How to Start a Gym Business

Thursday, March 14, 2013

How to Start a Gym Business

Running a successful gym business will allow you to make a living helping others meet their health and fitness goals. To start a gym, you will first need the financial resources to purchase the necessary workout equipment. Having a background in fitness management will also help attract customers and provide them training. An outgoing personality is another important trait for a gym owner as you will need to constantly market yourself and your business to new clients. If you have an friendly personality and a passion for fitness, running a gym may be the ideal business for you.

Instructions

Research the market for gyms in your area. Ideally, you will find an area without a nearby gym. Areas with new housing developments might be a good place to start.

Create a business plan that lists your projected start up costs for the business, your timeline for making a profit and your strategy for marketing to clients. Decide the services your gym will offer. For example, determine whether you will just provide workout equipment or offer other services like physical therapy or nutrition supplements.

Decide on the initial financing of your business. Your personal resources may not be enough to purchase the equipment needed for your gym and you will need outside financing. You can acquire bank loans, sell shares of your company to outside investors or finance through a combination of both. Be prepared to show your business plan to the bank and potential investors.

Make sure the business name you have in mind is not already in use. Search for it on your state's secretary of state website. If it's available, register your business name with the state government.

Contact the Internal Revenue Service for a tax identification number for the business. Register for state and local taxes, if necessary. Obtain proper insurance, including property, liability, workers compensation and unemployment insurance.

Decide on a location to open your gym, ideally in an area near a lot of traffic to help market your business. Your gym should also be in an area that's easy to reach and has adequate parking for your clients.

Hire any staff needed to run your gym -- start with at least a receptionist. You may also need personal trainers, physical therapists or nutritionists depending on the services your gym will offer.

Begin marketing your gym and signing up clients. Consider advertising through mailings, radio or television commercials or billboards along busy roads.

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2 comments:

Gym BusinessDecember 11, 2013 at 7:59 PM
Gym Business, How to Start a Gym Business, Start a Gym Business
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UnknownFebruary 17, 2015 at 2:44 PM
Thank you for posting the great content…I was looking for something like this…I found it quiet interesting, hopefully you will keep posting such blogs….Keep sharing
Open a gym business
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Easy Tips and Ideas to Start Business

Although anyone can start a business, many people fail because of a bad product or improper research. If you want to start your own business, you can improve your chances for success before you even begin. In order to make your business successful, start strong and make sure that your idea will hold out for the long haul.

Have a Good Product

Ensure that you plan to sell something useful. Although you may think that your product is important or special, that doesn't mean the general public will agree. Ask friends, family and strangers what they think of your product. If they don't seem that interested, ask them why. With their suggestions, you can either improve the product or scrap the idea completely. According to Brad Sugars of Entrepreneur magazine, most small businesses fail because they sold a product that didn't have an adequate market. This also applies to small businesses that provide a service. A lawn-care business might be useful for part of the year in a northern state, but it is in-demand year-round in the south. Consider whether people will actually want to use your service and get constructive advice from those not afraid to give their opinion.

Research Local Businesses

Research local companies before starting up your own business. This will not only give you an idea of the amount of competition you will have, but it will also help you price your product or service. If you're looking to start a wedding photography business, you may find during your research that the market is over-saturated in your area. If not over-saturated, you should contact each business and ask them for a price list. Alter your prices so you can stay competitive with the competition in town. Researching similar local businesses will also help you decide where to locate your business location. Try not to start up a store or office close to another business of your type. If your small business is located away from similar business types, this will cause locals to choose you over businesses that are farther away from where they live.

Get Professional Advice

You may know someone who has started their own successful business. Ask him for advice and listen to his stories of how he started his company. You may gain useful advice on the good and bad ways to start a business. Local entrepreneurs can also introduce you to local product providers or advertisers that you may not have met without their help. Accept any advice with open arms, especially if the advice is coming from someone successful in the area.

How to Calculate Business Start Up Costs

Starting a business in no easy endeavor. It takes a great deal of research, perseverance and hard work. While sweat equity will make your small business more successful, you will most likely need real capital to get the business started. Before you start raising capital and/or investing your own funds, the first thing you need to do is determine the total start-up costs.

Step 1

Determine your costs of sales. For most small businesses this means inventory, the cost of raw materials, manufacturing equipment, shipping, packaging, and warehousing. However, not all businesses sell products. In this case, the cost of sales is primarily the direct labor involved in making the sale. For example, to open a small shoe business entails purchasing enough inventory ($10,000) to stock the store.

Step 2

Determine professional fees. Planning your business structure, i.e., limited liability corporation or general partnership, means hiring an attorney. There may also be the need to pay an attorney for help with establishing trademarks, copyrights, and patents. In this scenario, that puts total professional fees at an estimated $20,000.

Step 3

Determine technology costs. Technology can greatly reduce the cost of labor for small business if used effectively. Most small businesses require computers, printers, cell phones, website development, Internet access, software applications, information security, data storage, and outsourced information technology (IT) consulting. If the cost of technology is $10,000 to start, add an additional $5,000 a year for maintenance (hint: maintenance is not included in start-up costs).

Step 4

Determine administrative costs. This varies with business types and may include items such as business insurance, office supplies, product packaging, parking, rent, express shipping, desks, chairs, fax machines, phones, or anything else necessary to operate the business daily. A good estimate for start-up administrative costs would be $5,000 for the first six months.

Step 5

Determine initial sales and marketing costs. Now that you have your product, you need to let folks know about it. Sales and marketing costs generally include marketing materials for presentations, printing stationery, business cards, advertising, trade show events, and public relations. These initial sales and marketing costs can add up to $3,000.

Step 6

Determine the wages and benefits needed to secure a staff. This includes employee salaries, benefits, workers compensation, and payroll taxes. Let's put the cost of wages and benefits estimated at $20,000 for the first three months of business.

Step 7

Add all costs associated with starting the business for a total. Be sure to only include business start-up costs that will be incurred in the first three to six months of operations. For this example, the calculation is: $10,000 + $20,000 + $10,000 + $5,000 + $3,000 + $20,000 = $68,000.

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Thursday, March 14, 2013