Opening a gym can be a very profitable investment. According to the (BFA) British Franchise Association, now is the best time to start your fitness business. The key to sustaining any business is profit, and gym owners are not excluded. Since you have been a personal trainer for a while, you might be thinking of opening your own gym.
Before you begin, you should keep some things in mind. Remember that owning a gym doesn’t necessarily lead to a steady salary. Your salary will depend on your profits, how much cash you want to reinvest in your business among many other factors. Read on to learn more.
How do you Get Started in this Career?
It doesn’t matter if you want to become a personal trainer or an instructor; you will need to get a professional certification that will show you have the skills required to work in the fitness industry. The best thing about working in the fitness industry is that there are many employment opportunities, new clients, and there is always a new workout routine to learn. You get the chance to motivate others. Invest time and dedicate yourself to the program you choose to take. There are various fitness training certifications, including:
- Fitness instruction
- Personal training
- Exercise referral
- Physical activity and weight management
- Exercise for management for low back pain
- Advanced personal training
How Much Does it Cost to Open a Gym?
The cost of starting a gym largely depends on the size, facility, location, and the type of gym you are planning to open. A simple startup cost can range from £50,000 to £100,000 on average. The price can sometimes go above this. For better and successful management of your business, in the long run, it is crucial to plan out your financing.
Rent will take up the majority of your functioning costs. This will vary depending on the location and size. The site you choose should be worth the fee in terms of receiving adequate foot traffic. Another crucial factor that affects the rent you pay per month is street visibility. Research some of the suitable places in your area. Does your space come ready or will you need to do some little work like installing showers, setting up CCTV, or does it need some restorations? A 2,000 sq. Ft. space can cost about £1,000 per month in rent. Your gym will need lights and some music. You will need to make an upfront deposit for utilities like electric, water, gas, and sewer.
The cost of gym equipment will significantly depend on the type of gym you want to launch.
Other costs to expect are
- License and permits
- Building development
- Miscellaneous gym purchases
- Responsive website
- Operating cash
- Employee wages
How Much Does a Gym Owner Make?
According to Glassdoor, a personal trainer averages a little over AU$28 an hour. However, the salary will mainly depend on the education level and the type of fitness certification. Lifestyle and weight consultants and advanced health specialist earn more than other trainers. Additionally, more years in the fitness industry results in more cash. Experienced personal trainers tend to make more money.
Gym ownership doesn’t come with a field salary. The salary depends on the strategies you use to maximize your profits. Some factors can affect what you can earn, including; debt, benefits as well as reinvestment.
How Gym Owners Make Money
Selling membership models
Gym owners offer memberships for as low as £10 per month. In many cases, people have to register and begin paying a membership fee, which makes up the gyms primary source of revenue. One strategy that works best for many gym owners is offering premium memberships. Structure the pricing options according to the needs and preferences of the members. Grouping members allows the gym owners to send directed promotions to every group to attract them to advance their membership packages.
This is another way that gyms use to get extra money from the existing members. Things like bottled water, snacks, clothing, and supplements sell themselves. If you are a gym owner, consider stocking other essentials like ear buds and socks.
Many gyms have nutritionists who join on a freelance basis. Gyms can offer nutritionist services on an appointment basis, which provide an extra income for the gym. Many members don’t mind paying extra money for services that help them eat better, make healthy choices, and track their fitness progress.
Many parents visit gyms together with their kids. Therefore, as a gym owner, you should consider adding childcare facilities to your gym to increase revenue. Busy moms will willingly pay extra money to avoid giving up their gym time.
Do you have a dream of opening your own gym? Opening a business on your own can be a thrilling and scary adventure, but also the best move you will ever make. The fitness industry is highly competitive, and you need to put in a lot of time and dedication to become successful. Opening a gym is a big commitment, and you shouldn’t start it as a part-time hobby. To become a successful gym owner, start by contacting PT Academy for the right training and certification.