Things to Consider Before You Start Your Own Fitness Facility

You are passionate about fitness and even more – you have mastered the training process and feel it’s time to make your dream come true and start your own fitness business.

With 87% of Americans placing fitness classes high on their list of priorities now is the perfect time to open a fitness facility.

People have become increasingly conscious about health and fitness. They are ready to invest in their wellbeing.

Opening a fitness facility can be a big and rewarding business.

Here’s a list of things to consider in order to increase your chances of success in this business.

Develop a Business Plan

This is the backbone of your business. A fitness business plan needs to include a lot of information.
It should cover the following topics:

  • Company name
  • Business goals
  • Research and industry placement
  • Financial plan
  • Marketing strategy and pricing

Funding Options

Let’s be honest – having enough money to get started is a priority.

Planning out your financing is essential to the long-term success of your business.

The initial costs of opening a training facility are considerable. The location, gym equipment, certifications, licenses and permits, advertising, etc. are just some of the potential costs to consider.

The start-up costs to establish a health and fitness business can range from$10,000 to $50,000 on average. It is important to note that costs can easily build up to $500,000.

The U.S. Small Business Administration offers assistance in getting loans directly from the government. A business line of credit provides short-term financing while you are obliged to pay the interest only on the funds you draw on.

A standard bank loan for a small business usually has a lower interest rate than other forms of loans.

Obtain Necessary Professional Certification, Permits & Insurance

The American Council on Exercise offers certification and education courses that will help you build your professional credibility.

This website here offers in-depth information on health and fitness topics as well as valuable data on top-rated sports gear thus making it easy for you to choose the right products.

Make sure to check for regulations outlined by regulatory agencies that are required for starting a fitness business. You will need to register and adhere to all regulatory laws.

Also, getting small business insurance will have you covered in case of injuries and accidents or damage to the equipment.

Online Presence Is a Must

Optimize your online presence by establishing a  website, getting your facility on social media, and acquiring customer reviews and testimonials. Make sure to spread the word about your services.

Bear in mind that people use the web to find out more about you and to compare you to the competition.

Reaching out to and engaging your community on social media will have a great impact on your business.

Understand Your Customers & Industry Trends

Understanding industry trends and your potential customers can help you fine-tune your offer which can be crucial to the success of your business.

What classes are the most popular ones? What are your potential customers most likely to spend their money on? Do your research as these are important pieces of information.

Use resources like Stats America to find out anything you need to know about residents in a particular region. Data like estimated median income can help you determine whether your potential fitness facility has a stable community to draw members from. 

Gym Franchises

Although the allure of owning your own fitness business might be strong, there are some gym franchising options you can consider. Joining forces with an established company has its advantages.

Planet Fitness, Crunch Fitness, and Pure Barre are some of the most popular franchises to take into account.  

Bear in mind that entering the health and fitness industry can be rough since it’s a competitive market. There are over 30,000 fitness and health clubs in the U.S. alone.

Start wisely, prepare for some hard work and arm yourself with patience since it may take some time to establish your own facility.

Author: Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.