One of the best ways to promote health in your community and keep up with your fitness is to open a successful gym. With gyms opening and closing constantly, this can be a bit overwhelming, especially if you’re new to the industry. Below are the steps you need to take to start your own successful gym.
Start With a Business Plan
Before you do anything, you must create a business plan to get financing for your business. In this plan, you need to outline the different types of operational costs that you plan to have in your gym and how you plan to generate revenue. To invest in your business, these numbers must be legitimate and reflect a manageable number of monthly memberships.
Get Legal Assistance
Once you have secured financing, getting legal assistance for the next step is a good idea. Depending on the state requirements, you will need to apply for a business license and maybe even some certifications. According to Clio, there are 1.3 million lawyers in the US, and there are several around you who can help. With the help of a business lawyer, you can get through the steps quickly and correctly, avoiding the hassle of postponing the opening date.
Secure Business Insurance
There are some business insurance requirements you will need due to state law, and some are recommended. In a gym business, you will want to carry these supplemental policies that protect the property, your liability coverage, and income protection in the event of an accident. For this step, you’ll need to contact your local insurance agent to get this plan in motion and available on the day you open.
Get Your Equipment
A gym can’t operate without equipment, so your next step is to either lease new equipment through a company where you can get a contract to renew the equipment periodically, or you can purchase your equipment immediately with the loan money and fill the gym. You will need enough equipment to diversify workouts and give everyone something to do. Very popular equipment should have several pieces on the floor.
Decide on Hours
Are you planning to have limited hours at your gym, or leave it open for guests 24 hours? If you want a larger customer base, then you should consider all hours so those who work long shifts are able to get to the gym before or after. Whichever you decide, you need to ensure that the customers can enter the facility and that the equipment and restrooms stay clean when they’re open. According to Business Wire, 93% of people will stay away if they encounter dirty restrooms.
Diversify Payment Methods
As the world moves more into digital transactions, you should diversify your payment methods. Allow traditional cash, check, and auto drafts, as clients want to pay that way. However, they offer options for credit cards, Apple Pay, and P2P apps where they can send the money digitally and have their own receipt. You should be prepared for bitcoin and other global currencies to come into play in the next few years. The open-source code that powers Bitcoin and 6,000 other cryptocurrencies is known as blockchain and can be good for investment purposes right now.
Opening a gym may seem like a lot of steps to start, but once you make it through these hurdles, you’ll be able to move forward with your gym. Starting out, you will see what kind of memberships you can expect, and if you need to make adjustments to equipment and hours after the first few months. Make sure that you keep up with your costs and your insurance, however, so that you can protect yourself and others while encouraging positive health.
