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How Much Does Setting Up A Gym Cost?

: 2018-09-29 14:33:44 | : 59

Every year the same thing, the summer begins, and at the same time the time of the 'gym'. Everyone comes running to the gym to try to get the perfect body in record time. That body they haven't achieved in 9 months.

But let's not fool ourselves; a gym is not a seasonal business. The cult of the body is a fashion that has been stepping ever stronger and that many people have used to open a gym and live off it.

Setting up a gym today is not a bad idea, you just have to take into account the following key ideas that you must solve to set up a profitable gym.

The business plan

Before you start looking for a location and finding distributors, you need to write your gym business plan.

Knowing the sector or having the right investment may not be enough. First, we need to sit down and do an exhaustive study to see how much it costs to set up a gym in your area.

The type of gym

When we talk about gyms we always think of the typical gymnasium with machines, dumbbells and some directed activities of the heap. But entrepreneurial friend, sometimes the difference between failure and success lies in originality. By distinguishing yourself from other gyms with trendy activities in the fitness world or by focusing on a very specific customer segment, you will have a better chance of making your gym a real success.

Who is your customer?

An important part of a gym's business plan is the customer to whom your activity is directed. Many people mistakenly relate the profitability of a business with the number of potential customers, so they think that the best customer is the most common, that is, the one with the most quantity. I will explain later that this idea is a mistake.

Analysis of the competition

No matter how innovative and profitable you think your idea is, the analysis of the competition is a point that should not be missing in your business plan. And I don't mean to compare the monthly fees charged by the gyms in the area, but to make a much deeper study of the business. You should focus on knowing what competitors exist in your sector (which is always there), and know what they do and how they do it, how they promote themselves and how they attract customers. You will be a little bit closer to knowing how much it costs to set up a gym taking advantage of the path they have already walked to make the best decisions without making the mistakes your competitors did.

Investment Plan

Since the least that entrepreneurs have in this life is money, it is vitally important to know what and what are the costs of starting a business. This will avoid financial surprises.

You will have to plan the investment and make a forecast of fixed and variable costs according to your financing plan. This will give you an idea of the budget for setting up a gym.

Requirements to open a gym

For example, you won't know the best location for your gym until you identify your client and vice versa. Only then will you find the best way to know how to set up a successful gym.

The location

Known worldwide as the most important decision when it comes to setting up a gym, it is often the first thing that comes to mind when we ask ourselves how much it costs to set up a gym. It will probably result in the highest fixed cost along with that of the staff.

You will have to decide the location according to the analysis of the competition, and even more difficult to find a place that fits the desired characteristics in the area you have decided.

One of the main problems encountered by the entrepreneur who wants to set up a gym is when he wants to open a two-storey gym. Since the second floor, being a gym, must meet some technical specifications regarding the load that is able to support the structure of the building.

Apart from this, you should also study the subject of soundproofing. Believe it or not, this is one of the main reasons why profitable gyms have closed in recent years. A place that does not have soundproofing and that has neighbors nearby is more likely to be denounced by them because of the unbearable noise that the machines give off 15 hours a day. Take this very much into account.

Finally, there is the issue of installations. It is not the same to rent a virgin premises than one that already has electrical installation, plumbing and sanitation, firefighting, etc.. If you can get a place where a similar activity has been practiced before you will save a lot of time and headaches.

Competence

The study of the competition of a business like this has nothing to do with a digital business.

We can limit ourselves to studying the competition of our area, and not at a national or international level, as we would do with a digital project. This has its advantages, but also its drawbacks.

The clients of a gym or sports center are mostly neighbors of the area, it is not usual for a person to do 10 kilometers a day to go to the gym to exercise. And if he does it is either because there are no gyms in his area or because that gym has some value for him.

Therefore it is essential to study the neighborhood, what purchasing power it has, if there are public areas to practice exercises, or if there is already a gym with the same characteristics as ours.

If your idea is to set up a conventional gym, I recommend that you stay away from sports centres and macro gyms. They handle a lot of volumes, apart from receiving public subsidies, which will make competing with them harder than a Nokia 3311.

And if there's 'a little bit of everything' in your area, what you have to look for is to differentiate yourself from the others. Above all, look for trendy activities such as yoga and pilates, which are now compulsory activities in gyms and sports centres. However, there is also the option of setting up a gym specializing in one of them.

Equipment

As I mentioned before, the equipment depends on the type of gym you want to set up. If your idea is to set up a conventional gym, you will already know the basic machines that your gym needs.

But if your idea is to set up a gym that serves a specific segment, you may have to answer the question of how much it costs to set up a gym that is more complex.

For example, a very fashionable segment that has been attacked a lot in recent years is the cross fit. For a gym of this type, you might be more interested in products such as plyometric boxes, combas, gym rings, climbing ropes or medicine balls.

In addition, you will have to make a decision about whether to buy or rent all of this equipment, carefully examining which option might be more profitable.

It's not a bad idea to have new, state-of-the-art machinery; your customers will appreciate it and add a more professional touch to your gym. Don't tell me it's not lame to sign up for a gym that just opened and find you with used weights and meals. That's not cool at all!

Staff

If you are not a professional, have not worked in the sector or have no knowledge about it, first ask yourself if this is the best option to invest the money. If you still decide because you think you don't need knowledge, but rather management skills that you already have, I won't be the one to tell you otherwise.

But be clear that you will need to hire real professionals recognized or who have worked in the business. They will attract customers from old gyms who have worked with them, which will help you a lot in the beginning.

While you give opportunities to the younger ones, they may not have experience, but they will put all their heart into the gym, and more if you trust them from the beginning.

Also, if you decide to include trendy activities, you will have to hire experienced instructors, and being innovative activities it may be difficult to find the profile you are looking for.

I won't close this point without telling you something, a gym is a big family or so it should be. It's a place where people go every day, to exercise but also to interact socially. Try to make your staff affectionate, patient and hardworking.

Identify your client

When it comes to setting up a gym, different types of clients can be distinguished. We can differentiate them by age, sex, physical form and even by the type of activities they do.

When we ask ourselves how much it costs to set up a gym, we must recognize which customer segment we are interested in. For example, older customers are the most loyal, while younger customers are more likely to sell themselves to the highest bidder.

Remember that when we go to the gym we need to be motivated to come back the next day. Be a part of that motivation and take actions focused on stimulating customers. This will guarantee their permanence.

And don't forget that we are social beings. Most people who go to a gym don't like to train alone. Make sure that your gym has a good atmosphere, that they have fun and that they feel good under your roof.

Promote your brand

You may have the best gym in the world, with highly professional instructors and state-of-the-art gym machines. But if your potential customers don't know it, it's no use. This part of a gym's business plan is often forgotten when you study how much it costs to set up a gym.

Today there are several ways to promote your brand without spending millions on advertising thanks to digital marketing. Therefore, it is essential to have an updated website and be active in social networks. Let me tell you that it's no use having a website if it doesn't appear on Google, so I advise you to hire an SEO expert so you can appear in the top positions of the search engine.

If you are a little more traditional you can go to the technique of mail, as it is not a bad idea in a local business like this. Also through local media, convincing them that it is worth publishing the new gym in the area or reaching commercial agreements.

Organize events and competitions, and encourage your customers to participate in them. For example, you can give some classes on the beach or in an open area with traffic. Plant on the sand a flag with the mark of your gym, the rest will be done alone. You will reach many more people because your brand will be 'on the move'.

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