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Fitness enthusiasts, body builders and athletes use a gym. Much like a fitness club, a gym is a place where workout equipment is made available to members who utilise the facilities on a regular basis. A gym may include circuit-training exercise equipment, private training services, aerobics or Pilate's classes, a juice bar, swimming pool and tanning beds. Many gyms have large spaces with mats for free weights and aerobics. Gyms often include a boxing ring and hanging punching bags. Depending on the scope of equipment, the kind of building you find and the number of employees you'll need to deliver all the services, a gym can cost anywhere from £0.6 million to £2 million to open properly. Narrow your focus to reduce start-up costs and add new equipment and services as the business grows.
Consider starting with a franchise to open with immediate name recognition and an experienced team of experts to advise your site selection, marketing and membership recruitment efforts. A Gold's Gym franchise can be started for an initial investment of about £0.6 million or more, depending on the type of facility you utilise. While they do not offer in-house financing, Gold's Gym corporate consultants can help potential franchisees identify funding sources.
Contact your secretary of state's office to discover what your state requires of gyms before granting an operating license. Most states provide club owners with a checklist of necessary items that must be completed to pass a state health inspection. A separate business license is usually required for each service offered at a gym, including martial arts classes, massage services or tanning booths. Reduce costs by bringing in outside contractors to provide special service providers who produce their own license and credentials.
A gym business must carry a full line of liability insurance to cover accidents that may occur on the premises. Find an insurance agency such as Fitness Insurance that specialises in the health club and fitness industry to ensure you have the correct amount of coverage and the right kinds of policies. In addition to property and general liability insurance, the agencies offer workman's compensation policies, bonds and umbrella policies to cover additional services you offer.
Register with a site that directs customers to local gyms such as GymTicket.com. Increase membership with special promotions and classes unavailable in your community. Bring in celebrities to provide seminars and presentations. Fitness motivational speakers such as Greg Kolodziejzyk, who set a world record by pedalling a capsule more than 1,000 miles in one day, can bring potential members to your gym.
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