Start a gym business. The global health club industry rakes in a cool $85.5 billion each year. American gyms alone enjoy a market size of just under $27 billion a year — and they’re not struggling for customers, either. Approximately one in six adults have got at least one gym membership. Recent marketing aimed at fighting obesity, as well as trends toward improving health and fitness, have contributed to this market rise.
With the proper mix of skills, training, and commitment, starting a gym or fitness center can prove a successful business move. So here’s a handy how-to guide in order to help you get started.
How to Start a Gym
Get trained and Certified
Once you determine what kind of gym you want to open, you will have to determine how much space you will need. You don’t necessarily need to obtain a professional fitness qualification before starting your own gym. But accreditation from several different personal training certifications you can choose between, other types of fitness offerings (such as yoga, Pilates, or aerobics classes) or the International Health, Racquet and Sportsclub Association could ultimately bolster your credibility and make it easier to obtain a business loan.
Find the location
Once you determine what kind of gym you want to open, you will have to determine how much space you will need. The location will most likely be a key factor within your business plan since location is often critical to a gym’s survival.
First and foremost, you’ll want to do a bit of market research about your anticipated client base. Figure out what key demographics will account for the bulk of your foot traffic, and figure out where a high concentration of those individuals can be found. Accessibility and convenience are important to most gym members. Try and find somewhere readily accessible by car, foot, and public transport.
You will want to make sure your finances are in good shape so that you can get financed. Experts say it usually takes around $50,000 in order to start a gym business — but a lot of that will rely upon where you’re opening for business. In New York City, for example, it could take more than $500,000 to get started. Other places may be less expensive. and before starting your business, you should have enough money saved for personal expenses for at least 12 to 24 months.
Having a strong gym business plan in place can help solidify funding for your gym or fitness center. Be sure to check out our planning resources, as well as the sample business plans at the end of this guide.
Source the Right Equipment
When you have financing and the ideal area, you’ll have to transform your unfilled space into an energetic exercise center. That will take a great deal of hardware — and it won’t come modest.
Figure out what additional staff and equipment you will need to start a gym business
Before hiring fitness instructors and personal trainers, check their training and accreditation carefully.
For fitness equipment, you will need to decide whether to buy or lease.
Understand Your Insurance Needs
In the event that you plan on beginning a gym business, protection is totally pivotal. It’s significant for any entrepreneur. Yet, heaps of individuals will be participating in possibly dangerous exercises on your premises consistently. High-force exercise can be dangerous for a few, thus you must guarantee the two benefactors and your business are lawfully and monetarily shielded from significant mishaps.
There are several insurance providers that specialize in these types of coverage or gym business. It’s also worth including a clause within member contracts that will prevent them from pursuing legal action against you or your business in the event of a self-caused injury.
Market your gym
When you have protection and have met all grant and authorizing prerequisites, you’re practically prepared to get started.
Consider hiring someone to take on marketing, PR, or social media management role, and if you can’t afford that, do some of it on your own. Start a gym business, be creative. Know your demographics, and reach out to those individuals wherever possible.
You might need to offer free visitor passes, membership discounts, and different incentives to keep and attract new customers.