Are you setting up a new gym? Tough process right? But not that tough either. Any business that has certain processes are attached and some leagalities to be considered. Check out top 5 things you must consider before jumping into the ocean.
- What is your budget?
- Where is the location?
1. What is your budget?
In India it’s been said that the basic gym set-up would range from minimum Rs. 30 lakhs. This may even go further down if you plan to purchase an existing set-up than a new one. Estimate what is that budget you want to spend on, how would you get the money, is it from you saving or bank-loan, or from other parter/friends. Always keep in ming that 30% buffer must be kept. What does this mean? If you plan to spend Rs. 10 lakhs for procuring gym equipments then you must keep aside Rs. 13 lakhs. There is always a new equipment coming when you actually visit the shop/online
2. Where is the location?
Location is the primary point to consider. Must have good amount space to park vehicles. It should be in a center of the location and not much distance from the main roads, particularly in cities like in India. If you are lucky enough to purchase an already existing gym then it’s a great advantage of location. People in and around are already aware of the gym.
One must obtain a clearance from the local police department before setting up a gym. Also it must be registered with the local government and obtain license. Apart from these two there are many other approvals must be obtained such as Tax Certificates, Labour licence, industry specific clearance etc.
One important certificate must a gym obtain is Health and Insurance certificates. Insurance coverage is must in case of any accidentals happening in the gym. Certfied trainer will help you boost your brand and gaining the customer trust.
Gym is a huge set-up. Hence is always recommended to start with a trusted partner/friend in case of any help needed they will support you rather than starting alone. Though it is not mandatory to have a partner but always recommended. Always choose a partner with different skill such as one part from finance back-ground and another from sales back-ground. This will help you business with both expertise and run smoothly to hand custome and government issues.
There are many other things one must consider before finally deciding on it. Such as how to market, how to prepare plans that will rocket-sell, hiring staff, handling day-to-day issues such as accidents in the gym etc.