If you discovered this article, you are likely an entrepreneur considering an investment in a fitness business. In the United States alone, the health club industry generates over $25.8 billion, with 55 million members. However, many entrepreneurs believe they need to be a personal trainer or have fitness experience to open a fitness business. However, that may not be true.
In fact, your business experience as an entrepreneur may give you some advantages. When a bodybuilder, personal trainer, or other fitness professional opens a gym or fitness club, they often create their dream facility. Many of these gyms will fail because they do not appeal to the broader market. As an entrepreneur, you understand the value of targeting the average person.
All that said, there are some tips we can share with entrepreneurs about opening a fitness business.
1. Ensure you do your research and develop a reasonable plan. – Make sure to focus on the style of the gym, operating costs and employees needed, and any unforeseen obstacles.
2. Ensure you have enough capital to open a fitness business. – Your overall startup costs will be determined based on the type of gym or fitness club you are opening. Regardless, it does take time to become profitable.
3. Pick a great location. – Most gyms live and die based on their location. Moreover, your location and traffic flow will determine staffing requirements and hours of operation.
4. Hire trainers with an established customer base. – You may need to provide an incentive to trainers with a core client base, but it is worth it. The more members you can attract at opening, the better.
5. Create multiple revenue streams. – You have to think beyond just selling memberships. You can add additional revenue by selling supplements, leasing space to a massage therapist, or offering group training packages.
What haven’t we covered yet that is important to you? If you would like to talk about why entrepreneurs should open a fitness business, or a related topic, please contact us.