If you have been thinking about opening a gym business, then you will need to be aware of some things first before you are able to open your doors or lift the first weight. In our article today, we have listed the most important steps you need to take in order to start your own gym business.
Obtain Accreditation
Although being qualified and experienced is not required to open a gym business, it is a good idea to obtain accreditation from fitness associations. An accreditation will increase credibility and allow you to obtain financing.
Name Your Gym
When you have your business idea in mind, you need to think of a name for it. The name also needs to be as unique as possible so that you don’t run into any copyright issues later on. The name also needs to be able to draw customers in. Once your name is chosen, it will be a good idea to have the name registered with your respective entities that handle copyrights and whatnot. Plus, you can have custom logo mats, decals, water bottles, etc. created to help build brand awareness for your gym.
Secure Business Financing
With your accreditation secured and you have an idea of what your gym will consist of, you will need to have financing secured for it. It is believed that you will need at least $50,000 to start. It is important to remember that you will need to produce a business plan beforehand.
Find the Perfect Location
Your gym needs to be located in a space that your customers will be able to access with public transportation, auto, or foot. When you find the spot, it is important to keep rent in mind as you will be paying rent on a monthly basis.
This amount may differ based on where it is located and needs to include other expenses. You should also be allowed to make any alterations to the building so that you remain in compliance with area guidelines
Have Appropriate Gym Equipment
Now that your gym location is all set up, you now need to obtain the gym equipment that your customers will use daily. Purchasing gym equipment such as free weights will be obvious as well as other equipment such as treadmills, stationary bikes, and other cardio equipment. You should also keep in mind the equipment that you will need if your gym will hold classes such as yoga or Zumba.
Keep Licensing In Mind
Being a gym owner will mean you will now need to obtain the proper business license and permits that all business owners need. You will also be required to obtain an Employer Identification Number (EIN) for tax purposes.
Although your license will be on the local level, you will need to remain compliant with state regulations. These regulations may include having staff CPR trained. You should also expect to have a plan for any emergencies so that clients can have an exit route.
It is important to be aware of all guidelines associated with your business licensing and if you have any doubt, you need to be in touch with your local city hall where you obtained your business license.
Obtain Business Insurance
Your gym will need to have business insurance and it needs to cover all aspects of your business. Your insurance will need to cover everything from finances to accidents. When you are insured, you will be protected financially if any major accidents take place.
As far as insurance is concerned, it is a good idea to have liability as part of your insurance policy. Having liability may even be a requirement for licensing or permitting.
Decide On Pricing
Your gym pricing should be considered and based on what your competitors are charging for gym memberships, the number of times a client visits you, and the cost for individual visits. You can also create deals where clients can pay for a certain amount of months ahead of time or have other savings.
Open for Business
Now that your gym is all set up and operating, you can open your doors to the public. You can throw an opening celebration for the public to attend and provide discounts or half-price memberships for those who attend.
Also, read:Â Understanding the Benefits of A Gym Management System
