Ask Yourself These 6 Important Questions Before Opening a Gym in 2023

Now that you're ready to become a fitness business professional and open a gym, do you have what it takes? Despite being passionate about fitness, not everyone has what it takes to succeed. There’s competition on practically every corner, and it takes time, resources, and the right strategies to rise above the rest.

If you want the lowdown on what it takes to achieve success in your professional fitness endeavors, ask yourself these six questions before opening or owning a gym in 2022.

 Introduction:

1. Is There a Gym Budget I Should Have?
2. Do I Need a Business Partner?
3. What Is My Long-Term Vision for Opening a Gym in 2022?
4. How Will I Attract Trainers?
5. What Software Will I Need to Run My Gym?
6. Is There a 6-Month Emergency Fund Prepared?

Is there a gym budget I should have when owning a gym?

It takes money to build things from scratch, especially in the fitness industry. While having some funding and financial resources set aside for your gym business is necessary, it’s highly beneficial to start with a budget.

You need to have a set amount for each aspect of your business, including startup, fixed, and operational costs. To create a budget, research the costs involved with opening a gym in 2022, such as lease payments, gym insurance premiums, payroll, facility and equipment maintenance and repairs, and taxes.

Do I need a business partner?

Starting and operating a business takes a lot of time and financial investment. Having a partner or several can help lessen any startup pains. But you don’t need to have one to open or own a gym in 2022. 

So, if you decide to have a partner, be careful. Friendships and family ties don't necessarily equate to good business collaborations. It’s best to partner with individuals you can trust with every aspect of your gym business.

What is my long-term vision for opening a gym in 2022?

It’s highly beneficial for business owners to have a long-term vision of what they hope to achieve with their gyms. Take time to evaluate your immediate and long-term goals before you focus your efforts on sales, marketing, and profits.

Successful gym operators and trainers understand the importance of consistency and sustainability, and how neither is possible without having a plan that clearly defines their long-term vision or goals and the steps necessary to achieve them.

How will I attract trainers?

Establishing yourself as an expert in the field while opening a gym is a powerful marketing tool you can use to attract top-tier trainers and fitness professionals along with more clientele. Credentials and expertise matter to members and trainers. 

So does having good gym liability insurance to keep trainers and members safe and provide the necessary resources to help them overcome potential issues and injuries that decrease employee retention and operational issues at the gym. Encourage your employees and trainers to seek out enrichment and training opportunities to establish their authority and credibility at your gym and in the fitness industry. 

Staying on top of ongoing training, education, and professional development, shows trainers and staff that you're committed to their professional growth and development. It also shows potential clients that you're seriously committed to helping them achieve their health and fitness goals in the most cost-effective, convenient, and safest ways possible.

What software will I need when owning a gym?

There’s no shortage of administrative tasks and duties to perform daily once your gym is operational. Although it’s not required, many fitness and business professionals use gym management software to streamline many of the mundane, but important processes that take up too much of their time so they can focus on other aspects of running a gym, such as keeping members and trainers safe and engaged.

There are many gym software management programs to choose from. When it comes to selecting the right one, think about the processes or tasks you want the software to cover. Many gym management software programs include features like marketing, sales and customer management. There is also software explicitly made for gym and fitness operators, trainers, and other sport or exercise-related membership-based businesses.

It’s essential to choose the right gym management software to optimize you and your staff’s time, manage member contact and profile information, and organize and maintain other aspects of your gym business via cloud, remotely, or digitally without having to keep a physical paper trail. 

Management software also helps eliminate errors and makes marketing and promoting and business compliance easier. So, take your time, research options, and don't hesitate to sign up for trials to determine which gym software best meets most or all of your business needs.

Is there a 6-month emergency fund prepared?

Businesses fail every day due to many reasons, including financial and staffing issues. According to the United States Business Bureau, 20 percent of business startups fail every year. In the fitness industry, the average rate of business failure is significantly higher at 81 percent during the first year, states the Global Health and Fitness Association (IHRSA).

There are many ways gym owners can prepare themselves and prime their businesses for success. Among them is allocating enough financial resources for emergency gym expenses. 

As a fitness facility owner, it’s a good idea for you to have six months or more worth of operating expenses in your business emergency fund. You don't have to set it aside all at once. 

Take baby steps and make it a habit to regularly deposit a small portion of your company’s profits into a business account earmarked solely for business emergencies.

Key Takeaways on Opening a Gym in 2022

When starting a gym or fitness business, it’s essential for you to assess every aspect of its operations. In addition to structuring, it properly and investing in the right resources, management and business software, and gym insurance coverage, you need a solid plan that clearly defines your goals, resources, and the strategies and actions you plan to take to achieve them. 

Leveraging the right resources from the start makes it easier and less stressful for professionals to achieve their fitness business dreams faster, with minimal effort. 

NEXO is committed to helping gym trainers and fitness professionals grow and manage their businesses. We offer affordable and comprehensive insurance products and NEXOSYNC to manage payroll, employee benefits, taxes, and other administrative duties so our fitness industry clients can provide the ultimate member experience at their gyms.

Contact NEXO today to learn more about our gym insurance and business products.