If you’re a fitness guru, you may be looking for a way to profit from your passion. You may also be wondering is opening a gym profitable. If you’re not asking yourself that question, you should be. It’s the first step to start planning financially for your gym. Having enough funding is a key factor in running a successful fitness business. You also need good ideas to attract the right market.
Several gym brands are growing and doing well in the fitness industry. In a $30 billion industry, that’s some indication of possible success. These are the ones who have strategic business models and systems. Many of them are franchises, but the new age successors bring fresh ideas. Those innovations make fitness feel less like work and more like excitement. To really know what it takes, there are a few areas you need to research. Read on to learn is opening a gym profitable
How is Opening a Gym Profitable?
Don’t get the wrong idea. Starting any business takes hard work and accepting challenges. Opening a gym is no exception. You’ll still have to deal with those who are uncommitted or seasonal resolution makers. Nevertheless, you can start a profitable gym or fitness center. To become one of the success stories in the fitness business, you’ll need a recipe for success. The ingredients include:
A Bright Idea
The desire to start a gym is just a start. The next step is to expand with ideas to set your fitness center apart. It could be accommodations that help guests make time for the gym. Some gyms have childcare services, grocery services, or dry cleaning. The draw may be member exclusive amenities such as spa services or a cafe. If the fancy add-ons don’t fit your startup budget, go lean. Just start with narrowing your niche.
A Good Niche
Depending on the size of your gym, you can’t accommodate everyone. According to Inc. you shouldn’t even try to. Most business consultants suggest you go narrow instead of broad with your type of business. In the case of testing is opening a gym profitable, drill down the fitness center to fit those you want to attract. Options are widening everyday with fitness centers.
In previous years, boot camps were trending. Now, CrossFit centers attract attention and help members get results. Pole fitness is another center that attracts a market who wants to use dance to stay fit. Other gym owners attract a specific profile of clients. Pregnant women are most often looking to stay in shape and have a healthy delivery. They also want to be resilient post delivery. At this time, digital solutions are taking more and more of the market share. That’s why it would be a great idea to have a niche tailored for the tech generation.
There’s a reason FitBits and smartphone fitness trackers are all the rage. People are taking their health and fitness more seriously. They want to see measurement of their progress. Technology has allowed them to have data tracking their daily steps, heart rhythm, sleep patterns and more. In the past, basic workout machines allow guests to track calories burned based on their weight. They can also track their heart rate while working out. Sensor technology takes systems like these to another levels.
Modern gyms don’t leave guests relying on their devices for information. They have solutions in house. These tracking solutions make workouts more enjoyable. Guests can see their fitness progress over time. They can compare their present workout performance to how they did yesterday, last week, or last year. It even becomes a healthy competition as they see how they measure up to other members.
The Right People
You can’t do it alone. Proving yes to is opening a gym profitable will take a strong team. When choosing your staff, keep your goals and mission in mind. Make sure your team wants to help you build as they grow. Or build your team from scratch. Share your fitness expertise with others who want to join the industry. Get a group of trainers with the right energy. They will motivate guests and help them meet fitness goals.
Take good care of your staff. Most traditional gyms monitor their bottom line. They pay their staff modestly and work them tirelessly. With the right setup, your revenue can continue growing. Pay the staff well or give them incentives. That will help you retain valuable trainers and continue gaining loyal clients.
Beast Mode Marketing
The fitness industry is competitive. You’ll have to stand out from larger brands with cheap monthly plans. Make your specialized gym known through precise marketing. Radio and television advertising still works, but it can put a huge dent in your budget. Digital marketing is an effective solution. For your gym, it can even be inexpensive if you do it the right way.
Let your gym clients be your social media influencers. Invite them to post about their progress. Offer to show before and after photos of their transformation. Make realistic tips a part of your content plan. You can also create a discount or incentive for sharing the gym’s posts. Once you’re ready, you can invest in sponsored content on social media.
Funding, and Lots of It
Starting a profitable gym isn’t cheap. Just the basic one requires a $10,000-$50,000 investment, according to Entrepreneur. A one-of-a-kind, high tech gym can easily run your budget into six figures. You’ll also need some cash flow along the way. A fitness center is something that takes time to build and turn a profit. That’s why you need adequate funding.
If the gym is your first business, getting the money from a bank is unlikely. Startups aren’t they’re focus. That means you need to think outside of the box on your money hunt. You may also have to use a combination of sources to meet your financial goal. Look into lending solutions that won’t require collateral. That will give you a chance to build your business and open more funding options.
Get Help Opening a Gym That Will Be Profitable
It takes some work to start a profitable fitness center. The work starts with the planning phase. One of the biggest needs is resources to get funding. You don’t have to do it alone! We’re here to help at LenCred. Our specialty is helping entrepreneurs and small businesses get unsecured funding. That’s the most convenient type of funding for a startup. Contact us today to get the money you need for your gym business.