Boxing is a very tough business to be successful at financially. Many boxers come from impoverished backgrounds and begin their training in low-budget gyms. The main source of income for amateur boxing clubs or gyms is membership fees, but many boxers can't afford to pay high fees. Gyms have many operating expenses regarding the building, insurance, staff, and equipment. Opening an amateur boxing club or gym can take a lot of time and preparation.
Things you need
Construct a business plan that outlines how much money you will need for your initial expenses and how much time is needed for the gym to become profitable. There are classes and government programs that can assist you in putting this together thoroughly.
Raise money for your initial expenses. You will need to pay for the construction or purchase of a gym and all of the equipment, such as two rings, weights and exercise machines. You also will need boxing supplies such as gloves, focus pads, and hand wraps.You can use your business plan to attract investors or apply for a business loan.
Find a gym to purchase for your boxing club or have one built. It is probably cheaper to buy a pre-existing gym if possible, especially if you can get equipment included.
Acquire insurance for your gym to protect yourself against lawsuits and cover initial expenses if a student or staff member is injured while in the gym. You will also need to get a business license to operate legally in your county. Contact your local city hall or courthouse to get the proper permit. You may need a zoning compliance permit as well, depending on where the gym is located. The fees for business permits are minimal and your local municipality can assist you.
Hire a competent staff to assist you in running the gym. Make sure your trainers are experienced and it is preferred that they are accredited with USA Boxing.
Contact Golden Gloves of America to inquire if you can receive a sponsorship from them. A sponsorship gives your boxing club credibility and allows you to accept grants and charitable donations since Golden Gloves is a charitable organisation. The sponsorship also gives you access to a large number of boxing resources through the Golden Gloves network.
Advertise your gym or boxing club. Print ads such as flyers or billboards work well for gyms.
Things you need
- Business plan
- Starting funds
- Boxing equipment
- Insurance policy