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 professional fitness 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. Getting business education classes as well as being certified will help promote your professional credibility.
Choose the gym services
Gyms provide many services to customers, including weight loss as well as rehabilitation. Understanding your customers will help you choose the type of services and classes you’ll provide in your gym. For instance, a seniors-only gym may want to offer gentler types of workouts like yoga, low-impact aerobics, and pilates as well as rehabilitation services. A gym catering to women only may want to provide intense cardiac workouts, body-firming weight-training lessons, and weight loss services.
Pick a nice gym location
Make sure the location supports your gym’s services. Find demographic areas that support the services of your gym. When deciding on location, consider factors such as street access, visibility, and parking.
Get fitness equipment
A few factors, for example cost, new technologies, and equipment finance play an important role when buying fitness equipment like weight benches, weight machines, treadmills, mats, and free weights. Consider purchasing and leasing options to know how much fitness equipment costs.
To open your own gym, you must have a business plan and a loan. 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.
Apply for licenses and permits
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
Injuries and accidents do happen in gyms. By purchasing business insurance, you’ll be able to protect your gym business. Ask your homeowner’s insurance provider to refer you to a business insurance dealer.
Decorate your gym, set up the fitness machines, hire employees and start advertising 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 tips when starting a gym of your own whether you’re a new gym business owner or you want increased space for your existing gym.