In the modern fast-paced lifestyle where our physical, as well as mental wellbeing, has taken a backseat to staying fit becomes the need of the hour. With the introduction of modern fitness equipment, and accessories the fitness industry has surely been redefined over the years. The growing trend towards improving fitness and wellbeing has contributed to the rise of the fitness market significantly. But setting up an entire gymnasium and commencing your own business sure is a tough process. You can get a wide range of fitness equipment like treadmills, dumbbells, exercise bikes, etc from any fitness store. It’s like starting a new business where you definitely will encounter surprises and unexpected setbacks. So, let us guide you from the scratch.
Start-Up Costs
Startup and operating cost are something that needs to be considered in the first place. Like all other business ventures, to operate a gymnasium or fitness facility entrepreneurs need to down a lump sum amount of money as initial cost. This includes everything ranging from leasing a location to buying gym equipment. To make such a huge payment for aspiring individuals is quite challenging and they need to depend on loans or investors to jumpstart the process seamlessly. So, you can either opt for business loans or look for angel investors to acquire the funding. However, the investment will come at a cost. For bank loans, you will have to pay back the money with interest over time whereas investors will demand a portion of share or stake from the ownership. The cost largely depends on the initial expensive investments of the gym such as rent, equipment, business and liability insurance cost, etc. Therefore, calculate the probable cost and look for feasible financing options.
Location and Property Selection
Once you’re done with the calculation of your initial cost, the next objective will be finding the perfect location for your gymnasium. Leasing a location or building could alone cost you more than the fitness equipment and other stuff. This is complicated as well as a critical step that helps you to reach the target clientele effectively. Based on your requirement and set up planning, you can determine the location parameters like demographic considerations, walkability factors, parking accessibility, etc. Also, setting up your gym around the crowded urban area might get you more clients than suburbs. Once the site fits the majority of the key requirements, start negotiating with the owner for a potential purchase or lease deal.
Facility Requirements
Your plan to set up the entire facility largely depends on your vision and budget, but you must adhere to the minimum level of safety standards. Next, according to your vision, figure out the fitness niche, you will work on. You can either make a traditional gymnasium or upgrade it to a specialty fitness and wellness center where you generally intend to focus on special fitness activities such as yoga, aerobics, pilates, etc. According to that, one is required to consult with commercial gym equipment manufacturers. In case you have any personal requirements, they usually have the expertise to serve as commercial as well as home gym equipment manufacturers for your complete fitness equipment solution. They will install all the high-end machines efficiently. Also, contact a decent gym mat supplier to ensure all the heavy devices will stand on shock-absorbing gym mats to avoid floor damages. Keeping gym mats can be useful for the individual to perform freehand exercises as well.
But for a proper commercial fitness studio, a number of additional requirements and strict conditions are there to meet. As the gymnasium will be accessed by customers, basic amenities like air-conditioning, separate sanitary room, locker room, and toilets for males and females must be there for legal approvals. Massage services or steam rooms will cost more if you want to install them. Once done with all these, hire an experienced architect and general contractor and start developing the facility accordingly.
Trainers and Safety Certifications
A well-educated fitness trainer is the backbone of a gymnasium or fitness center. A personal trainer should be trained and certified for the job while possessing rehab and CPR certification could be the added benefits. Trainers will not only enlighten the clients on how to do the exercises maintaining the correct posture but they will also motivate them to understand and achieve their fitness goals effectively. Having a good trainer means clients will stick to your gym for a longer period of time. But what about the safety certifications? To make your gym safe from fire hazards, ensure the proper installation of fire safety devices like alarms, smoke detectors, and fire extinguishers at every level of the facility.
Investing in the fitness business, especially in the gym and fitness studios, can prove to be a profitable business venture in the long run. But the real challenge is to cover all the basic requirements complying with a certain budget. Therefore, before making a massive investment It’s important to check all the boxes.
