If fitness is your passion and you have ambitions about starting your own business, owning a gym could be a great way to make your dreams a reality. Starting a gym is no easy feat, and it will inevitably take a great deal of commitment and hard work to get things off the ground. However, success could mean big profits and a successful future in business. Consider these tips and pointers before you make your move.
- Know your budget. While the main expenses involved in starting a gym may be obvious – equipment, floor space, and staff, there are other details you’ll need to work into your budget. Look at the costs of gym lockers for sale, work out exactly how much all of your equipment and fittings will cost you, and come up with a sound estimate for how much money you’ll need to get started. Until you know how much the idea will cost you, you’ll have no way of knowing if it’s a possibility.
- Look into your financing options. Ideally, it’s best to finance your business with money that belongs to you, rather than taking out loans that you may struggle to pay back in the future if things don’t go as well as you hope. Consider saving money over a period of time to invest into your gym, or seek out a business partner who could contribute part of the finances to support the enterprise. Once you’ve ascertained how much you have available, you may need to cover the rest of the financing with a bank loan or business grant.
- Attract the right trainers. Renting your space out on an hourly basis for personal trainers to use with their clients is a great way to bring revenue into your fitness business. Make sure you’re able to attract top-quality trainers and their impressive clientele by creating an attractive and vibrant space for your customers to work out in. Offering special launch deals for trainers and customers could help you rope some numbers in when you initially open, but make sure the numbers add up in your favour before you commit to anything.
- Put in the time. When your first open your gym, you may not have a large team of staff to boss around or resources to delegate much of the work. This may mean that you end up putting a huge amount of time and energy into keeping the place running at the start. Make sure you’re willing to do so, and have the necessary time to make that happen. If nobody does the work, nothing will happen.
- Have back up funds available. It’s rare that a business make a profit in the first 6 months, so you’ll need to have living expenses covered during that time. Assess your savings and available funds and be certain that you’ll be able to survive for some time regardless of how much money the gym brings in.
- Find additional revenue streams. Gym memberships aren’t the only way of making a profit. Consider selling nutritional supplement, offering personal training courses, and experimenting with group class offers to bring extra income in. Get creative, and you should be able to make your business work without sinking your savings.