So you want to open your gym? Congratulations! It is a great business idea, and there are plenty of different ways that you can go about it. This post aims to give you some basic steps on how to do just that.
A lot of these steps might seem like common sense, but they are essential for success nonetheless. The first step is finding financing- this will be your most challenging task and the one with the most prolonged timeline.
But once you sort this, everything else should be pretty smooth sailing from there! Dive in.
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Find Financing
The cost of a gym can range from $150,000 to $400,000. Before you put your money into it, make sure that financing is secured and in place. There are many ways for potential owners to secure the initial funds needed.
You can ask family members or friends, offer an equity position with return on investment (ROI), and obtain loans from financial institutions such as banks or credit unions; these include lines of credit and term loans
Get certified
To open a gym, you need to get certified. There are two main routes to do this in the US, which include becoming a personal trainer or getting a fitness certification from American Sports and Fitness Association. The former requires completing an online course and passing one test (typically within six months).
The latter takes about 40 hours of on-site training plus 50-100 hours of supervised work before taking a final exam, usually offered monthly at various locations throughout America.
Be Strategic About Location
When considering your site, you’ll need to consider things such as proximity to public transport routes, available parking spaces, access for disabled people or those with pushchairs, and general safety – all of which can make a huge difference when attracting potential members.
Location is key, so research heavily before committing yourself! You may also want to consider whether you are looking at an existing commercial space or if you will be constructing new premises from scratch.
Source the Right Equipment
Most gyms need a lot of equipment to stay functional. There are different types: cardio machines, free weights, weight training machines, and more. Heavier items in the gym like barbells and kettlebells should be anchored securely to the floor for safety reasons.
It is also vital that you have enough space designated for each type of exercise machine, so members don’t accidentally bump into one another as they work out–and certainly not with any heavy objects!
Consider Your Insurance Needs
It’s crucial to find an insurance plan that will cover you in case anything goes wrong. Personal injury, property damage, and theft are all covered by your general liability policy. Still, it is a good idea to take out specific guidelines for things like equipment breakdowns or accidents with animals at the gym.
You may also want to look into taking out business interruption coverage, so you can recover some of your income if there is any disruption in operation due to something not under your control (like bad weather).
In conclusion, opening a gym is an exciting and a difficult undertaking. The key to success lies in preparation, planning, and patience. If you’re considering opening a fitness-oriented business, be sure to follow the steps outlined above before taking on this endeavor!
Photo by William Choquette
