You need more than just a business plan before opening your own gym. Keep reading for 7 key things to consider before opening your own gym.
Are you ready for the glamour of opening your own gym? Your imagination is running wild with thoughts of full rosters for all of your most popular programs. There are plenty of people coming in and out of the gym in this daydream.
Before you get started with these visions of grandeur, there are some things you need to know about starting your own gym. If you start your business unprepared, it is destined for failure, but we can help.
Continue reading this article as we go through things to consider before starting your own gym.
1. Creating a Business Plan
Every business should have a business plan to be successful. If you try to fly by the seat of your pants and “make it happen” then we hope you are one of the few that do.
The truth is that business is hard, and even the ones that have a good plan might not make it. Creating a solid business plan isn’t just so you can know where you’re going and what you should be doing. If you want to raise capital or get a loan, you’re going to need a business plan.
2. Funding Your Vision
As we said above, if you want to fund your business, you’re going to need a business plan. You can’t expect lenders or investors to give you money because you’re excited about the project. To get money from anyone, you’re going to need to show them how you’re going to be able to repay them, and that is where a business plan comes in.
There are many startup costs like purchasing modern gym equipment, hiring staff, securing your location and more. You have to be ready to pay to play, so to speak.
3. Your Mission
When you start your gym, you need to have a mission statement. Your mission statement is going to guide you and help you make decisions that go along with your mission plan.
When you know why you are doing something, the things you’re doing do not become humdrum and boring – you’re on a mission.
4. Your Competition
Before you start your gym, make sure you have a clue about the competition. We’re not saying that you shouldn’t start your gym if there is a lot of competition, but you should know what you’re up against.
What is going to make your gym different than the other gyms in the area? Are you going to offer different classes? Is the environment going to be different?
Are you going to have different equipment in your gym?
Knowing what makes you different than the other people offering the same or similar services will make it easier for you to market what you have to offer. If you aren’t sure about what makes you different than your competition, your gym isn’t likely to last for long.
5. Creating a Timeline & Goals
This goes hand in hand with your business plan. While your business plan shows the overarching path to what you’re doing and where you’re going, you need to know when you want to accomplish these things as well as the little goals that are going to get you there.
Breaking down your big plans into bite-sized chunks will allow you to get things done and to stay motivated while you’re doing them.
6. New Gym or a Franchise?
Starting a new gym with your own name and own plan might be cheaper to start, but is it the right option for you? Unless you know a lot about running a business and gyms in particular, you might get stuck when you’re going through the process.
If you don’t know a lot about business and gyms, you might consider looking into franchising opportunities. These opportunities will allow you to get the training and support you need to run a successful gym. You do, however, have to come up with a large sum of money so you can buy into the franchise.
Depending on your financial situation, you’ll have to weigh the benefits and determine which one is going to go along with your mission statement the most. If you can find a franchise that goes along with your personal goals, this might be a good option.
7. Time Commitment
When you’re starting your new business, you might be starting it with the hope of reclaiming your time and schedule. You should know that while you are the boss, that doesn’t mean you’ll be able to give yourself unlimited free time.
When you’re growing a business, you’re likely to spend most of your time making sure the business doesn’t fail. You will be able to build your business and cultivate a staff that will be able to take care of things at some point, but there is no promise of when this is going to happen.
Before you get started, make sure your reasons for why you want to operate your gym are going to keep you going even when all of your time and effort are pouring into your new venture.
Opening Your Own Gym Is In
Now that you know more about opening your own gym, I am sure you can see some pros and cons of doing it. You have to decide whether the pros or the cons list wins out with you.
While you’re researching and reading, why stop with these insights? We have many other articles that can help you as a business owner. Browse our site, find your favorite section, drop a bookmark and come back soon for more great reads.