Do you have sports in your blood and want to live off your passion by opening a gym?
The fitness industry is booming: the demand is massive and the supply is increasing. This sector offers many opportunities for entrepreneurs and has a promising future. Anyone can enter the market. There are several ways to get started: you can start your own gym, take over an existing gym, or be a member of a franchise. To know more, check on Relifesports.com.
Learn how to successfully open a gym with this handy guide where we explain the requirements for opening a gym.
Subject-specific qualifications
There are no specific legal requirements or prior knowledge required to open a fitness studio. However, it is highly recommended to have some commercial and technical know-how to become an entrepreneur in the fitness market.
Because yes, in this milieu you have to know how to plan courses, manage enrollments, buy equipment, manage staff, etc. As a qualified sports teacher, fitness economist, or fitness trainer with the character of a manager, you have to have that correct profile.
Financing
In addition to administrative and professional requirements, you must not forget the financing stage, because opening your own gym is relatively expensive, especially in terms of the facility and design of the studio itself, and then later in terms of equipment.
It takes several hundred thousand dollars to open a gym, and in good condition.
It is therefore advisable to calculate all expenses in advance by drawing up a financial plan for your planned expenses. A personal contribution of around 30% is recommended in order to have a good starting point and to be more credible with investors. If available government funding programs are also of great help to support you in your project.
Staff
The selection of staff should not be left to chance. Competent staff will give your gym a good reputation. Therefore, professional experience of the staff with certificates and state diplomas is required to teach private or group courses correctly and to learn how to use machines properly. For example, Zumba must be taught by coaches who are certified by the appropriate association.
Value proposition
The fitness industry is booming: new fitness studios open every day. Therefore, it is important to differentiate yourself from the competition by offering a unique concept, a so-called unique selling proposition (value proposition). Have you thought about these points?
- Brand new devices can attract customers and differentiate you from the competition.
- Focus on different types of fitness like cardio or specific collective workouts.
- A wellness area is often in demand and can differentiate your gym.
- A drinking or snacking machine with your snacking brand can also represent a unique value proposition.
- A cheap subscription without sacrificing quality.
- An innovative or creative gym interior design.
Target group
Don’t forget to define your target audience. Are you looking for hardcore meatheads or plain old beginners? Would your target audience require extra heavy weights or something akin to a lunk alarm? Each specific target group has different preferences: a value proposition perfectly tailored to your target group can only contribute to the success of your fitness studio.
The target group varies depending on:
- Customer profile (gender, age, occupation),
- Expectations,
- Consumption habits (where they usually exercise, frequency of exercise, etc.),
- Satisfaction level.
Location and premises
The location of your gym is very important. This is an important parameter because your success will depend on the choice of location. Try to find an area where a gym would be appropriate, for example:
- Downtown,
- Near main roads,
- Universities, or
- Business parks.
Again, this will depend on the definition of your target audience.
For this purpose, the fitness studio should be large enough to accommodate the various devices. In addition, at least two changing rooms, showers and toilets (one for women and one for men), and a reception area at the entrance to the building are required.
As you have understood, good sports facilities will be necessary, which will require significant investments.
Communication
Communication is an essential part that contributes to the success of your business. For this, a website is almost indispensable for acquiring new visitors, especially for presenting your offers and your fitness studio.
The use of social networks is also recommended to communicate about your starting offers and to book places or courses via reservation platforms.
Finally, it can be interesting to communicate with nearby companies and other organizations. Think of voucher campaigns!
The business plan: your partner in founding a company
Summarize all of the above information in a business plan. The business plan is an essential element to convince banks or investors to give you a loan to start your gym and buy your premises. This document will present your entire project to your banker.
It also includes financial data such as:
- The cash flow budget,
- The expected profit and loss account,
- The expected balance sheet,
- The financial plan.
The business plan is an essential argument for the bank, but it also provides the self-employed person with a list of the running costs and planned acquisition expenses for his project.
