Now that the holidays are winding down, you can expect that the number of people going to the gym will once again be at an all-time high. People are looking to get rid of the holiday weight or start a workout routine for the new year, so you may think that this is the perfect time to open a new gym in town.
However, before you rush into this pursuit, there are some things you need to consider when starting a gym.
- Draft a business plan
Ask yourself why you chose to open a gym instead of starting a restaurant or any other business. Research the community where you plan to establish this gym. Does your service meet any of their needs? Is there another gym in that neighbourhood? What do you plan to offer that this competitor isn’t already offering? Getting your business plan laid out ensures that you do your due diligence in ensuring your business’ success.
- Calculate your upfront costs
You need to determine how much capital you need to get your business off the ground. Any respectable gym needs to have weights, workout equipment, and a locker room equipped with frameless shower enclosures and decent-sized lockers. You also need to think about your employees, including trainers, janitors, receptionists, and so on. You don’t need to get the most high-end and brand-new equipment, just get the essential things to start: stationary bikes, punching bags, treadmills, workout benches, pull-up bars, and a wide selection of dumbbells and kettlebells. Once you acquire more capital, you can expand your selections or upgrade your current line.
- Secure a location
Selecting a good location is important because it impacts the kind of clientele you expect for your business. If you establish your gym in an upscale neighbourhood, expect clients willing to pay a premium for the best equipment, trainers, and overall experience. However, opening a gym in a more middle-class neighbourhood means that people might be willing to avail of a gym membership at a more reasonable price. Consider what your target market is and decide on a location closest to them.
- Hire your team
The services you plan to offer will influence your hiring list. If you include CrossFit, Pilates, or personal training in your repertoire, you need to hire teachers and trainers for those specific activities. It’s suggested that you keep your services to the most popular workout option among your target market upon starting. As a gym, you’ll definitely need personal trainers. Since yoga is a popular workout among a wide range of clients, you can also add that. If your competitor is also offering yoga, consider adding another service that they don’t have like martial arts or self-defence classes.
As with any business, starting a gym poses its own set of challenges. Plan accordingly, and do adequate research. Don’t rush into it, relying only on your gut feeling. Remember that if your business fails, it’s not just your future on the line, but that of your employees and clients.