How to Open a CrossFit Gym

CrossFit is all the latest fitness rage. People of all ages and backgrounds are looking to get in shape, and are hitting gyms to do that. If you're interested in getting in on the action by opening your own gym, you might not know where to start. Sure, you'll need equipment and a cool name, but what else? Have you considered what type of insurance you'll need, or looked into getting a 401K plan for future employees? If you're already feeling stressed, don't be. Here are a few tips about what you'll need to get started and how NEXO Fitness Solutions can help.

Start with a Business Plan

Before you do anything else, start with a solid business plan. Figure out what you'll need, and go from there.

Naming Your Business

The first major step is figuring out what your business name will be. According to Just Business, you'll probably want to have the word 'CrossFit' in the name, so that people know immediately what your business is. Then come up with the rest of the name. If you want to make sure that no one else has come up with the same name, check out the United States Patent and Trademark Office. It'll be a quick way to make sure another CrossFit gym three towns over doesn't go by the same name. CrossFit also checks against other gym names across the country to ensure there are no duplicated names.

Business Plan

The next step is sitting down to do the nitty gritty work of figuring out those little details that get lost in the dream of owning your own business. According to Just Business, "You should make sure your business plan covers an overview of your CrossFit gym, a market analysis including who your competition is and what need you're looking to fill, the organization of the company (i.e., whether you'll have partners), your marketing and sales plan, and lastly, your financial plan and projections."

Becoming Certified

If you want to become a CrossFit trainer, it's going to cost you $1,000, according to Investopedia. This will require that you take a weekend off, as you have to prove your chops at a weekend CrossFit seminar.

Once you become a certified level 1 trainer, you'll have to spend $3,000 in affiliation fees. That will come due once a year, so it's not a one and done.

Any other coaches you bring into your gym will also need to be certified.

Securing a Loan

Starting a business isn't cheap. In fact, it can be a lot more costly than most people think. On top of the fees you can expect to pay from becoming a certified CrossFit trainer and paying your affiliation fees, you'll also have other expenses.

Employee fees and rent is a given, but there are some other fees to look out for. You'll have to cover utilities, insurance, and marketing fees. Then there are other things to keep in mind, such as repairs. No one wants to go to a gym with a bathroom that doesn't work, so if the toilet suddenly stops working, you'll need to get that repaired.

Once you get your gym opened, most CrossFit gyms charge members $150 a month. This will go a long way towards helping you pay those bills, but to reach that point, you'll need some funds to get started.

According to Investopedia, you'll probably need at least $30,000 to get your gym up and running.

Finding the Right Building

They say that location is everything, and there's a lot of truth in that. While some businesses have begun in their homes, a commercial space may be a good option. So you'll need to either buy or rent a building.

Budget

Before you rush out and rent the first building you see that's available, there are a few things to keep in mind. Figure out what your budget is. This will save you a lot of heartache later on. No, you may not be able to get that beautiful building next to the mall you've been dreaming of. At least not yet.

You may have to start out in a commercial warehouse building with roll up doors. But once your business starts expanding, you can find a location with higher visibility and traffic.

Traffic

Something else to consider is traffic. You might like living in the country, but if no one knows how to find your gym, it's going to be an issue. So think about settling into a location where your business is visible.

Other Gyms

It's also not a good idea to set up shop two blocks away from another CrossFit gym. While the competition might be exciting, it won't help you draw in many clients if they already have a gym they love.

Equipment is a Must

While there are plenty of workouts that don't require equipment, CrossFit isn't one of them. This means you'll have to either buy or rent some equipment. That is obviously going to cut into your budget, as equipment isn't exactly cheap.

NEXO offers customized equipment financing options to help you overcome this hurdle, however. You can choose a plan with either no down payment or a low one, and monthly payments that fit with the cash flow you have coming in.

Insurance Makes Life Less Stressful

The thought of getting insurance might make your head hurt, but it's necessary to run a business. All fitness establishments are required to have it, and CrossFit gyms are no exception.

The good news is that it doesn't have to be stressful. NEXO offers insurance policies to meet your needs. From equipment protection to special event insurance, we've got exactly what you need. The best part is that you can do everything completely online.

Hire Employees Who Love What They Do

Coaches can make or break your business. If you have a coach who is always running off your clients, then that's going to be a problem. That's why you'll want to hire someone who has a good relationship with the people they're training, and that means offering the right package deals.

Things like payroll, workers' compensation, employer taxes, 401K, and health benefits are a must for many employees. NEXOSync can help with this, so your employees feel good about coming to work for you.

Design a Website to Show Off Your Business

You've got your loan, your employees, a building, and equipment. Now all you need to do is advertise so that potential clients know you exist.

Setting up a website is incredibly easy for some, but if you hate the thought of working with computers, NEXO can help with that as well. We'll make sure your gym gets the online presence it deserves.

Interested in taking that next step towards making your dreams come true?