8 Questions to Ask When Opening a Fitness Studio
You have been in the fitness industry for years working as a fitness coach, but now you are thinking of venturing out your own and opening a gym. You want to take on this challenge, to be your own boss and run your studio. But before taking the plunge, there are important questions to answer. Here are some of those:
Questions before Investing and Opening a Fitness Studio
1. What is your personal budget?
And how can you pay for your expenses? Rent, electricity, media systems, water bills, laundry bills – none of this is necessarily your problem when training in the employ of a larger gym – but when you strike out on your own it becomes your responsibility.
Do you have enough money and/or existing clientele to cover you until your membership grows to a profitable level?
Before opening a fitness studio then, figure out how much income this new business must generate to stay afloat.
2. What is your business plan?
When starting a fitness business, or any business for that matter, you need a roadmap for your success. A good idea may be to surround yourself with gym experts, preventing you from doing the trial and error necessary to figure things out your own. A business plan, help from the experts, these will help you shorten the learning curve while enhancing your business’ bottom line.
In short, be realistic with your expectations from the beginning, and plan accordingly.
3. Do you really want to be a gym owner?
Owning any business demands a good deal of your time. A gym, doubly so. A well managed and staffed gym works like a well oiled machine, but it takes a while to develop. Moreover, its your responsibility to get it there, tending to all the bumps and bruises along the road. It takes a good deal of commitment, and will likely demand many sleepless nights and days of hard work from you.
But if you can pull it off, boy is it worth it.
4. Does your family support the decision?
Before signing on the dotted line, entering a lease for a studio space, ask for the support and understanding from your family. At the very least, you are about to have a new schedule and income in the first few months. Discuss your plans with family members and ask for their opinion and support. Make sure you are on the same page before you enter the business.
5. What are the legal bases to opening a gym in your area?
When starting gym, determine the kind of licenses and permits you, your staff and your gym need before operating. Added to that you have to determine the business structure, such as Limited Liability Corporation or partnership your fitness studio will take. Read more about this topic to figure out the different legal bases to cover when starting a gym. Consulting with a local lawyer is an excellent way to make sure you’re properly permitted and straight with all your paperwork.
6. What’s in a name?
You might think this may be the fun part when opening this type of business, but this is also one of the most serious aspects to look into because your business name will be one of the most persuasive reasons people will sign up and train in your center. This name has to be something easy to recall and reveal much about your gym’s brand in the long-term. You should have a small marketing and media kit upon launching, such as a website with some videos, or even just a social media presence, getting your brand out there is imperative.
Do not pick a business name that is too similar to a competitor’s name, you want to stand out.
7. Have you determined a suitable location that matches your plans?
Before opening a new fitness studio, decide on an ideal location to accommodate your goals, but then, you should also find out any special needs you have for a gym space. For example, if you are planning to add a yoga or cardio to your gym, look for a space that has closed rooms. So if you were looking to offer water aerobics, as another example, find a space that can allow an indoor pool installation.
These examples are only to give you an idea on what kind of space to look for before opening a gym. At the very least, it has a lot to do with what you are going to offer, the number of gym equipment to furnish it with and so on.
You can also think of any expansion plans when searching for a good location to rent or lease. So you might not want to rent a small space that can hold only a few cardio trainers and weightlifting machines, as this might not fit if your business becomes successful the future.
8. What else should you know as a business owner?
Don’t quit your day job yet, but take some time, figure out what you need to know about opening a small fitness studio and determine your options to become a successful gym operator. We want you to succeed and we are prepared to help you every step of the way, be it from answering questions to helping you pick out equipment and flooring.
Let UsedGymEquipment.com Help Build Your Gym
UGE has a team of expert gym consultants who can help you in coming up with the right decision. Through the years, we’ve helped hundreds upon hundreds of startup business owners establish their first gyms. And how do we do that?
Our team can offer you expert advice and tips on how to choose your gym equipment, what the best deals on used gym equipment are, how to get financing and so on. UGE, in short, is a one-stop source of information, products and services you would ever need to build a successful community gym.
We’re here not only to offer you the best advice and tips, but also the best deals on remanufactured gym equipment, including cardio trainers, resistance machines and multi stations, among others. Let us help you choose the right units to furnish your gym with, but that’s not all.
Our company also offers the lowest prices you won’t find elsewhere. Check out our gym equipment packages and see which works for you. You can also talk to us and discuss about your specific requirements. We’ll be more than happy to help you come up with the right remanufactured gym equipment package for your new fitness center.
Call us today!