Things You’ll Need to Start a Gym Business
Do you have a passion for health and fitness? If so, it might be the perfect time to embark on starting a gym business. This billion-dollar industry is not only highly profitable but also continually evolving with the emergence of new fitness trends.
Initiating a gym business demands meticulous planning and investment across various aspects, with the acquisition of top-notch commercial gym equipment being paramount. It’s crucial to thoroughly research and curate the ideal mix of equipment to cater to your target audience’s diverse fitness needs. This approach will help you create a welcoming and functional workout environment that sets your gym apart from the competition.
While the fitness industry may still be considered a niche business, there’s no denying the advantages of launching a gym now. To ensure a successful start to your venture, here are eight essential elements you’ll need to have in place:
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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 ongoing costs associated with running it. You will need to budget for monthly rent (which can be incredibly expensive depending on the location) and the cost of hiring staff and updating equipment.
Premises 
Following on from the above point, you must seek premises in a location that will ensure the survival of your business. To do this, spend some time conducting market research and determining 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 you start operating, you need a reliable way to accept payments from your customers. By utilizing recurring billing software, you can attain monthly or annual customer payments without delay. As well as software 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 must 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.
Licensing Requirements 
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 in which you’re starting the business (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 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.
High-Quality Equipment
To thrive and ensure that customer satisfaction levels are ever-increasing, you need to source high-quality gym equipment. From the primary running machines to weights, dumbbells, bench presses, etc., there are essential items you’ll need from the get-go.
A USP
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 you’re advertising this through social media and other methods to attract new customers consistently.
