Statistics reveal that the home gym business offer huge growth potential. According to 2017 figures, more than 100,000 gym businesses netted over $30 billion annually. But starting your own gym can be a little bit tricky. The good news is that with a little planning and proper financing, you can start your own gym business. Here are the steps for getting started with your house fitness business.
Be A Certified Fitness Professional
The first step in opening a gym business is to establish your creditability. If you plan to take out a loan, your level of experience will be considered by loan officers and customers. Prestigious organizations such as American Council on Exercise and International Health, Racquet and Sportsclub Association offer certifications and business courses that will establish your professional credibility.
Select services you will offer
Your customer base will determine the kind of services you will offer. If your target clients are older adults, then your house fitness will offer rehabilitation services and exercises like yoga, pilates, or low impact aerobics. If your gym caters to women only, services you will offer include weight loss, cardiac workouts, and body firming weight training.
Select fitness equipment
There are certain factors that will determine your choice of fitness equipment. It could include cost, maintenance, technologies, and others can affect your selection. Some equipment you can purchase includes weight machines, treadmills, benches, and mats. There are leasing and purchasing options that you can consider.
Create a business plan
Starting a home fitness requires both developing a business plan and taking out a loan. The Entrepreneur reveals that the average cost of opening a gym is around $10,000 to $50,000. Without a business plan, you may not be able get a business loan. If you do not know how to develop one, the US Small Business Administration offers free service to help in the creation of business plans as well as assistance in getting loans.
Apply for business permits
Before you can open your gym business, you have to comply with business and regulatory laws and secure the necessary permits and licenses. You also need to apply for building permits and comply with health department requirements.
Purchase business insurance
While you do not want it to happen, someone can get injured or get involved in an accident in your gym. However, with business insurance, you can protect your business. Get in touch with your agent and inquire about business insurance.
Hire your staff
At the start, you can run your gym alone but eventually you may need to hire people who can help you in running your gym. To save you from the burden of having to shoulder employment regulatory costs, you can hire an independent contractor.