Owning a gym is a worthy goal, but it’s nothing to leave to chance. Learn from the successes of other gym owners and ensure you take into account these 5 critical steps:
1) Do your due diligence:
Your research and planning should include a complete and realistic budget. How much will it cost for the basics, to keep the lights on? Don’t forget about other ancillary expenses, like insurance, marketing, legal services, etc.
2) Save, save, save:
The best way to save for your dream gym is to live modestly. You want to avoid taking out a bank loan, as this will put you in the red from the outset. If you must, you might lean on friends and family to finance the initial investment..
3) Location, location, locations:
You don’t just want any space in any part of town. A commercial real estate agent will be your friend in this step. He or she can help you negotiate the lease terms.
This is the time to call in favors and get other people to do your marketing for you. After all, there’s nothing better than a word of mouth endorsement. You also might spread the word by hosting free educational seminars or boot camps to get people in the door. Use your imagination but try to avoid time-intensive promotions or else you risk losing money right out of the gate?
Traditional marketing, in the form of brochures, business cards, digital media and the like will be essential in your business’ infancy. Budget and plan for these expenses. The saying holds true: You have to spend money to make money!
Opening your doors is an exciting milestone, but at the same time, it can be anxiety-inducing. Just know that your community wants you to succeed and will support you how they can.