If you’re excited by the prospect of a new business opportunity in the fitness industry, opening your own gym could be the right path for you.
Beyond being a growing market, it’s vital to society. About one of six adults has a gym membership to tackle the sedentary lifestyles caused by day-to-day routines.
Done right, opening a gym could be a great business opportunity but there are many factors to keep in mind before starting the process.
Here is some information on what to consider.
Look into franchises
There are numerous reasons to consider a franchise versus creating a new brand. Franchises offer the opportunity to open a gym in association with an already reputable and established company. The gym’s name is already well-known and this too is helpful in marketing efforts.
Additionally, you will receive business plans, ready-made rules and policies, and assistance with the installation and setup work. The franchisor will assist with choosing an ideal location for the gym and provide or sell equipment, which reduces the research work significantly.
The hard work of establishing a company and learning from mistakes is already done, so your gym can start a few steps ahead of the pack.
If you’re interested in franchising, review available franchise options and request more information: https://www.pointfranchise.co.uk/I-96-gym-sport-beauty-franchise/
Opening a gym is no cheap endeavor – it requires a hefty initial investment in order to cover startup costs.
Among many other expenses, you can expect to pay for all interior design requirements to turn an empty space into a gym and of course, equipment, which is anything but cheap.
Additionally, you will require staffing – both for the front desk as well as professional trainers and cleaning staff. If your gym will also include classes such as Zumba or yoga, this will require setting up studio space and necessary equipment.
Franchising also has a minimum initial investment and potentially, additional franchise fees.
A gym can only be as good as its staff, so you need to ensure you’re hiring accredited and qualified trainers and employees to run the gym.
Investing some extra time and money into bringing in the right people will help ensure your clients are happy and renew their membership.
Research licensing requirements
Opening a gym has its own bureaucratic needs to ensure everything runs in line with relevant laws and taxation requirements. As a gym owner, you will need to apply for all permits and licenses needed for running a business.
Certain localities have additional laws established for gyms in order to ensure the safety of the space and its members. For example, you may be required to have an external defibrillator and staff that are trained to handle CPR.
Set-up appropriate insurance
Insurance is crucial to a gym, more so than most businesses. Your clients will be taking part in potentially hazardous activities like heavy weight-lifting. At some point, someone will get hurt, whether by their mistake or equipment failure from overuse.
In order to keep your gym safe from these situations, it’s only sensible to pay for proper insurance that cover your needs.
It’s also important to include a clause in member contracts to protect you from lawsuits in cases of self-caused injuries.