![]() Opening a gym is a significant financial commitment that requires a lot of thought and critical decision-making on your part. When you start your gym checklist of expenses, it’s better to sort them into two categories: one-time and ongoing. The price can go even higher if you intend to build a gym from the ground up. Those numbers can go way up if you decide to open a huge facility or purchase the most modern machines. In Two-Brain’s 2021 “State of the Industry” report, the cost to open a fitness facility ranged from $53,410 for yoga studios to $185,666 for martial-arts practices (CrossFit gyms: $54,666). Depending on the specifics, the cost of opening a small to mid-sized gym is between $65,000 to $115,000, according to. The most sobering part of opening a gym is the cost. Plan ahead: If your facility will include showers, you’ll need to consider buildout costs and increased utility payments. Key Assets: Dedication, perseverance, team-building skills. Be prepared to work hard to get to break-even, but once you get there, start looking for ways to build a team that can reduce your workload and give you more time to grow the business. ![]() It’s not sustainable, and “grinding” isn’t enough. If you don’t, you’ll have to do everything yourself forever, and you’ll burn out.ĭon’t make the mistake many others have and plan to work 60 hours a week forever. The way out: You have to be great at building a team around you, delegating and ensuring your team meets your service standards. Be prepared to work long hours to make your gym successful. In the early stages, you’re responsible for absolutely everything. It’s nearly impossible to cover all your duties in eight or 10 hours. You are not a coach or other employee who can exit your role when your shift ends. It will also provide advice on how to establish a lasting gym business-use it as your checklist for opening a gym that will thrive.Īs a gym owner, your workday doesn’t end when the last member leaves and the floor lights go off. ![]() In this article, you can compare your expectations of what’s it like to open a gym to the actual reality of gym ownership. But don’t let that deter you: With mentorship, preparation and perseverance, you can build a profitable gym that rewards you financially as you help clients improve their health. Owning a gym comes with harsh realities, variable challenges and many possible pitfalls.įor example, this ultra-competitive industry closes over 50 percent of new gyms within five years. The transition to ownership can be difficult if you’ve been a coach for a long time. To grow your business, you’ll need to assemble a competent team to fill all the roles in the gym: including group coach, personal trainer, programmer, bookkeeper, cleaner, client success manager, general manager, salesperson and so on. But soon, you’ll need to master team building and delegation because you just can’t do every job by yourself for long, even if you “wear all the hats” when you first open. Your most essential function as an owner in the early stages is being a generalist who can do everything. As a result, you must be a confident leader but worst-case-scenario thinker who plans for any hiccup that might come along. The ultimate responsibility of your gym’s success belongs to you, the owner.Īs the owner, you make the final decisions on everything, such as marketing, operations, finances, personnel, equipment, emergency procedures and resolution of disputes. After that, you carry the weight of the gym’s destiny on your shoulders. Dealing with the cost of opening a gym is just the beginning. The reality is that you might coach, but your main role is actually to run and grow the business, not just deliver the service.Īssuming the role of gym owner is a daunting task. Have you ever wondered what opening a gym is like? Maybe you’re thinking it involves coaching all day.
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