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Things You’ll Need to Start a Gym Business
Have you always loved health and fitness?
Then it could be time to start your own gym business.
A billion-dollar industry, it’s easily one of the most profitable to get into and one that’s ever-evolving with the rise of fitness trends.
Although it’s still considered to be a niche business, there’s no better time than now to discover the benefits that come with opening a gym.
However, there are certain things that you’ll need to start your business effectively. To make sure that you’re on the road to success, here are 8 of them:
The Initial Capital
Before taking the leap and starting your fitness business, you need to find a reliable source of financing.
Starting a gym business isn’t cheap and there are many on-going costs associated with running it.
Not only will you need to budget for monthly rent (which can be incredibly expensive depending on the location) but the cost of hiring staff and updating equipment.
Following on from the above point, it’s essential that you seek premises in a location that will ensure your business’ survival.
To do this, spend some time conducting market research and determine what key demographics will impact your business’ monthly income.
Through this, you’ll also be able to identify your client base, how accessible your gym is to them and how it will fit into the local community.
How You’ll Take Payments
From the moment that you start operating you need a reliable way to accept payments from your customers.
By utilizing recurring billing software, you’ll be able to attain monthly or annual payments from your customers without a delay.
As well as software that you can use on-site, it’s also worth adopting an online system for those who want the convenience of paying via the web.
Fully Trained and Dedicated Staff
When starting a gym business, you need to consider hiring fully trained, experienced and dedicated staff.
From personal trainers to reception staff, accountants, etc. there are many different roles that you’ll need to fill.
When looking for various staff members, look at their past work experience and determine how suitable they are for the role at hand.
In terms of pay, research thoroughly the average salary for the different roles so that you’re paying them a fair salary that won’t tempt them to look elsewhere.
When starting a gym business, there are several types of permits and licenses that you’ll need to obtain.
Not only will you need to register for a unique Employer Identification number, but you’ll have to identify the licenses that you’ll need in the state that you’re starting the business in (as this will vary).
Alongside the various permits and licenses, you’ll also want to seek certification from boards such as The American Council on Exercise – this will help to showcase your reputability and credibility within the industry.
What Insurance You’ll Need
Insurance is absolutely crucial for any gym business. Along with the typical business insurance, you’ll need gym liability insurance.
This will help to protect your staff, your customers and your overall business if an incident occurs.
Depending on the state that you’re operating in, you’ll have to obtain this insurance before you apply for a permit.
To thrive and ensure that customer satisfaction levels are ever-increasing, you need to source high-quality gym equipment.
From the basic running machines to weights, dumbbells, bench presses, etc. there are essential items you’ll need from the get-go.
When starting your fitness business, you’ll have to identify what your USP (Unique Selling Point) is.
This will guarantee that you stand out from your competition and that your customers notice how extraordinary your business is.
Once you’ve created a USP, ensure that you’re advertising this through social media and other methods to consistently attract new customers.