If health and fitness are your key interest and you might be toying with the idea of putting up your own gym business, you’ll be happy to know that government statistics showed strong business growth in this field. Compared to other occupations, the U.S. Department of Labor expects the growth of the industry to be stronger and faster than average. The U.S. Census Bureau statistics also showed that the 21,283 fitness businesses across the country had a net of more than $10.2 billion annually per 1997 data. No doubt, with every Tom, Dick and Harry and every Jane, Sarah and Maggie going gaga over health concerns, you just might be looking at the right direction to make some good, decent money.
Start off with the right foot and follow these smart moves:
1) Get a Fitness professional certification: You’ve got to have credibility when starting a gym. The loan people of the lending banks and clients in particular will view your level of industry experience as a reflection of your competence and respectability. This certification and some business education courses may be obtained from the American Council on Exercise and the International Health, Racquet and Sports club Association. Check out their websites. They can help set up your professional credibility.
2) Find a good location for the gym: Seek out the demographic areas. Find one that will support the services your gym will offer. Location is key in attracting and establishing clients so be on the conservative side and factor in higher rentals when figuring out your start-up costs. Make sure you don’t come up with any figures that may turn your business into a bad loan even before you start. The location must be closest to your customer base so consider such things as street access, traffic, parking and accessibility.
3) Decide on the kind of services your gym will offer: These may range anywhere from rehabilitation to weight loss. Should you decide to cater to older adults, it may have to be rehabilitation services and gentler disciplines of exercise like yoga or Taichi or Pilates and low-impact aerobics. If you decide to make it an only-women gym, then it’s weight-loss services, body firming and weight training classes with intense cardiac workouts thrown in for good measure.
4) Get the right fitness equipment: Having decided on your gym’s services, You can now determine the right and proper equipment. When selecting them, take into consideration, the new technologies, maintenance and of course, costs. You’ll probably need treadmills, weight machines, weight benches and mats. As you estimate their costs, you may want to look at leasing as an option.
5) Finally, prepare a business plan and get gym financing: Two things to get your business running are this business plan that needs to be written and a loan. People who are in this business say the cost of putting up a gym may range from $10,000 to $50,000.Take this as a guide. The lending banks or financial groups won’t consider a business loan without a thorough business plan, so work on it carefully. The U.S. Small Business Administration can help. They offer free service to help in the formulation of a business plan and lend a hand in getting loans.