Thousands of people go to the gym for their fitness and pay to avail that opportunity, many people also hire trainers for them. So in this post, we will discuss opening a gym business plan, gym startup business plan, and will see that is opening a gym profitable?
Everyone tried to be healthy so by opening a gym you can help thousands of people which will also be very profitable for you. Starting own gym is the best way to help people by providing the opportunity to become fit and in return, you can earn much profit.
You might be thinking that it is a very hard business so how much is it hard to start your own gym? we will discuss it in this post. We will also provide some tips to start your own gym, and opening a gym business plan.
How to Open a Gym
Before creating your gym you should define that what type of gym you are going to start, give its name and proper business structure.
Surpassing Legal Hurdles
- Apply for an Employer Identification Number (EIN): First step is to apply for EIN as it is used for tax administration purposes by the IRS.
- Apply for a business license: To operate your gym legally you need to obtain the proper licensing.
- Register for federal, state, and local taxes: You also need to register your gym for federal state and local taxes.
- Register your business name: Just like another business gym also required to get registered their names in order to operate legally.
- Get insurance: Gym owner’s need to get insurance as there are chances that someone using the gym may be injured or even die.
Gym Startup Business Plan
For a successful business, you should first have some planning in your mind. Similarly, for your guidance here below the necessary requirements are provided.
Gym Area Requirements
- First of all, in order to start your own gym, you need to fulfill the gym area requirements. If your gym does not meet the required area then it will not work and customers will not come to your gym.
- In a gym lot of space is needed for all the necessary equipment that people want to use. If your gym is for example 21 by 21 foot, the ceiling is too low or there’s not enough space between a wall and machine then your business will not grow and customers will leave your gym.
- People want a comfortable environment for exercise so you should, first of all, provide best look gym space like you can use airy design.
- Minimum area depends on the customers in your gym so if your target is 100 people then your gym’s area should be minimum1500 to 2500 square feet.
- If 200 customers are using your gym or your target is 200 customers then 3000 square feet of area is needed. If your target is 300+ customers then the minimum area you required is 4000 square feet.
For choosing a location you also need to consider some below points:
- Rent: Unless you own gym’s building you have to pay rent for using the building for the gym. Rent varies from location to location.
- Near the population centers: If your gym location is away from customers then you should change your location. The gym near customers location is good for your business.
- Local market conditions: The best location for the gym is the area where people demand gym and there is no gym near them. Opening a gym near established gym is a risky technique.
Raise capital or get a loan
For a good startup you need money and if you don’t have enough money then you have to take a loan or persuade wealthy investors to provide capital.
Stocking Your Gym
Another very important aspect of the gym is a gym equipment. If you want your business to grow and you want to earn a good profit then provide all the equipment that people want to use.
- Buy free weights: You should provide your customers with all facilities and many customers need some extra weight while exercising so you must have free weights
- Types of Free Weights: Types of free weights are Bench presses, Squat racks, Pullup/dip racks, Bicep curl racks, Deadlift mats, and Racks of dumbbells with benches for upper body exercises
- Buy isolation machines: Modern gyms offer Isolation machine and if you have the budget then buy it. Types of Isolation machine are Leg press machines, Lat pulldown machines, Tricep extension machines, Leg extension machines, Chest fly machines, and Shoulder press machines
If you want to read similar articles like What are some tips for starting your own gym? then you should read a similar article How to earn money from Facebook?
Hiring Qualified Personnel
You should also hire some qualified trainers for your gym as many customers want trainers for them.
- Hire qualified trainers: Many gyms offered qualified trainers for their customers so you can also provide this facility.
- Hire maintenance: Just like other business gyms also need to be clean so hire maintenance staff.
Gym equipment names
Another very important aspect of the gym is a gym equipment. If you want your business to grow and you want to earn a good profit then provide all the equipment that people want to use. You can limit the equipment if your budget is low but make sure to provide the necessary equipment that every customer want to use.
What equipment you need will also depend on the kind of gym you wish to open like for standard family gym you need weights, cardio machines, machines, and other equipment like jump ropes and medicine balls.
Some necessary equipment you should have for a simple startup:
- You must have 1000 lbs. of free-weights and 1000 lbs. weights for machines
- Machines for general exercises are needed like a leg, back, and chest machines, you can buy more with more customers and money
- You need Jump ropes, medicine balls, mats to lay and stretching equipment
You can provide your customers with any of the below-provided equipment according to your requirements, need and budget. Make sure provide necessary equipment first:
- Abdominal Bench
- Dumb Bells
- Bench Press
- Hyper Extension Bench
- Leg Extension Machine
- Incline Bench Press
- Pull Up Bar
- Cables and Pulleys
- Calf Machine
- Dipping Bars
- Foam Roller
- Hack Squat Machine
- Hammer Strength Machine
- Kettle Bells
- Lat Pulldown Machine
- Leg Abduction Machine
- Leg Curl Machine
- Leg Press Machine
- Pec Deck Machine
- Preacher Bench
- Smith Machine
- Squat Racks
- Stability Ball
- Wall Ball
Is opening a gym profitable?
Just like every business starting gym also takes hard work and you have to accept challenges. So you can start a profitable gym and to grow your business with the success you must know some tips.
- A Bright Idea
- A Good Niche
- Tracking Solutions
- The Right People
- Beast Mode Marketing
- Funding, and Lots of It