If you are interested in sport-related activities and often engage in exercise, then opening a gym is a logical move. According to numerous data, the health and fitness industry in the U.S. is booming, with nearly $30 billion gross income. For that reason, operating a gym can be a big thing, since average Americans spend $155 per month on health and fitness activities.
However, what is the cost of opening a gym?
The necessary start-up costs will range between $10.000 and $50.000, but, if you want to invest in high-quality equipment, then it will cost more. For that reason, in this article, we will go through topics such as facility costs, equipment, licenses, and so on, to help you determine how much money you will have to invest.
The location of your gym usually determines facility costs, while in reality, it’s one of the most significant investments you will have to make. In that case, the location you choose must be worthy of the money you will be willing to pay, and how well it will get traffic through your door.
Additionally, closeness to the street, as well as visibility, is another factor you should pay attention to, especially if you don’t plan to spend on marketing. However, before you commit to one location, you should perform multiple research. For instance, if you choose a facility next to the health market, it will do more for your business than being located next to a warehouse.
On the other hand, if you want to rent a 2,000 sq. Ft. space, then this will cost you approximately $6,000 per month.
Same as the location, the price range of your gym equipment involves various factors. For instance, you should determine what type of gym or fitness center you want to create. If you wish to run cardio exercises and running classes, then you need to ensure every person has a machine.
But, if you are a fitness trainer or a personal trainer who has years of experience in this industry, then you have an idea of how this works. The costs of equipment will mostly depend on your space, but also on the type of gym you want to run. However, for small personal studios, you will have to pay around $10,000, while for commercial gyms up to $50,000.
But, before you choose one vendor, make sure to compare their prices to find the most convenient option for your needs. On the other hand, investing in cheap and low-quality equipment can only harm your business, so try to find a balance.
When launching a new business, in this case, a gym, you will have to consider additional costs, such as licenses, permits, and certifications your business requires. If you don’t have a personal trainer’s certification, then as a gym owner, you should apply for one.
Having a certified and skilled staff is crucial to your business since it increases the client’s trust. On top of that, you will have to hire an already certified trainer or cover the costs of training, which are approximately $800 per qualification.
Another necessary license you will have to acquire is the business license. The initial cost may depend on a number of employees, but it shouldn’t be more than a couple of hundreds of dollars. They also depend on permits you will have to have in place, for example, safety and health permits.
If you aren’t skilled with permits and licenses, then you should hire a professional who will submit the necessary paperwork. In this case, you get to avoid further complications and start your business sooner.