Guide to Saving Money on Insurance for Gyms

Owning a gym means that you must invest in insurance options to maintain compliance and simply protect your assets. Working to save money in your gym is easy when you choose NEXO to help you keep your gym operational and affordable.

1. Financing and/or Leasing Your Gym Equipment

All of your gym equipment does not have to be brand new. When you are first starting out as a gym owner, a great option is to purchase reconditioned equipment. Larger gyms often have this equipment for sale because they have moved in a different direction with equipment and offer it at great prices. They are often in great shape and great for gyms that are just starting out. You can have all the equipment you want to purchase financed so that you do not have to invest a lot of cash upfront. This is great for gyms that need to have some cash to fall back on for other unexpected expenses that may arise.

Some of your equipment can be new, but you do not have to buy it. You should consider leasing equipment from the manufacturers. For gyms that have a high turnover rate of the equipment, this is how they are able to do this. At the end of the lease, you return the equipment and you can get a new lease for newer models, keeping the equipment in your gym fresh and attractive to your members.

2. Outsource Your Financial Operations

Instead of hiring various staff members and paying annual wages for your operational tasks, outsource your bookkeeping and financial services to an accountant. The services to outsource are:

• Payroll
• Inventory Costs
• Profit/Loss Reports
• Income Taxes

When you choose to outsource these services, you are only paying for what you need and by the job. You do not have to supply a year-round salary. You are also getting professional quality on your services which makes saving money easier. Also, too many gym owners each year jump in attempting to do these operations on their own with little to no experience. It can be a grave mistake or cost them so much in fines and expenses over the course of the year.

3. Have A Retail Area For Necessities

Your members should be supplying their own hygiene items, towels, and socks when they are using your facility. Sometimes they forget these items. Feel free to have a retail area within your gym where these items can be purchased, saving you money from supplying it for your members. You can replenish the stock with the cost of the items and not have to take out of your bottom line.

4. Reduce Energy Usage

If you are planning to make your equipment available 24 hours to your members, make sure to choose motion powered lights in your gym. Unless you are in a heavily populated area, chances are that your gym could go several hours through the night without any members coming in. You want to conserve energy during this time and reduce your power bill, saving money. You can choose to have motion lights in your gym that only turns on when there is movement and turns off when the movement stops.

5. Outsource Your Marketing

Owning a gym is a competitive market. Fortunately, there are marketing experts available to assist you with getting your gym noticed in your community.

Social Media Marketing

If you truly want to market your gym, you should take advantage of social media platforms and get your gym out there. You will want to create a page with your gym name and logo on each platform and make sure to include pictures and address location. Social media marketing has sky rocked marketing campaigns across all industries and saves new gym owners lots of money in marketing expenses.

Web Design

A true team of marketing and advertising professionals will also assist you with web development, taking a current look at your website, or help you design one that showcases your gym and the services available. Keeping it mobile-friendly and trendy will capture your customer's attention. You can link this page to any social media platform and offer services where they can apply for a membership online.

SEO Development

When your customers are searching for you online or on their mobile devices, your search engine optimization should be high. This takes keywords such as your gym name, the services you offer, and your location and boosts them to the top of any gym searches in your area. SEO experts are able to transition all of your web presence with keywords and have your gym as one of the top options online.

Unfortunately, trying to manage all of these tasks on your own can be time-consuming and take you away from the duties you have with the gym. Attempting to hire a marketing specialist in-house would cause the same financial strain as hiring an accountant. When you outsource your marketing, you are only paying for the services that you need. You also have access to marketing and advertising professionals who can get your gym on the map and help boost your membership all while you are saving money.

6. Invest in Insurance

When you open a gym, one of the concerns many owners have is purchasing an insurance policy and how much it is going to cost them right away. Unfortunately, they do not see how much money it will actually save them initially and over time as your gym builds and you generate more members.

Liability Coverage

Even with waivers signed, there are times when you could be found liable in a court of law if one of your members is severely hurt on your property. It could be a failure to provide proper equipment maintenance or a structural leak that caused a fall. If you are found liable and do not have the liability coverage you need, you could lose most of your assets, including your gym.

Equipment Protection

Your equipment within your gym is an asset and essential for its operation. Make sure that you protect it in event of a theft or other tragedy where it is damaged and needs to be replaced. Without equipment protection, you may not be able to replace this equipment on your own, forcing you to close your gym doors.

Revenue Protection

In the case of direct physical loss to owned property, can have revenue loss protection, where you get financial assistance to help recover the lost revenue and pay your bills on the gym and payroll.

Let NEXO Help You Save Money Today!

If you are looking to open a gym and want to save money upfront, it is time to give NEXO a call today at . We are able to assist you with outsourcing your marketing and advertising needs, financing your equipment, and help you save money on your gym insurance today.