You’ve finally made up your mind and want to launch a fitness center. But are you aware of the steps necessary to make your goal a reality?
You’ll need more than just a lovely space and some fitness equipment to run a successful gym. If you decide to create a company, you’ll be taking a significant risk and will need to make critical choices regarding things like marketing, money, and personnel.
But the question is, how do you make that dream a reality? To get you started in the right direction, we have put together a comprehensive roadmap on how to create a gym, covering everything from the fundamentals of gym marketing and boosting gym sales to the most important considerations on the costs of starting a gym.
You may be here because you’re wondering, “I want to build a gym, but where do I start?” Don’t worry; we’ve compiled a complete list of resources for you.
Launching a gym from scratch might be difficult, particularly during tumultuous times. Exactly what are the challenges that fitness center proprietors face? Let us hope that this checklist alleviates some of your fears.
Getting started with a gym’s initial setup
Let us reassure you that the beginning is always the most challenging. You may find yourself at the bottom of a very long climb towards possible success, from locating a place to establishing insurance, procuring equipment, and marketing activities.
The question is, “Ok, I want to launch a gym: where and how do I start?”
Before the first day of operation, there are a few things you need to ensure. There are several moving parts to consider before opening your gym, including the location, insurance, and the gym management software.
That being said, let’s go back to the very beginning.
Possessing all necessary authorizations, licenses, and insurance coverage
On the legal front, you’ll need a valid business permit in your area.
In the United States, state licensing requirements may be found on individual state websites, which can be accessed through links provided on the Small Business Administration’s website.
In addition, you must have insurance as a safety net. Injuries, accidents, and property damage are all too common at gyms (to both members and the pricey equipment you’ll be purchasing; more on that in a bit).
If you want to be safe, investing in a comprehensive insurance package that includes protection against legal responsibility, theft, loss of income in the event of insolvency, and other such risks is advisable.
Is that a lot to take in? Having a lawyer go through this first section with you might be helpful.
General liability, theft, workers’ compensation, and property damage insurance are just some company insurance types you should have in place.
Your gym business plan
Before starting a gym business, the first step is understanding where you want to take it.
The next step is establishing your gym’s guiding principles and mission statement. The secret to success in budgeting for a new fitness center is to do it all.
Google is your best buddy as you go on at this point. You may find many sample business plans online to help you get started. Think of your fitness business strategy as a road map outlining all the moves you need to make.
Find out what kind of gyms are doing well in the market, and be flexible while putting your gym strategy into action.
Set your pricing strategy
Now that we’ve established that money is an issue, how do you decide what rate to charge members of your fitness center? The price you set for gym memberships will depend on several factors, including the size, location, equipment, branded software, overhead expenses, and the kind of facility you want to open.
Starting a gym might cost anything from $10,000 to $50,000, as reported by Entrepreneur.com. You may use this as a foundation for a pricing plan that differentiates between boutique, budget, pay-per-class, personal training, and other types of gym memberships and services.
If you are trying to figure out how to charge for membership at your fitness center, read this article. In terms of your fitness club’s pricing structure, what should you prioritize?
Ensure your fitness center’s business strategy (and price structure) is flexible enough to accommodate hybridization in 2022 and 2023.