Starting up a Gym

buruxaburuxa Posts: 1subscriber
edited December 2015 in Business Planning
I am leaning toward starting a gym in my neighbourhood. While the community is on the poor site, there is currently no active gym and I am convinced that there is an opportunity for a gym.Some key notes:Population = 53 000+Average income = N$500 (appr. US$63)What factors should I consider before taking the plungeThanks

Comments

  • MNGrillGuyMNGrillGuy Posts: 2subscriber
    Location is key.  A gym should be located in an area where the residents have disposable income.  Talk to people in the area, see if they are interested and at what price point.  Then do a financial analysis based on membership revenues and expected monthly costs.  Then make a decision.
  • HeavenOnEarthHeavenOnEarth Posts: 0subscriber
    I`d say you definately need to find out where your community is at and if they need a gym.  Asking around is a great idea.  And getting a signups list going is probably the best idea.  In Seattle, we had a new gym open up and he created a signup list, already creating prospects before he had even opened the doors.  As far as I know, he is doing well.  And again, a business plan is key.  If you want to create the best odds of success for yourself you must think everything through.  Creating a good and solid business plan can be painful at first, especially if you`ve never had your own business, but it`s the surest thing.  You need to figure out exactly how many members you need to be successful, figure out a possible and likely growth rate to determine when you will hit that essential number and how to measure your success as you go!  A marketing plan is manditory!  You need to figure out your "life lines"... i.e. referrals, website, monthly commitments, promotions... what is going to make it work?Good luck!     
  • buruxaburuxa Posts: 1subscriber
    Thank you all for your contribution. The plan is still very vague, just vague with random numbers thrown in. It is still at the initial stages. I will sure update you on the progress I made.
  • tynealjoshdadtynealjoshdad Posts: 0subscriber
    Hi, I just wanted to find out how you were going with starting your gym. 
    I also wanted to know how you worked out your monthly committments, how many members you needed to be successful and the growth rate.
    One other question, my partner and I don`t have the funds to start up a gym and will be seeking finance.  When obtaining finance, do you rely on this finance to subsidise your own personal financial commitments prior to memberships proving a return.
  • KenWoodKenWood Posts: 0subscriber
    I am also considering doing a small gym and I`m wonering if a franchise would be the way to go or shoukd I try and get some kind of loan.  Thing is my credit is not the best.
  • archstantonarchstanton Posts: 0subscriber
    I was goig to start a gym, but am now thinking of leasing my gym equipment out who wants to open up a gym. I have got 28 pieces off pinloaded equipment as well as the normal benches like benchpress and neckpress. the total number of equipment is 54. this includes the dumbell rack. the gym is ready to startup. the only thing missing are the dumbells and weight plates. you need a minimum floorspace of 230 M2. All equipment is new, never used! I am situated in Queensland Australia. I will lease it out for $1000.- a week over a 15 year contract. Make no mistake, this equipment is worth over $350,000.- My e-mail adress is [email protected]
  • infiniqueinfinique Posts: 0subscriber
    There's a need of Proof of Concept. Next, investment in a Gym is a hefty investment. In most cases, you probably would not recover your investment within your first year. Please do the necessary SWOT analysis and have a proper business plan with a prudent cash flow analysis.
  • GirishGirish Posts: 1subscriber
    If you happen to start a small fitness center or health club, one
    thing that you could easily overlook is the need for software to manage
    club memberships and daily operations. What looks like a simple task of
    bookkeeping turns into complex jugglery as you start offering multiple
    packages and membership types. It is better to adapt to software on day
    one rather than wait for your business to grow to a certain size.
    There are a range of free and paid software available for the need,
    so do take a hard look before you begin operations. (plug: GymKit)
  • jasonburtonjasonburton Posts: 0subscriber Member
    You certainly need this kind of furniture http://www.javateakoutdoorfurniture.com ... recliners/ for the lobby area so every client can also have time to relax.
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