Nowadays, many people are health conscious and practicing a healthy diet isn’t enough to be healthy. Being physically active or doing workout is another way to become healthy. But, not all of us has the will to exercise on our own.
To help those people who want to be physically fit, starting a small gym or fitness center is a smart idea. Just like starting any other business, it requires thorough plan before diving in this business industry.
Here are some tips that will help in starting a fitness center business.
- Research local competition
This is one of the important phase when planning to start such business. You should do homework about the local competition including Pilates and yoga studios, chain gyms, and other fitness facilities.
Study about the class schedules, services provided, operating hours, equipment, amenities, fitness programs, and rates.
- Identify the amenities to offer
It is necessary to include in the plan about the amenities that you will offer in the fitness gym. These include weight training equipment, benches, free weights, lockers, showers, cardio equipment, fruit bar, cycling room, aerobics room, daycare area, stretching area, and offices.
- Look for strategic business location
A part of the profitability of your fitness gym business depends on the location. This means that you should look for business location that is accessible and has heavy foot-traffic. As much as possible, the location must have ample space for potential expansion or a space that you can use for boot camp.
- Create a business plan
Every business requires creating a business plan that include the starting capital, operating costs, equipment costs, enrollment costs, staffing and instructor requirements, and marketing approaches.
Keep in mind that 50% of your starting capital will be used for buying equipment. The other half of the capital will be used for the construction expenses, securing business permits and other administrative costs as well as the operating expenses.
- Fitness equipment
Identify the basic gym equipment such as stationary bike, treadmill, weights and dumbbells, resistance machines, pull-up bars, functional exercise equipment, medicine balls, bench, and squat rack.
Prior of purchasing equipment, you should define first your target market so that you’ll know which one to buy first. Always consider the built and quality of the equipment over the price. Buying a cheaper, yet low quality equipment would cost you more in the long run.
A fitness center business may not be a popular venture, but when started and run properly it would be a profitable business.