With the growing desire to look well-toned and fit, the scope for opening fitness companies is also expanding. Almost every adult partakes in some sort of exercise (and those who don’t, are urged to by health professionals), and that is why the global health industry currently makes almost $81 billion each year.
If you are someone who loves exercising and knows a lot about fitness, you might want to consider opening a fitness centre. But just like every business needs a great deal of planning, capital in the form of savings or business start-up loan, time, hard work, and efforts to build, a fitness company cannot be built easily.
If you are thinking of starting a fitness company, you can either choose to open a high-end gym or a budget-friendly gym that is accessible for all. Another thing to consider is what type of fitness centre you want to open: dance, gym, pilates, Zumba, MMA (mixed martial arts), yoga, or other activities. You can open a fitness centre with multiple activities or a specific-activity fitness studio. Whatever you choose, consider the following details before opening a fitness company.
Have A Business Plan
The first thing to do before starting any business is to build a business plan. Having a plan is necessary since it works as a roadmap to your journey. Before making the plan, always define where you want to reach, whether you want to open a fitness centre in a particular area, city or cover several cities.
The plan must also have how much money you are going to invest. You can get a business start-up loan or use your own savings to meet the financial requirements. You can even borrow from your family and friends or pitch from investors.
Another thing that is imperative is your goals – short-time or long-time. You can choose to set monthly goals for the next three years. While setting up the plan, you should also consider the competition in your area, your clients, the requirement in the area, how to stand through your competition.
Define Your USP
Unique Selling Point or USP is your strategy to sell to your customers. If you are planning to open a gym, dance, or yoga studio, you will see that your area already has one or more than one such studio. Your USP will separate your startup with the existing fitness companies even though you offer similar services.
If you are introducing a completely new form of fitness, it can be your USP. If you are offering popular forms of fitness, your relationship with your clients and the quality of your services can be your USP.
Even your certificate and experience or of the trainers you hire can be your USP. People look for expert trainers who promise to help them attain their desired body and body weight.
Your USP could even be providing your clients with an unforgettable experience. Playing motivational music, conducting group sessions, having outdoor activities frequently, organising healthy parties, paying attention to your clients’ needs, etc. could leave a strong impact on your clients.
Choose Location Wisely
Since your fitness start-up would need space where people exercise, you need to look for a big location. If your gym is too small, you cannot fit into many types of equipment and gears. Additionally, the location also depends on the footfall it receives. You would want to open your fitness centre at a place which is frequented by youth and fitness freaks.
You must also consider the rent in the area before setting up your fitness centre there. The location can play a huge role while deciding upon the funding and your business start-up loan.
You should also research what kind of clients will you receive in a particular area, and based on the result of your research, choose the location. For example, you can set up an MMA or yoga studio near a commercial area that is full of stressed-out youth who are looking to relax through exercising.
Get Adequate Funding
Once you have decided where and what type of fitness centre you want to open and how much funds would you need, think about where to get the funding from.
There are multiple sources that will lend you money – banks, private lenders, family, friends, and investors. If you have some savings, you can look out for co-partners who can club in with you and bear the initial capital requirement. Otherwise, you can seek a cost-effective business start-up loan.
The idea is to attain the least expensive form of funding to minimise initial costs. While getting funding, you should also consider the immediate expenses like rent, electricity bills, maintenance, salaries, etc. You should also consider the cost of installing high-end equipment and gears, a coffee/juice/snacks kiosk, and state-of-the-art technology, in case you want to open a fancy fitness centre.
You must also have some amount in your bank or keep aside some of your business start-up loan to meet contingent expenses as well as keep room for meeting financial requirements if you rework the company’s model. It is not necessary that your company will earn profits with the existing model and might require changing it.
This is the most important aspect of any startup since a hardworking, visionary, and dedicated team is the key to a successful start-up. Apart from being dedicated and hardworking, your trainers should be passionate, qualified, and experienced.
They should be very friendly as well as motivating so that they are able to attract and maintain a good clientele.
Opening a fitness company is similar to starting any company and requires extensive planning and responsibility. The only difference is that you must be immensely passionate about fitness if you want to run a successful fitness studio for several years. In case you do not receive a desirable response within a few months, you can consider changing your strategies.
After all, the pillars of any successful business are – a strong business plan, a clear vision, hard work, dedication, perseverance, commitment, and patience.