You are finally here – Congratulations! It is time to launch your new gym.
As getting a gym up and running can be very challenging, especially if it’s your first time, I wanted to share a checklist of essentials, to help get you started.
The bulk of the cost needed to start a new gym will go towards creating your dream space.
- Rental deposits
The deposit you need to give the landlord depends on the duration of the lease you signed. Many landlords require a bond the value of 3-months rent to cover themselves if you default on your lease.
- Gym renovation
The cost of renovations can blow out, if you do not plan carefully. Brief your contractor on your requirements and visit the site together to see if your plans are feasible. The contractor can advise you on what can and cannot be done, and make recommendations. Look for a lease with a large open gym floor space that already has plumbing for bathrooms, to help keep your costs down
- Fitness Equipment
Make a list of wholesale fitness equipment that includes delivery and installation plus don’t forget furniture, reception desks, fridge, security system, TVs, computers and towels
- Business management tools
Automating your business is the most efficient way to run it. First thing you should get is a gym management software or CRM, a branding pack and website, a domain name, and a good accounting software like XERO. Investing in these tools and programs will make your day-to-day operations scalable and will give you more time to focus on more important things.
- Staff wages and Legal fees
Make sure to include 3months wages in your capital, because you will need at least one staff member on your team to help with sales and delivering the product. When starting a business, you also need help of a solicitor to check all contracts, government permits and licenses are above board
- Gym insurance
Getting insurance is like having the reassurance that somebody’s got your back at all times. Fees will depend on the amount of coverage that you want to get.
- Gym utilities
Utility bills differ from residential and commercial spaces. You need to keep the lights and water on in your gym for long periods so speak to someone who owns a business in the same building to get an approximate of how much they pay in utilities per month on the average.
- Digital Marketing
People who are actively searching online have the highest propensity to convert. These people will come across your website, your social media platforms. But these often just translates to “maybes.” In order to get paying members, you must build brand awareness by having an effective marketing strategy.
- Social Media
All brands, big and small, are on social media. It is very easy to post content but what’s important is that it adds as much value to your target audience as possible. The goal should be conversion and not communication.