In India, the overall retail market for fitness category is worth Rs. 4,579 crore (US$ 0.76 billion) growing at 16-18 per cent and is expected to cross Rs. 7,000 crore (US$ 1.18 billion) by 2017.
The growing rage of fitness among millennials has encouraged many enthusiasts to turn their passion into business possession. Government statistics indicate strong business growth opportunities for starting your own gym business in India, even though the industry is flooded with multiple home grown and global franchise models. To increase your chances of establishing a strong market presence, there is a list of steps you must follow, apart from planning and properly financing your venture.
Related: Steps to start a gym business
Here is a list of steps you must follow if planning to foray into gym business.
Step1: Selecting strategic location
Success or failure of a gym is highly dependent on the location. If it’s located near a residential or commercial space that too equipped with high visibility rate of consumers, the venture will be a hit in the span of a month of its inception itself. However, if the location is not identical to consumer’s reach, this may turn into a big risk factor, and might lead to the failure of the venture as well. In fact, while seeking out an apt location for your gym, you must consider essentials like street access, parking and visibility.
Step2: Get certified trainers ONLY
Make sure that the trainers you recruit for your gym possess professional certification from a renowned institute like Indian Academy of Fitness Training (IAFT), Gold's Gym Fitness Institute (GFFI) or Certified Bodybuilding & Gym/Personal Trainer (CBT). These days numerous leading gym brands (national or international) are offering high-intensity gym training courses and globally affiliated certifications. Though India is lacking on the Gym’s Accreditation part in comparison with global nations, trainers’ certification is a must to ensure the success of your gym. Trainer’s certification is your industry experience, reflecting your competence and abilities in the fitness space.
Step3: Consumer friendly services
Often gym owners offer huge number of services to their clients from rehabilitation to weight loss. This may end-up leaving the target consumers clueless about what to try or what not to. Thereby, it is essential to determine your customer base factors into the type of services and classes your gym will offer. For instance, a gym catering to older adults must offer rehabilitation services and gentler disciplines of exercise like Yoga, Pilates and low-impact Aerobics while a women-only gym must offer weight loss services, intense cardiac workouts and body firming weight-training sessions apart from fun exercises like circuit training and zumba.
Step4: Right fitness equipment
After selecting your gym’s services, it’s essential to determine the safety of your clients by installing right fitness equipments in the gym. Certain essential factors like cost, hi-tech innovation and equipment maintenance, play a pivotal role in selecting the right kind of fitness equipment. Weight machines, treadmills, free weights, weight benches and mats are some of the most essential properties of a gym which should be of utmost high quality. You may consider leasing and purchasing options when estimating the cost of fitness equipment.
Step5: Go for a franchise
In case you’re not willing to perform the first four steps mentioned above, skip them all and take franchise of a renowned brand who will perform the initials for you. Else, take the franchise of a mediocre gym chain and learn the above four steps with limited chances of failure. Franchising will help the beginners learn tit-bits of gym business and also save you from incurring unwanted losses.
Step6: Right business plan
To ensure adequate backing of finance for your gym venture, it is extremely essential that you pen down a fool-proof business plan and a loan (if you don’t have adequate funds in hand). According to market analysts, the average cost of opening a gym is $10,000 to $50,000. Lenders will not consider your loan application without a sound business plan attached. In fact, sound planning will help you skip initial hiccups of the business and sail you through rough weather smoothly.
Step7: Not to forget business permits and licenses
Like any other business, gym owners must ensure to register and adhere to all regulatory laws. You will have to research and apply for business licences and comply with other regulatory laws like building permits and taxations etc. To reduce the burden of employment regulatory costs like payroll taxes and benefits when starting consider hiring on an independent contractor basis. In fact, gyms are places where injuries and accidents may happen. Thus, purchasing some form of business insurance will protect the venture in emergency.
Step8: Adequate promotions and discount campaign
Prior to the launch day, strategise and promote your venture with multiple fitness campaigns like drills, marathon, cycling or rain Zumba and ensure maximum participation from the nearby residents, shop owners or other potential consumers. One can also give away discounts or customised package to the winners of the campaign and lure them with special prices on the recommendation of fellow gym members.
Opening a fitness center or a gym seems easier and best for those who share special inclination towards maintaining a great physique or health. Unlike others, gym business doesn’t require much of hassles accept couple of facts and points that you need to follow and keep in mind while aiming to start a new venture. Surely these 7 steps may lead you towards right destination.