Ten tips if you want to open your own gym
Has it always been your dream to open your own gym? Then it can be difficult to determine exactly where to start. That's why we are happy to help you with these 10 tips that you should keep in mind when you want to open a gym so that you can start successfully.
1) What kind of gym do you want to open?
This might sound like a stupid question, but it's the most important thing you have to ask yourself. Do you want to open a powerlifting club that will be self-sufficient while you have a full-time job, or do you want a gym where you can earn enough money to pay yourself? In most cases we choose the last option. If you want to earn money with your own gym, please read on.
The location is one of the main important things. If you know what kind of gym you want to open, then you also know what kind of location you need. Take your time to find the right location and take things like parking opportunities, licensing, competition, your target group, etc. into account
3) Determine the cost
Make an overview of all the costs you are expected to incur. Think of rent, materials, insurance, electricity, telephone, internet, permits, taxes, any staff, etc. Do not be too tight, it’s better to spend less than you expected than more…, plus you've probably overlooked something. Then calculate whether you can pay all expenses for at least six months without revenue.
4) Be realistic
Have you reached a certain amount after point 2? Nice, double the estimated cost and cut the estimated revenue by half, because the chance is likely to happen. Can you still succeed with these new numbers? Then you have a good chance of success.
5) Determine your funding
How do you start? Do you have a start-up capital? Unless you're rich, you probably need investors. Start in the circle of people around you. Maybe you have a friend or family member (or several) who believe in your idea and would like to invest. In most cases, they eventually want something back, so discover what return on their investment is achievable for both parties. Also, tell in advance how and when you will repay the amount. If you do not have investors in your friends / acquaintances circle, it's an option to go to the bank. With a complete business plan and a good idea, you make a good chance.
6) Write a Business Plan
A step that takes a lot of time and many business owners like to skip: writing a business plan. However, making a business plan is an essential part of starting your own gym. Not only to attract investors, but also to accurately what you want to do, how you want to do this, how to finance, what your goals are, etc. It's your red thread in the adventure!
7) Niche, or not?
In your business plan, you have determined who your audience is, and whether you want to build a niche gym, or just want to attract as wide a public as possible. Both choices have pros and cons so choose where your heart and your knowledge lie. Niche gyms are great because they have a novelty that can attract new customers, but they can also be limited because it does not appeal to a large part of your potential target audience. You can also make a combination, such as a CrossFit box with fitness equipment or group lessons such as Yoga.
8) Think of your insurance
Unfortunately, an accident is right around the corner. Hoping that nothing can happen to you is a real risk. Take a good look at what insurance you need and which provider will serve your needs best. For example, consider fire insurance and insurance for bodily injury. Better safe than sorry;)
9) Marketing is the key
The funding is fixed, the renovation is in full swing and now it's a matter of recruiting members. Believing that you can run your business with mouth-to-mouth advertising is risky. So you need to explore how to reach your target audience best. A good website is indispensable today, but not enough. Add online marketing to this and optionally choose some budget for online advertising. Be consistent in what you say and do and show people why you are different from the other gyms. Really think twice before spending a big budget. For example, spreading flyers in the area is a good and cheap way to get attention for your gym.
10) Never give up!
If you want to see success, you must believe in yourself. Giving up is not an option! It takes time, determination and patience to open and run your own gym. If you have a moment where you have to take some steps back, think about why you started this in the first place. Do it because it’s your passion, not because you want to get rich.
So now you know what steps you have to take if you want to open your own gym. You have got a solic plan, a good location and a clear goal. Good luck and enjoy the ride!