Estimated reading time: 5 minutes
In our fitness obsessed age where people are willing to pay top-dollar for to be healthy, starting a gym is a smart move. But how do you start a gym?
This blog post will show how to open a gym, so you can take advantage of this lucrative opportunity.
Why Should You Start a Gym?
Just one look at Instagram or any other social media platform, and it’s clear that Americans are becoming more health conscious. Better yet, just think about how hard it is to find a parking space at your favorite gym. So, it’s no wonder that the fitness industry is $30 billion industry that shows no signs of slowing.
This trend is due in part to marketing aimed at fighting obesity as well as growing awareness about the health risks of consuming sugary, processed food. So, is it a good idea to own your own fitness center? Yes! This is because people want to live longer, healthier, happier lives and a healthy lifestyle is the key.
Steps to Opening a Gym
1. Choose your fitness niche
The first step in understanding how to start a gym business is to choose a fitness niche. There are a variety to choose from, each with their own pros and cons.
Do you want to run a traditional gym with different workout options and fitness classes to chose from? Or maybe you’re looking to start a specialized gym. Think yoga studios, CrossFit and cycling gyms.
Now, while a small gym, specializing in a particular workout might limit your clientele, you’ll also be able to charge more. This is because specialized gyms attract a wealthier clientele who expect to pay more for a boutique experience.
2. Get the Proper Training
Whether you’re starting a traditional gym, specialized gym or even starting a health club (like athletic and country clubs), you’ll need proper training, accreditations and experience.
People are trusting you with their physical well-being. As a result, they put their bodies on the line under the assumption that trainers can supervise their exercise safely and with expertise. So, negligence in this area can have serious consequences.
There are numerous ways for you to get the training you’ll need to safely run your gym as well as specialized training for things like yoga and Pilates). Take your time and become an expert in your field!
3. Finding a Location
You don’t just want to know how to open a gym…you want to know how to open a successful gym. So, if you want to ensure success your fitness center should be located in a high trafficked area.
Additionally, the location should have plenty of parking, be near or on a bus route and ideally be in close proximity to restaurants.
Ask any well-established gym owner and they’ll tell you that prime real estate can mean the difference a successful gym and one that’s struggling. So, prepare yourself to pay more upfront for a good location. It’ll be well worth the expense.
4. Form a Legal Entity (Using Inc Authority)
If you forget everything else about how to open a gym, remember this: You MUST form a legal entity for your business.
There are many business structures to choose from, but LLCs are the most popular. By forming an LLC, you protect your personal assets and safeguard yourself from being personally liable for debts incurred. Without one you’re personally liable and could lose everything in the event of a lawsuit!
We here at Inc Authority specialize in forming LLCs and can get you started in a few simple steps. Did we mention that our LLC setup service is 100% free!
5. Get Financing
The basic startup costs for opening a gym can vary greatly, but on average ranges from $10,000 to $50,000. Either way, you’re going to need financing.
In order to get financing for your business, you’ll need to put together a gym ownership business plan. That’s because business plans showcase and organize established strategies, required allocated resources, attention to business finances, and projected growth – all of which are essential for receiving funding from banks and lenders.
Non-traditional small business loans tend to be the most popular, but as there are a variety to choose from, it’s best to speak to a business funding expert.
6.Market Your Business
Essential to learning how to start a gym is understanding that you’ll need to come up with a marketing strategy.
So, defining your target market early is vital. Doing this will help you tailor your brand message to those people and get them to come to your gym. Do research on gyms you admire. Look at their messaging. What are they doing right, what are they doing wrong and how can you do it better?
Lastly, you’re going to need to invest time and money in developing a social media and email marketing strategy. Because we’re living in the digital age, this is vital!
Now that you know how to start a gym, it’s time to start your free LLC with Inc Authority today! You’ll get your LLC in minutes as well as 9 FREE business management tools to help you run your startup.