There is a growing interest in the pursuit to live healthy lives nowadays. Numerous methods are being employed towards that end and keeping physically healthy through gym workouts is one of them. It is no wonder why there is a surge in the number of people in search of gyms or signing up at gyms. Indications are that currently available gyms are not fully managing to satisfy the growing demand. All that makes for a solid case as to why more people should consider starting gym businesses. It is a multi-billion dollar industry that is more than ripe for more players to enter. In this article we discuss how you can start your own gym business.
There are several approaches to take up since possible services to be offered are plenty and diverse. The basic is to just have just gym equipment and people pay to come and do workouts of their choice. There are, however, plenty more services that can be added on top of that. Examples are zumba, yoga, aerobics, boxing, pilates, gymnastics, weight-lifting and so much more. You can even have in-house personal trainers that interested clients can pay to serve them. Retail services can also be incorporated e.g. the selling of gym wear, beverages, supplements, literature, green products and the like. So the best approach is to amalgamate several diverse services for your gym in such a way that any age group can be catered for. In order to know the exact services to offer you will have to conduct thorough market research and have a good gym business plan.
We already laid a background for why this is critically important. You must find out what the market is like i.e. how big it is and the kind of gym services people are looking for. You can always get a sense of the age distributions and preferable gym times so that you setup operating hours from an informed standpoint. In your market research you will also be checking out your potential competitors or generally just other already established players. Your intention will be to get a picture of how they conduct their gym businesses so that you draw insights that you can use to formulate your own gym business. The market research will ensure that you come up with a viable gym business plan.
Make Sure You Have A Comprehensive Gym Business Plan
The failure to plan is the beginning of business failure. The gym business plan must be clear and succinct enough to give your potential partners, clients and investors an overview of what your objectives are. At the same time, it must be detailed enough to explain the operations of the business that you propose. At the very minimum you need to have the following included in your gym business plan:
- The mission, vision and operational strategy
- Market Analysis And Customer Segmentation
- A business case showing that the business is financial viable and sustainable
- A marketing and customer care plan
- An organizational chart and human resource policy
- A three-year expansion outlook
- A risk and rewards Analysis
You will need to make an informed decision about the business type that you will adopt for your gym business. Each of the different business entities requires very specific application processes for permits and registrations. The business type you select will determine who owns, runs and supervises the operations of your gym business. It’s also better to have a fully functional website for your gym business.
Location And Premises
Comprehensive considerations must be done in making decisions regarding location. You will do well by finding a location that is easily accessible to clients, has substantial visibility and sufficient parking space. It can actually be expedient to locate your gym in central business districts or places you know are characterised by high human and vehicle traffic. The location must also be secure to see to it that clients and their belongings are safe throughout their gym sessions. The assumption also is that you would have already identified where clients and prospective clients are concentrated during your market research. With that in mind you must be located as close to those people as possible.
Then there is the issue of proper spacing of workout stations and general spaciousness. This is central to ensuring every client can have their own space without disrupting or being disrupted by the next person. The interior must have adequate lighting either through artificial lighting or natural light. If your location is big enough it would be great to have an outdoor gym court. This will give clients the choice to workout indoors or outdoors. Proper and conducive temperatures must be maintained in order to make clients’ gym experience pleasurable (this especially applies to indoors). That would mean your premises must be air-conditioned. Extra measures must be put in place to ensure the security of clients from accidents or injury. What this means is that gym equipment must be kept in a secure manner to avoid accidents or injury. The costs of purchasing or leasing the premises should be included in your gym business plan.
The selection of required equipment will be informed by the services you would have decided to offer. Significant amounts will obviously be needed to source the equipment. It is advised that you endeavour to acquire latest equipment so that you draw public appeal. Chances are some of the people who will visit your gym already have a particular taste due to their prior visits to other well-furnished gyms. If you are to become a gym of choice you must have standard and up-to-date gym equipment. Some of the equipment required is treadmills, bikes, mats, rubber flooring, ellipticals, free weights (e.g. dumbbells, barbells), strength machines, weight machines, rakes, rowing machines, weight benches and so on. In sourcing equipment do not just be stuck with trying to purchase outright as that might be too difficult for you at first. You can explore other options such as renting equipment. You long term goal must be to ultimately purchase premium gym equipment. The gym business plan should obviously include the costs of purchasing the gym equipment.
Staff And Management
This is always a function of the scale of your gym business operations. To keep operating costs at bay, human resources in this respect, it can be best to hire freelancers or independent contractors for trainers. This will save you from the long list of financial obligations that come with you employing full-time personnel.
This is a line of business that needs an insurance cover. Incidentals are most likely to occur so having insurance cover can save you from some financial stress. As earlier on mentioned accidents or injuries can occur. Even the gym equipment needs to be insured because things like damage through fires can occur. So it is recommended that you approach insurance service providers to find out which insurance policies can be applicable for your gym business.