If you are a personal trainer or work in a gym you may have the ambition of owning your own fitness empire but not know how to go about it. In this article, we will help guide you to avoid the pitfalls of starting your own gym along with helpful advice to assist you in making your Entrepreneurialdream become a reality.
Create A Business Plan Of Your Vision
Rushing into setting up a business can be one of the worst decisions you could make and may end in financial disaster. Careful planning in advance is required if you want it to be a success. One of the first things you need to do is to identify the audience that you want to attract. Knowing the type of clientele will have an impact on the location, design, and equipment that you buy. It also means that you can create advertisement directly targeting them.
Creating an in-depth business plan will help you make your vision come true. Try creating a mission statement of what makes you stand out from the rest and it will help you reach your goal.
Build A Loyal Client Base
Opening a gym without having a list of potential clients that would use your services will put you on the back foot and it may be hard to recover from. Without a large enough income stream coming into the business, you will quickly find that your working capital runs out and you will struggle to keep afloat.
You need to prove that you are fully committed to helping each and every client on your books. The only way to ensure that they stay loyal to the business is by building a strong personal relationship with them.
Before you fully commit to taking on finance for your gym you need to work out an operating budget which should be based on the amount of clients that you are certain will join. Heavily overestimating this amount can be extremely detrimental to your finances as you may take on a property which is too large in size, large overheads or taking on too much debt. You must also remember details such as that all businesses who want to accept credit cards must be PCI DDS compliant.
Location, Location, Location
The most important factor to a gym’s success is its location. You need to be in highly populated areas which are close to your existing customers. Most people when using a gym choose the one that is located closest to them as they do not have the time to travel long distances to work out.
Cash Flow Forecast
You need to work out the exact costs of setting up along with all the overheads before you set up your own gym. Without this vital information, you have no way of discovering if your business plan is viable or not along with the amount of capital needed to get it off the ground. Once open make sure that you keep a close eye on your incomings and outgoings so that you know if you are on track. If you are not you will need to work out where you can save money so that you meet your targets.