3 Elements of Gym Startup: A Business Plan, Accounting and Marketing
If you’re starting a gym for the first time, you’re likely to have many questions. Even if you’re really passionate about fitness, there are many business elements that have to be considered when starting a business. For example, what do you need to do to increase profits and avoid running at a loss? How do you hire new people? How do you market your gym startup? These are just some of the elements that have to be considered when you’re starting a fitness business.
As an entrepreneur, you’ll find that you have to keep your finger in many pies. You’ll need to know a little bit about all the different aspects of running a business. You might feel that this is a little bit like being a “Jack of all trades” but then, that’s what’s needed in entrepreneurship. Here are a few things you may want to consider:
Business Plan
Do you have a business plan for starting your gym? Have you considered where you’re going to start the gym, whether you have sufficient funds to do so, who you’re going to hire, how you’ll market the gym, who will do your accounts etc.? Have you researched the demographic in the area where you plan to start your gym? Have you researched what type of fitness classes they might like to have? Have you considered starting a health food café as a part of your gym? Will you be providing fitness training to your customers?
There are literally hundreds of things that you need to think about before starting a gym. So it helps to sit down and write down everything in a professional way. Think about your short-term and long-term goals. What do you want to accomplish in six months? What do you want to accomplish in five years? How about ten? Once you have a clear vision of what you’re trying to do, you’re ready for the challenges of entrepreneurship.
Accounting
Maintaining your accounts is one of the most important things you’ll need to do when starting a gym. And most people who start gyms might know a lot about fitness but may not necessarily be great with numbers. So you need an accountant who will keep you informed of the state of your finances. This can be someone you hire to work with you full-time. But you may not have enough work to retain someone full-time. In this case, consider hiring someone part-time or outsourcing the work.
When you outsource, you have to give the accounting firm or the consultant access to your financial information, and they’ll do the rest. But be sure to keep in touch with your consultant before conducting any large financial transactions. This way, they’ll be able to warn you if you don’t have sufficient funds and should wait a while.
Marketing
Nowadays, marketing is important to every business. In the past, your business could be successful just by word of mouth. But in today’s world, you also need a good marketing campaign to launch your business and keep it going. You need to develop your brand.
What do you want people to think of when they think of your gym? Do you want them to think of it as an upscale place where they’ll never have to wait for a machine and which also offers a number of different classes? Or do you want them to think of your gym as a budget gym where they’ll get good value for their money? Both types of branding can work. But you just have to be clear about your brand and develop it through your marketing campaign.
And keep in mind that digital marketing is a must nowadays. So your gym startup will need to have a website, blog and social media pages in addition to any print advertisements you’d like to run in local newspapers or magazines.
Contact us for more great tips to help you work with your gym consultant.
David Michael Gilbertson is the founder and president of 3 Elements Lifestyle, LLC., a Fitness and Weight Loss company that specializes in YOU!. With more than 15 years of experience owning, operating and managing clubs of all sizes, David lectures, delivers seminars and gives workshops on the practical skills required to successfully help you with your health and fitness goals. David also helps you build the teamwork, management, and training necessary to open your own fitness center. For more information on Licensing and Consulting Services Visit his Web site at: www.3elementslifestyle.com or email at daveg@3elementslifestyle.com or call (805) 499-3030.
