Image Credit: Mike Fleming
There is nothing more glorious than going to the gym. Everyone loves the feeling of undertaking a proper workout. Why not make money from your hobby? If you are keen to have a lucrative business, and you know what people want, you can start your own gym with ease.
After all, people want to visit a gym that has a knowledgeable owner. Sadly, many gym franchises employ staff that have very little knowledge of the fitness industry. If you are the ultimate gym bunny, you will be able to give detailed and passionate advice to your customers. You will see them return time and time again.
But, the love of fitness is not enough to set up your own gym. You are going to need a little more nous in order to make this a viable business.
The Obesity Crisis: Tap into a Resource
With obesity on the rise and more efforts from the government to get people moving, there has never been a better time to open a gym. Tapping into this resource means that you will never be stuck for trade. You can have a lucrative business. But, you need to ensure that you equip your gym with the best products. In the fledgling days of any company, you don’t have to go for brand new kit. You can opt for used products that are in good condition. Keep to the essential devices that people like to use. Kitting your gym out does not need to be expensive. But, you need the right equipment to keep people coming back.
Premises: A Prime Location is Critical
While a high street location can be expensive, you do need a prominent site. You may rely heavily on passing trade in the first year of your venture. You need to make sure that your gym is accessible to people. Having a gym on an industrial estate in the middle of nowhere will not work. You need to make sure that you are in the public eye.
Fees: Contracts and Joining Fees
The price of gym membership can be expensive. You need to think about how your business can be profitable but without being too pricey. After all, you want people to use your incredible facilities. Introducing a joining fee is an excellent way to make money for nothing. You should introduce a contract so that people have to pay the fee regardless of whether they come. However, you don’t want to alienate your customers. Have a ‘pay as you train’ tactic too. This will allow people to try-before-they-buy.
Long Hours: They Will Pay Off
If you are not prepared to work long hours, this business is not going to be suitable for you. You need to make sure that your gym is open early in the morning until late at night. After all, nine-until-five is when most people are at work. You will have to prepare for early mornings and late nights. But, if you have a great business, your hard work will not be in vain. The fitness industry turned over £3.92 billion in the last year. You could have a slice of this lucrative pie.