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Starting a gym can be a great entrepreneurial move for fitness fanatics. You’ll forever be working in an environment that you love and you get to control every aspect of it. Of course, starting a gym has its challenges and these are worth knowing before committing. Here are just some of the considerations to make when starting a gym.
Work out the costs
A gym comes with a lot of costs. Not only do you have to pay for the space, but you need to invest in equipment and possibly even staff. All in all, don’t expect to start a gym for less than $10,000.
Most people don’t have this type of money lying around so you may have to consider seeking investment. Angel investors and crowdfunding platforms may be a good for finding this investment.
Another option meanwhile could be to take out a loan. Such a loan is likely to require a good credit score – if your score is low, you may want to look into some of these credit repair reviews. Banks are a popular place to apply for loans, however there could be private lenders out there worth approaching too.
On top of start up costs, work out the running costs so that you can budget effectively. This will also help you when setting your gym fees.
A financial advisor could be worth hiring to help you with the whole process. This could ensure that you don’t miss any important costs.
Understand the legal requirements
There are a number of legal requirements that are necessary when setting up a gym. The space will need to meet health and safety guidelines, which could include having a clear fire escape and equipment such as fire extinguishers. Having a first aid kit could also be important in case of an injury.
You’ll also need to understand tax laws and laws involving employment (if you’re hiring staff). A solicitor may be able to help you put in place all these legal requirements.
Know your market
Your gym will be aimed at people that want to keep fit – but what types of gymgoers will they be? Most independent gyms have a niche that separates them from gyms in their area. You may decide to cater to older people or you may decide to cater to younger people. You may decide to set up a gym primarily for strength training or you may decide to set up a gym with a focus on endurance training. You may also want a space for hosting clubs and classes.
Whatever the case, make sure that you know your market. This will allow you to then use more focused marketing strategies.
Be prepared to put the hours in
Running a gym can be very time-consuming. Most gyms are now open seven days a week – some are open 24/7. This means that you could be constantly on call. In the early days, you’ll probably want to do tasks such as cleaning and admin yourself and you may have to do a lot of long shifts until you’re making enough money to build a steady team of employees. Some contract personal trainers on a freelance basis to help with running their gym whilst giving these personal trainers a place to get new clients.
