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It’s a major milestone when you finally decide to open and run your own gym business, and it might seem like there are a thousand things to handle all at once. However, take time at the beginning of your process to think about certain aspects of your business, so you can be better prepared when you finally get started.
If you’re wondering how to run a successful gym, then there are seven questions you should ask yourself. The answers you have will provide a roadmap for how to start a gym business of your own.
The first question you need to ask yourself before you ever look at possible locations or talk to potential trainers is what your exact budget is. You should know exactly how much you can spend renting a gym, how much you can spend purchasing equipment, and how much you can afford to pay any trainers you hire.
Other expenses you need to account for are insurance, taxes, and the cost of business licensing. If your budget isn’t planned out well in advance, your business could end up going under, and you could end up in some pretty big amounts of debt.
You don’t need a business partner to open your gym, and if you are looking for a partnership then you need to be careful with who you choose. Businesses involve putting out a lot of money upfront, so you need to be picky with who you trust to go down that journey with.
Make sure your partner is someone you can trust, and openly communicate with about every aspect of the gym, from paying the bills to keeping the bathrooms and equipment clean. When it comes to running a successful gym, your business partnership can make or break it.
Starting a gym business is a huge financial jump, so you need to ask yourself if you have the funding put back to support yourself for a while. It’s recommended to have at least six months of your living expenses saved up, so you’re able to support yourself while waiting for the business to officially take off. These six months can provide a safety net, and will hopefully keep you from struggling to make ends meet.
Starting a gym requires massive amounts of commitment, of both your time and finances. When opening a gym, consider if you are prepared to sleep there just to keep it open. You’ll be responsible for every aspect of your gym, from cleaning dirty laundry to fixing broken equipment and scrubbing bathrooms clean. This means you should be willing to crash in your gym in order to make sure it is a success.
When trying to run a successful gym, make sure you’re keeping the long term vision of your business in mind. This goal can be nearly anything, but the more specific the better. Maybe you want to eventually have more locations, or work up to the most popular gym in your area.
You should also think about the goals you have when it comes to the type of clients you want to train, and how many you want to bring in. A five-year plan can lay the groundwork for future success, and keep you on track to achieving your goals.
If you’re trying to figure out how to run a successful gym business then you need to figure out how you plan to attract trainers. Trainers are a vital asset to your gym, and allowing them to train clients in your gym can work as a great revenue stream. There are multiple ways you can attract fitness professionals, from online job postings to word of mouth referrals. Make sure you’re bringing in trainers that fit the vibe you want your gym to have.
One of the most important questions you should ask yourself in order to run a successful gym is who are you doing it for. The answer you have will guide the direction of your gym. When you start analyzing your purpose for opening a gym, you will quickly learn how motivated you are to follow through with it. When you figure out who you’re doing all this for, try to understand why you’re doing it. Having the wrong motivations behind your business can lead to quick burnout and exhaustion.
For the management of a gym, you'll need a software like a Club Automation to handle members, check-ins, etc.. Then, from the trainer and client side, you'll need a fitness app like WeStrive. Thankfully, WeStrive has just launched dozens of new features for gym owners to be able to manage and scale their gym.
After asking yourself the above seven questions about how to run a successful gym business, there are a few tips you should try to keep in mind.
As you’re planning for your gym, you should make sure to do the proper research. This includes researching what your budget should be, possible locations to use, and other kinds of gyms in the area. Planning is important for making your gym a success, and you can’t plan properly without doing the research first. One great way to do research is by talking to other gym owners. You can get in-depth answers about the reality of it, and learn about pitfalls you should avoid.
Different cities will have different types of locations you can consider, and you should check out more than one before making any final decisions. Consider how the location could impact your gym. You’ll want to be in a part of town that people frequent, so you are constantly exposed to potential clients.
The location should also reflect the style you want your gym to have. Think about the demographic of the area, and if it’s consistent with the kind of audience you want to attract. Don’t underestimate how important foot traffic can be either.
The long term vision you have for your gym should be thought about in every part of the planning. This will allow you to create a brand and image that reflects your vision and goals. Keeping your vision in mind will also keep you motivated, and help you stay on track. The key to any successful gym
There are benefits you can enjoy when running a successful gym business. Not only will you have the reward of multiple revenue streams, but you also get to enjoy a more flexible work schedule that better fits into your personal life.
As a gym owner, trainers can lease out space to bring in clients, which is a great revenue stream to utilize. You also will collect membership fees from gym-goers and can even train your own clients on the side. Other revenue streams you can consider are merchandise sales or setting up vending machines full of sports drinks or energy bars. This kind of financial award is a major benefit that comes with opening your own gym.
When you have your own gym you get to be your own boss, which means your work schedule can be as flexible as you want. This offers the opportunity to have the most ideal work-life balance for your personal life.
Asking yourself the above seven questions before opening your business can set you down the right path to running a successful gym. Make sure to really think about your answers, and consider writing them down so you can look at them from time to time to stay on track. As a successful gym business owner, you can benefit from multiple revenue streams in addition to a flexible work schedule.
So now you have to ask yourself - are you ready to open a gym?
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Are you new to personal training? Read these articles to get started on growing your business:
About the Author:
Cory McKane
Cory is a huge fan of fitness - and an even bigger fan of helping you with your fitness. He's started on his journey with WeStrive back in 2015 and has been building it ever since.
