Opening a Fitness Business
Learn about how to open your new fitness facility and get tips on business & tax preparation, location, facility design and build out, exercise equipment, and developing fitness operations.
Opening a Fitness Business
The Business of Fitness
This article is set to give you some guidance and information to help you make choices as you enter the ranks of club, gym or studio ownership. Many steps must be taken, in the correct sequence, when developing a business plan. In order to open your business, you must develop a draft of considerations to identify, explore, define, and execute. This brief article is not meant to replace the counsel of industry professionals such as Business Attorneys and professional Tax Advisors. We urge you to seek advice from both of these professional types when you make the decision to move forward.
Opening the fitness business will require many things. You will need to create some form of entity such as a Limited Liability Company (LLC), or a Corporation. You can make the best decision once you have consulted with an attorney and tax professional. You will need to acquire a Tax ID Number, apply for a city and possibly county business license. Open a business bank account and establish yourself online with a solid website. These are just some of the tasks you will have at the beginning of opening your new venture in the health and fitness industry. To open your new business, we’ve identified just some of the key items you will be addressing, with the hope that this is in the structure of a business plan.
- Business entity
- Start up costs
- Money management
- Location selection
- Design and build-out of the space
- Branding – self promoted or franchise operation
- Sales model – membership structure, pricing
- Other than dues revenue – small group training, personal training, nutrition, etc.
- Equipment selection
- Functional training area design
- Leasing programs
- Facility operations
- Initial recruiting and training of staff
- Pre-sale strategy
- Opening calendar
Structuring this information in a well thought out business plan is critical for many aspects. A solid business plan will involve experts in each of their fields to gather the proper information, and this will take some time. You will need to have diligent research, financial acumen all compiled to tell the future story of your thriving fitness business. The business plan is your map to success.
Are you looking for help opening your fitness business?
If you need help learning how to open your fitness facility, we want to hear from you. After you contact us – don’t forget, we can support your facility, website, personal training, and group exercise programs. Yes, it’s free – always.
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