According to a new study by the International Health, Racquet and Sportsclub Association (IHSRA), the United States health club industry grossed an estimated $32.3 billion in revenue in 2021. This is a notable increase since the same industry grossed an estimated $25.8 billion in revenue in 2015.
Evidently, this has led to many entrepreneurs starting a gym business lately. And if you’re one of those people, you’re at the right place. Sure, starting a gym has its challenges, and there are a few things that you need to consider before you start. To begin with, starting a new business like a gym can be pretty daunting, mainly because you’re tackling an industry where there are existing big players. As a result, the bar for success is high as unique selling points are required, and longevity is more important than ever.
To give yourself the best chance, you must follow some essential advice to allow your business to grow and succeed. For that purpose, this comprehensive guide is meant to help you get started on your journey to success in the fitness industry.
Put A Proper Business Plan In Place
Many people are passionate about health and fitness but lack the business acumen to further their passion. Unfortunately, this can limit your potential for a successful health and fitness business.
If you want to have a fitness business, it’s time to put together your business plan. You need a detailed business plan that includes your goals for the future, your financial projections and budget, and notes about your background and why you think you can succeed. If you need a pre-made guide for completing your gym business plan, you can always check out some gym business plan templates that can be of great help.
Your business plan should contain an introduction, summary, background, and a marketing plan, among other things. Believe us; a simple gym business plan will help you kickstart your health and fitness business adventure like nothing else.
Find The Right Location
It is never easy to select the perfect location for your first gym. Still, if you want to find the right place to open a gym, some factors will help you find the right property. The things that you should consider include:
- The number of people who’ll be interested in your service from the area, as you’ll have to find a place to open your gym where people are enthusiastic about fitness.
- The accessibility to your gym, as you have to choose a place that’s accessible and near peoples’ houses and offices.
- The parking space availability around your gym, as there should be enough parking space for all customers at the same.
Choose a Name That Brands You Well
Next, you need to be careful when choosing the name of your gym because having the wrong name can cost you a lot of good business. Also, you do not want people to confuse your gym with some other gym in their neighborhood or any other business. Here are some tips that can help you in choosing the right name for your gym:
- Check to see if your chosen name is available on the Internet. There should be no domain or social media accounts that have used your chosen gym name.
- Pick out a short, catchy, and unique name that is easy to remember. In addition, the shorter the name, the better, as long as it does not compromise the uniqueness factor.
Get The Right Equipment
Finally, when looking for gym equipment, there are also many things that you will have to consider in order to get the best equipment for your new business. To begin with, you are going to need a wide range of different pieces of equipment. For example, if you have fixed machines like bench presses, you will need dumbbells so that customers can do free weights.
If your gym specializes in strength training, you will also need a lot of barbells and Olympic weight lifting equipment, and if it focuses more on cardio exercise, you’ll need to get some treadmills and cross-trainers. Needless to say, the more equipment that you have, the more versatile your gym will be, and the more people will come through your doors.
If you have what it takes to start a gym, then you’re probably also ready to take on the array of challenges that come along with it. As long as you stick to good business practices and market your gym effectively, your hard work is sure to pay off in the long run—so don’t give up, just as you would advise your future clients when they’ll hit the weights.