The relatively recent intense spikes in technology have managed to completely change how the world works, and the more the technology moves forward, the less need for moving around and performing physical actions there is. The fact that the world of gyms has, too, seen a boom is no coincidence – in order to compensate for the lack of physical activity, people are turning to exercise.
Starting a gym business in the modern world can be very rewarding nowadays, both in financial terms and in the aspect of helping people better themselves. If you are up for it, let’s dig into the basics of starting a gym business.
Location, Location, Location
One of the biggest discrepancies between the fitness business niche and others is that you can’t really reinvent the wheel by starting a gym; sure, you can make sure that it surpasses the competition, but the first thing that you need to worry about is location!
If there’s already a gym in a particular neighborhood, you can rest assured that the gym goers from the area are going to remain loyal to it, unless their customer service is terrible and their prices are ridiculously high, neither of which you can really influence.
You need to find a perfect location that’s just about far enough from your competition, that the local people will be glad that they now have a more practical choice – always keep in mind that the modern human being is always multitasking and that everybody is looking to cut corners in order to squeeze in workout time without it impacting the other aspects of their lives.
Location is key!
The one aspect where starting a gym is identical to starting any other business type is definitely financing. According to experts, $10,000 to $50,000 on average is enough to get a gym business going, but this largely depends on location – New York, for instance, is particularly and famously expensive, and starting a gym in the Big Apple can take north of $500,000.
An in-detail, concise business plan goes without saying here, and if you want to get started with this, you can check out the U.S. SBA (Small Business Administration) website, where you’ll find free advice and guides with regards to loans and business plans.
You may be a life-long gym rat or even a world-famous sports player, but without a certificate, you can’t legally open a gym. On the bright side, you don’t really have to own a professional fitness qualification in order to start your own gym, but what you do need is accreditation from such groups like The American Council on Exercise.
Of course, if you do happen to own or obtain a personal trainer or fitness certification, this will provide a solid amount of non-management experience that you will need for your gym. If you want more experience, you can consider enrolling in an online Master’s in sports management.
The Actual Gym
Finally, this is where things get really specific – you’ll need versatile and quality gym equipment, and, if your aim is diversity, you’re going to need a lot of it. Take hard-core bodybuilders for example – if you don’t own so much as a single piece of equipment that they might need for their least relevant gym day, you can rest assured that you will lose the most valuable customers that a gym can have.
Work on the space too, make the most out of it – provide it with large mirrors and enough breathing room – no one is a fan of cluttered, crowded spaces, especially people who work out.
Starting a gym business is, in some respects, identical to the initial steps in any other startup; however, in some ways, it’s entirely specific! Focus on the location, plan your financing, get certified and make sure that your gym space is as well-equipped and as comfortable as possible!