Important Factors to Keep in Mind When Setting Up a Gym – Part 1
The only increasing fitness rage among millennials has motivated many enthusiasts to turn their passion into a business. Even though the industry is flooded with multiple home-grown and global franchise models, there is still a lot of scope for starting your own gym business in India.
Here is a list of steps you must follow
to plan and properly finance your venture.
Research is the first step that will give you a head start in pursuit of a successful gym. It should cover the target audience you’re aiming for, the various types of fitness equipment, fitness trainers, new fitness trends in the market, knowledge of every exercise and a lot more.
With fitness trending, the demand for gyms has only been escalating. But it’s not a monopoly; the gym business has become very competitive. It is easier to open a gym but running one can be difficult. Carry out proper market research in the area where you are planning to open a gym and keep in mind the important factor that separates your gym from any other gym. It is of utmost importance that you work on the prices of the gym membership according to the competition your facing.
- Selecting Strategic Location
Although challenging, success or failure of a gym is highly dependent on the location. To pull in the crowd, look for a location where the crowd is driven towards fitness. Pick a location that is close to residential hubs and if it’s near corporate hub that is an added advantage.
A residential or commercial space that is equipped with a high visibility rate of consumers can ensure your venture will be a hit in the span of a month of its inception itself.
Setting up a gym largely depends on the investment. A minimum of 6-7 lakh rupees is needed for a small gym setup and can go above 12 lakh rupees for a huge setup. The cost of gym equipment rates of each brand varies as per the quality of machinery. As per your budget, you have to plan the cost of staff, utilities, maintenance, space cost depending on if you have rented or owned the space, flooring cost and more has to be planned well as per your budget.
Marketing is an integral aspect when it comes to attracting clients. After opening the gym, the next step would be to make people aware of your facility. There are two mediums of marketing mainly online and offline. Online includes social marketing, e-mailers, and messages, etc. For example, paid marketing through Instagram would attract younger audiences better. Offline includes ads in the newspaper, posters or promoting at events, etc. It is essential to keep in mind marketing costs as it is one of the most important parts of the execution and successful running of your gym.
Fitness World has 25-year old track record in setting up 9000+ commercial gyms across India. Connect with us for free expert advice on the right equipment for your gym or home