Sick of letting your gym or club owner draining your profits? Need more than what your current profession of fitness trainer provides? If any of the answers are positive, it’s time to kickstart your own gym business.
But before you head in, you need to know every pros and cons of starting such a business. And fortunately, that’s what this article is all about.
Step 1: Putting A Realistic Plan Together
Most of the personal trainers I’ve seen, dreams a lot about their own gym. But unfortunately, when dropped in reality, most of them get stuck in fantasyland because of having no homework and proper plan-set.
Make certain things sure as part of the planning-
- Get all the numbers together in case of budget, costs, and ROI (return on investment).
- Study the market, specify a demandable but in-budget location and set a proper marketing strategy.
- Have an experienced guy in the team who is well-aware of every level of the game.
- Lastly, have a written business plan in case if you have to loan the money from banks.
Step 2: Start Being Equipped
While done with all those maths and estimations, start thinking about the equipment and all. Because in case of a gym business, most important prospects of the business are the potential clients and the gym equipment.
So, from where and how can you source the right set of equipment?
Well, that’s such a question which can have different answers based on your budget and location. Based on what your customers demand, you may buy some special tools that other gyms may not have to. But some basic equipment like a set of the best treadmill, basic weight loss kits, weights for liftings, squat racks, bench presses, dead lift mats, rakes for curls and dips, dumbbells etc. Make sure you don’t have to break the bank chasing some shiny and pricey kits that have a very rare use.
As you’re done with all of the above-mentioned tasks, now it’s time to let people know about your business.
As mentioned before, you have to understand what type (occupation, financial figures) of people you have around your gym location. If you’re done with that, set a proper marketing strategy and find out a way to reach them with a value. You may go advertising on social media, billboarding, announcing discounts, introducing referral systems and much more. Hire a professional marketer if possible.
Step 3: Start Rolling In
Congratulation! You’ve received your first gym member registered. Now it’s time to move forward with the business and keep growing. But here are a few facts that you need to keep an eye on-
- Consider the license agreement
As a gym business owner, you need to go through every step that a regular business owner should do. Try to keep the papers clean and take all of the necessary permits and licenses. Register an EIN (Employer Identification Number) and federal and local taxes.
- Understand the Insurance Requirements
At the start of a gym business, it’s very crucial to understand and go swift with the insurances. A number of people are going to take part in hazardous activities in your institution regularly. If you’re not clear with the insurance paper, any of the occurrences may find you loads of bucks.
- Be A Smart Recruiter
As your business is growing up, you need to accommodate more members and also hire more trainers to keep them on the track. But when it comes to recruiting a trainer, you’re not the gym guy anymore. You’re a recruiter and obviously, you need to act smart to understand the potential of the person you’re recruiting.
When all those tires keep rolling swiftly, you’re on your way to be a fitness celebrity and features at the national newspaper! Till then make sure every horse of your game is on the track.