Getting fit and healthy has become a trend for the past few years. This is why opening a fitness facility can be a good investment. In recent reports, the global health club industry hit more than $80 billion annually. Fitness centers in the United States are also looking good raking $26 billion a year. Figures show that about 1 in 6 adults have registered for a gym membership.
Just because the demand looks good, you should into the industry right away. There are still many factors you need to have in check. Here are some guidelines to help you get started:
While you don’t need professional fitness qualification to start a gym, getting accredited by reputable organizations such as The American Council on Exercise or the International Health, and other sports club should boost your credibility, and make the business application faster. In addition, make sure to hire certified personal trainers to work in your gym.
One option to simplify the process is to look for legitimate gym franchises. Usually, their packages include complete equipment. Their management can even help you with promotional materials, staffing, and other paperwork.
Explore your Financial Options
At this point, you should know how to manage all the expenses. Whether you’re franchising or setting up your own gym, make sure you have a detailed breakdown of the costs. Find out the best financial option to start up.
Usually, it takes about $50,000 to open a fitness center, but it all depends on your setup. If you’re aiming for advanced facilities with top-notch equipment, you might need to raise around $500,000 to get started. Location also plays a big factor when it comes to rates.
Either way, you need to come up with a concrete business plan to attract investors or financial companies. Consulting an expert before presenting your idea may also help you.
Be Strategic with your Location
Just like any other business, location plays a vital role to your success. Study the demographic of your prospect site. Get to know more about your client base. What is the average foot traffic? Is it accessible to their home or place of work?
Conducting a survey may also give you important information. Ask for suggestions, and be familiar with their goals. This should help you adjust the programs or packages you will offer for them.
Empower your Staff
One of the major factors when running a gym is the credentials of your staff. Keep in mind that they are also the backbone of your success. Showcase their qualifications and expertise. This will also help boost your membership rate.
In addition, set clear objectives to your staff. Your goals should be aligned with them. Other than fitness skills, you should help them improve how to communicate better. Try investing in managerial seminars for your staff.
These are some of the things you should consider before starting your own gym. Remember, your core values will reflect on how you manage this business. Promoting a family-like environment in your gym may help you gain its reputation.