Start Your Own Gym Business: Everything You Need to Know
Why leave a stable job and take the plunge into entrepreneurship? And open a gym business?
The likely answer will be that you have the itch to run a fitness business that won’t go away. Owning a gym business is your passion and doing any other jobs in life will pale in comparison to this.
The fitness industry is rewarding for those who are crazy about body fitness. Although it is possible to work out at home gyms that offer numerous other benefits. The fitness and health industry reached $33.25B in the year 2021 (Nasdaq ).
We get it, running a gym business is tough. Equipment and competitive pricing are important. But these are just a fragment of what makes a gym great. The successful fitness business is centered around providing excellent training and professional instructions. But starting your gym business requires more than that. Here are some of the challenges you’ll need to overcome when trying your hands in the fitness industry.
The first challenge for any new gym business owner is getting new members. It can get tough to stand out from the competition, especially when there are so many gyms opening every day. You’ll need to have a solid marketing plan to attract clients and keep them coming back. With time customer engagement becomes more tangled. So you need to ensure that your services are outstanding so that your clients are willing to refer to others.
The next challenge faced by gym business owners is financial problems. You’ll need to have some serious capital saved before starting your own gym business. If you don’t have any savings at all but still have the tingling to open a gym, then you might have to look for other ways of investment, and loans or you might want to ask any family member or close friend for help.
Digital is Here to Stay
There’s been a huge shift in people’s needs and expectations regarding online and on-demand services. Use this as an advantage and ensure that you also create a significant online presence for your gym business. Make sure your website, social media, and emails are well-oiled machines intended to boost revenue and engagement. Online memberships and easy cancellations should all be the standard procedures.
If you’re new to this, start with one thing at a time. Scheduling is made simple for both you and your customers. Use Picktime, online gym scheduling software and you’ll see an increase in enrollments. You will love how lightly Picktime manages your group training and individual classes.
As discussed above, starting in the fitness industry is a heavy lift. But it can be very rewarding to work and invest your time in the industry. If you’re a fitness doper and enjoy breaking a sweat. Now it’s time to unearth some tips to start a gym business.
Decide the Area
Once you decide what type of gym you want to open, you will have to determine how much space you need at which location. A gym’s success strongly depends on the locality you’re picking. For instance, if you’re opening near residential and commercial areas, you’ll likely see substantial profits from the first month. Try to find a location easily accessible by car, foot, and public transport.
Meanwhile, because of the elite location you’ve picked, you also need to think about the rent. Unless you have a backup of some major financing, chances are you’ll need to rent the space. The amount will vary according to the location. When renting the space don’t forget to ensure that you’ve got written permission from the owner in case of any alterations.
Secure Required Licenses
There are several licenses and legal documents that are required to attain before setting up the gym business. Some needed essential documents when starting a gym business:
- Gym Registration
- Member Liability Waiver
- Operating Agreement
- Instructor Contract
- Certificate of Incorporation
- Equipment Maintenance Log
There are a lot of other vital documents that go into running a gym business and you should be on top of it. The best advice for all these formalities would be to discuss them with a lawyer. Another area you can cover here is insurance. Gyms deal with a large number of people coming in and out the whole day, you’ll need to have business insurance in place to cover several possible mishaps.
Before you open your doors, you need essential pieces of a well-functioning gym – equipment and dedicated trainers. We will talk about trainers in the next section and now let’s discuss the investment in equipment. When it comes to purchasing the right equipment, aim for what is most important, and needed for your clientele and consider the option mentioned below:
If you’re planning to attract customers who are only interested in putting on mass and carving their bodies, you should focus on heavyweight machines, barbells, dumbbells, and weight plates. Give your clients the option to join you with the maximum available tools.
- Broad Range
Stretching equipment, free weights, cardio machines, training bench, rowing machine, yoga mats, and other accessories. If you’re looking to provide a fully rounded fitness experience, you should invest in equipment that fulfills a variety of needs.
If you’re aiming to start a nontraditional gym – cross fit or boxing gym, you’ll be investing in a whole different range of equipment.
The largest expense for a gym business is the initial investment in equipment. Some gym owners try to buy used equipment to lower the investment, this could turn into a double-edged sword.
Hires Certified Trainers
To run a successful gym business, you will want to hire a handful of employees. Most gym owners start with self-employed personal trainers or freelancers. This is because almost all of your customers expect to have experts in the gym even if they have not registered for the personal training services.
Hiring a qualified trainer is a crucial part where you should not lack. Hiring a certified trainer will increase the quality and word of mouth of your gym. With trainers’ industrial experience and scored certificates, you can gain better insights into your gym business.
Promoting & Marketing
Once you’ve checked and completed all the steps listed above, it’s time to promote your gym business and get the word out and attract new clients. This may seem like overinvestment but start letting people know about your gym before you even open it. Marketing for your gym is the primary tool to build buzz around your newly opened gym. Below are some simple ways to begin promoting your business to prospective customers:
Early Sign-Up Offer
Discount Offers! Free!
These are the words that are evergreen marketing tricks. Give the public a reason to visit your gym from the day it opens. An early signup bonus, free online sessions, yearly discounts, free personal trainer, anything that could work and encourage new clients to join.
Now when you’ve let them know that you exist, make that existence even more stronger. Connect friendly and establish your business’s online presence with a gym scheduling software, Picktime. Sign up with Picktime for free now and get a personalized booking page for your gym business. Display all your services – One on one training, Moms into fitness, Power Zumba, Yoga, Pilates, everything under your business page and manage your trainers’ and clients’ appointments with one click.
Schedule your session appointments instantly and show your calendar availability to potential customers. Picktime also provides mobile-friendly, 24×7 email support, and payment solutions, with customized forms to get to know your customers when signing in. No matter the size and growth of your business, Picktime is the right fit for every business.
Plan visual and written marketing material that speaks clearly and concisely about what your gym represents. Customers are always on the lookout for reasonable, unique, exciting, and different packages for their workouts. You can also lure clients by giving attractive annual packages and special discounts like family memberships.
Opening a gym business is tough and the first year of managing any small business is a steep learning curve. There’s going to be a lot of adversity and challenges along the way you could feel like giving up. Take the above-shared tips on board and anticipate what’s coming down the line.