required.
While gym owners in the United States do not require specific fitness certifications, it varies around the world. In the UK, for example, gym owners and personal trainers require a level 2 personal trainer certification, which costs around £375. Asia Pacific is one of the fastest growing gym markets in the world and naturally has different requirements for gym owner certification. Therefore, please check local laws and regulations.
A major cost factor for any gym is business insurance. This includes business premises insurance and business liability insurance. So if an accident happens (which we hope never does), you’re covered! Gym insurance varies by location and country. So make sure you investigate this as part of your business plan.
Space Rentals — Body In Rhythm
What’s a gym without equipment? The actual equipment you buy will depend on the gym’s business model—so a yoga studio might not need free weights or treadmills. Cardio equipment tends to be expensive, with a new treadmill costing at least $20,000, and you’ll need more than one.
Of course you need a place for a gym. When you lease space, you usually enter into a lease agreement with a minimum term. This can be a huge hassle and should be factored into your start-up costs. We will go into the details of location search later.
Every modern business needs to invest in various software. Every fitness business needs gym management software like Arbox to help with gym membership management and class scheduling. However, you can also invest in accounting software.
You need a website so that customers can learn about your services and even book fitness classes online. The cost of building a new website may not be high, but building a high-quality custom website can cost hundreds or thousands of dollars. Sites like Carrd.co or Litesite.com give you an easy way to publish a basic website when all you need is a basic web presence.
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You may also need to hire employees to help run your fitness business, even if you have a small business. At the very least, you’ll need cleaners, but you may also need additional fitness trainers, administrative staff, human resources staff, and accounting services. Rent is often the largest monthly expense item for any small business owner.
Any modern business plan must take advertising into account. Starting with clear branding and signage will be key to building a strong brand identity and a successful gym in the long run. You will also need to figure out how to use social media marketing, organic content marketing, paid advertising or other channels to acquire customers.
Therefore, these are the most important parts of your business plan when opening a gym. What about the associated costs?
Expect to pay at least $40,000, assuming the most basic gym with minimal equipment and modest furniture. It is perfect for a yoga or Pilates studio.
Steps On How To Open A Gym [infographic]
Gyms that use more specialized exercise equipment can more than double that number. The average cost to start a gym in the United States varies widely, from $30,000 to around $400,000 or more. Equipment costs are about the same as elsewhere in the world, so local property rentals and business services will affect your initial investment.
Most gym owners will get a business loan or other source of small business financing to get them started. With a solid business plan in place, the bank should be able to provide you with a business loan. Alternatively, you can also finance your gym project through private investment if you can find someone willing to finance your gym business idea.
Once you’ve decided that opening a gym is the right choice for you, you need to find a location. There are many factors to consider when deciding where to set up your store.
First: who is your target group? Your location should be convenient for those who join your gym. If you can locate your gym within walking distance of a densely populated residential area or near a business center, you can attract casual and professional members.
Tips To Consider When Planning A Commercial Gym
If possible, try to choose a high-traffic area so that passers-by can see signs with membership prices or course offerings (if applicable).
In many countries, such as the United States, you also need to consider vehicle parking. Are there enough parking spaces for all guests? Gyms in larger cities with good public transport infrastructure, such as London, Singapore, Barcelona or Sydney, may place less emphasis on parking and more on proximity to tube or bus stops.
Second: zoning regulations. You should check with your local authority before letting a property as there may be restrictions on the types of businesses that can be operated in certain areas. This is especially true if they are located near schools or residential areas.
This can make it difficult to get approval from the council later when applying for a permit. So, before signing any official document, make sure everything is checked.
Gym Design Ideas For Your Home Exercise Room
The structure and design of a gym are important factors in its success. There are many considerations to consider, including:
This is one of the most important decisions you will make because it directly affects how much money you spend on gear and how much space you need for each piece of gear. If possible, try different machines before you buy to find out what works best for your brand and target audience.
The appearance of the gym also depends on the floor. Consider hardwood floors, carpeting or rubber underlayment (or other types). Hardwood floors look great, but they can be expensive due to wear and tear and need to be replaced every few years. Carpet usually doesn’t last as long, but has a lower upfront cost; rubber mats are affordable but may not provide enough cushioning for some user preferences
Not every gym has enough natural light. So be sure to design your lighting to maximize the aesthetics for your customers. In general, gyms tend to use brighter blue lights. But a venue like a yoga studio calls for a softer aesthetic and warmer light. You can also consider the energy efficiency of your lighting.
Reasons Why You Should Start Your Own Gym Busines — Bike Hacks
If you’re opening a new gym, or even starting a pop-up workout, you need a website. Although a basic WordPress website can be quite old-fashioned, most customers want to know everything they need to pay and manage their account online.
You can find web developers who can create professional looking websites for as little as a few hundred dollars
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Hi, I am Erick Norman. A blogger specialist in Kitchen Design.