How To Open Up Your Own Gym
With the ever increasing corporate wellness programs, health insurance incentives, and overall push for fitness, entering the health club industry could be a great move. However, opening up your own gym / fitness health club can be a very daunting task. If you are considering this, here are some steps to help you along the way.
Choose Your Type of Health Club
There are many types of fitness health club concepts out there but which one do you gravitate towards? Aligning your concept with the right demographic is also key. If you are going to be a different type of gym focused on a niche market, you need to make sure there is even a market for it, otherwise you will be setting yourself up for a rude awakening.
Should I open my own independent gym or purchase a franchise?
If you have experience in the health club industry than opening up your own gym maybe an option. However, even then there is a lot you need to know. From negotiating the best real estate transaction, to getting the equipment, to managing the club and opening up multiple revenue sources, it is not as easy as it seems. For this reason many have looked into purchasing a health club franchise where you are able to be in business for yourself but not necessarily by yourself. The franchising concept is one that has been very popular due to the fact that there is an established and successful company holding your hand throughout the entire startup process and even along the way. If you decide to purchase a franchise it is recommended that you go with one that has territories available and will not just treat you like a number, rather they will provide you dedicated support and help with one of the most important aspects of a successful health club, marketing.
How do I fund my gym / fitness health club?
One of the most common funding options is to get a small business loan otherwise known as a (SBA) small business administration loan. This may offer you competitive rates and allow allocation of funds towards (TI) tenant improvement costs, which can go towards locker rooms, floors, mirrors, fans, etc… The other option is going through 3rd parties for a loan. The interest rate may be higher but the important thing is that funds are allocated appropriately. Keep in mind you will need money for equipment, remodel, marketing, software, juice bar, tanning, and more. This is why franchising may be a good option. Having an experienced company guide you through the spending process will help ensure that you do not spend too much money on the wrong things.
These are the main tools you need to start a gym. Opening up a gym / fitness health club is not as simple as it seems but it could be one of the best business decisions you make.