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Mandy has been with Starpeak Insurance Solutions since 2018, starting in sales in the consumer department and mov...
Starting your own gym business offers the benefits of being your own boss and reaping the rewards of a (hopefully) successful business. Whilst it seems attractive, we always hear of how difficult it can be, so what are the key things to remember when opening your own gym?
1. Identify what you want to achieve
What will be the focus of your business, is there a particular sport or discipline that you want to promote?
Is there a gap in the market in the area you targeting?
Keep this in mind throughout your planning and running of your business.
As tempting as it might be to offer all sports to all people, make sure that you provide an attractive service and get it right.
2. Location is everything
Look at a number of venues and ensure that you identify somewhere that is accessible with plenty of parking and is easy to find. Your hard work in setting up the business and advertising will be wasted if your clients can’t get to you easily!
3. Know your market
Check out your competitors, either direct competitors offering exactly the same business model or other gyms. Look at the service and facilities that they provide as well as the prices that they charge and be sure to consider this when making decisions about your own gym. There’s no point in charging twice the price of a gym nearby – you just won’t get the custom!
4. Find the right suppliers and partners
Use your knowledge and expertise to find the right people to work with. Ensure that the people you choose are trustworthy with a proven reputation. The last thing you need when you are just starting out is to be let down by a supplier.
5. Be financially savvy
Go into your new venture being clear of and keeping track of all of the financial aspects. New business start-ups always require a degree of investment. As it can take some time to recover some of this it is essential to keep a record of everything and if you aren’t great with numbers then employ a bookkeeper to help you.
You will need to register your business or yourself depending on whether you set up a limited company or self-employed – again, best to seek advice on what is best depending on your circumstances.
6. Don’t forget the details
Ensure that you get any legal protection for any intellectual property and ensure that you have all of the relevant insurance for your business. There is a minimum requirement is buildings and contents as well as public liability. Get more information about our gym business insurance and find out the relevant insurance for your business.
*Disclaimer – This blog has been created as general information and should not be taken as advice. Make sure you have the correct level of insurance for your requirements and always review policy documentation. Information is factually accurate at the time of publishing but may have become out of date.
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