Guide to Opening Your Own Gym

While the fitness industry might seem saturated, there are dozens of reasons to start a small gym. Many people interested in fitness struggle to find the time to make it a priority. When opening a gym, however, you need to be aware of any requirements related to starting the business as doing so will allow the business to operate both legally and efficiently.

1. Business Necessities: The basic requirements of starting Gym, such as obtaining a business license, determining Gym structure, tax identification number and registering gym name should be done well in advance. Specific information in business plan related to what type of gym you hope to open, such as a gym specializing in women's health and fitness or a gym suitable for body builders should be included.

2. Equipment Needs: Equipment needs will largely depend on the type of gym you choose to start. Typically, gyms catering to a wide audience have resistance training equipment, free weights and a host of cardio equipment, such as treadmills and recumbent bicycles. Other considerations include the need for exercise mats for clients to utilize while stretching or during yoga classes. Niche gyms will need to consider equipment specific to their needs. For instance, a boxing gym will require boxing gloves, protective equipment and punching bags.

3. Other Considerations: Entrepreneurs starting a gym will need to have financing to purchase or lease space and equipment. This should be considered before you embark on your venture as the business represents a substantial investment of resources. Another consideration is the need to hire employees, such as front desk staff, membership sales consultants and personal trainers.

4. Research local competition. This includes yoga and Pilates studios, women’s only facilities, chain gyms and any independent fitness facilities. Learn class schedules, operating hours, services provided, amenities, equipment, rates, weight loss programmes and any cutting-edge fitness programs. Then identify any potential gaps your small gym can fill. Develop a list of survey questions, then visit parks and other areas where individuals exercise to interview fitness enthusiasts. Feedback is invaluable.

5. Unique identity. Offer a more diverse class schedule, such as martial arts or self-defense classes. Focus on a specific demographic like seniors, new moms or women. Offer classes during times not normally covered at other facilities. While the 6 a.m. and noon classes are often most popular, many working from home and others with unusual schedules may find those hours inconvenient; thus, a 10 or 11 a.m. class may do well.

6. Market your business. Connect with other local businesses in exchange for mutual publicity, such as frozen yogurt or sandwich shops. Host a grand opening.

Getting the startup capital for a new gym can be a challenge compared to other small businesses. Detail expected operating costs, enrollment costs, member fees, equipment costs, staffing requirements, fitness magazine subscriptions, marketing approaches and instructor requirements should be sketched out. Ensure rates are well determined to roll-out profits.