Brian Schwab was born in 1974 in Florida. He is a World Powerlifting organization (WPO) champion in the lightweight division, and he holds a number of records. The most significant is the highest of all time record in the 148 pound class, with a 1930 pounds total. He has a bachelor’s of science in exercise and sport sciences from the University of Florida. He is also accredited by the National Strength and Conditioning Association (NCSA) as a Certified Strength and Conditioning Specialist (CSCS). Aside from this, he is the owner and manager of the Orlando (Barbell a powerlifting gym running a 24-hour access card service). Brian Schwab draws from his extensive experience to offer you tips on how best to open your gym. Kindly check them out.
Identify a niche market. There are many gyms some offering general services, and most focusing on specific markets. To earn revenue, you need to be different from the competition. But who do you achieve this? Schwab says, “First, do not start your gym in an area where there is even one more gym. Move to a new place, and provide a service that was previously not taken care of. This can be in terms of the hours you offer your services or tailoring your service to a targeted clientele. Whatever you do, be distinctively different.”
Decide early enough the kind of gym you want to set up. This means making a choice on whether you want to have the gym independent allowing you to work elsewhere, or you want to be employed at the gym. This will help you focus your efforts and define your goals especially on the structure of the gym. If you are going to be employed at the gym then, you will be expecting much of your revenue there with no other supporting base. It may appear bleak, but it allows you the opportunity to control and direct the setup from close up.
Research on the cost of setting up the gym. For this, you will need to get a comprehensive checklist and check on all resources including the internet and sport equipment stores for accurate figures. Find all the estimates for the equipment you will need, the rent, insurance costs, taxes, permits and sales and other expenses. If you are unsure of the expenses, you can search online or visit an already existing gym. The permits’ cost could be annually and still include the registration. Ensure you know every agency or regulatory body you have to clear with.
Double the projected expenses and slash by half the estimated revenue and see if you can still succeed for six months. The point of this is to gauge whether you can hold out in the first trying months of the business without closing doors. You can expect to incur more expenses than anticipated, and the revenues are not guaranteed to come as planned. Doing this shapes your mentality and prepares you for the worst. You should come up with quite a number of revenue sources from your gym aside from just subscriptions. Some ideas include; If you are a certified fitness expert, you can consider offering training and renting the premises to other instructors. You can also have your gym merchandise for sale. Be a distributor for diet supplements and DIY fitness equipment
Get a professionally done business plan. A business plan is what sells your idea to prospective investors. Aside from that, it helps you get the big picture with all the little details inside. You can work with an expert or buy a business plan software. It is worth investing in a good plan since only comprehensive business plans appear well thought out and viable. Once you are done, you can consider seeking a second and even third opinion of your plan. While it should be convincing, it should not lie or have extrapolated returns. Let it not sound too good to be true as it will be your undoing.
Invest your money in the gym first. Before you go out looking for investors, put in a considerable amount of your own as an investment. You may not have the amount in cash but get ways whether in home equity, loans, and inheritance whatever way you can. The reason is simple; you cannot win the trust of others to invest in your idea if you have not shown the commitment yourself. The more you invest in the gym, the higher your drive to see it succeed and the more convincing the project appears.
Get investors. This is one of the trying moments but even then approach it with enthusiasm and boldness. You might get a number of investors with the first few attempts but usually as with any other business you have to put in time and effort. Start with family members, friends, potential clients, local investment companies and everyone else. The only thing to look for is whether you can meet their expected returns. If you are turned town in your first attempts, use their reasons for declining in building your case in the next presentation.
Do not expect to make money. This sounds bleak, but you are not going to become a millionaire from your gym. You are most likely to get just enough to meet the expenses and pay yourself just about the same amount you got from your former work or business or even lower. Much of the time you will be underpaying yourself. However, you will be doing what you want to do.
Get adequate insurance. Despite the minimum revenue, do not save on insurance cover. Cover your equipment, any staff, yourself clients when they are in from any incident. The last thing you want is closing up due to damage on equipment, yourself getting injured or facing liability suits from clients. Insurance cover grants you the peace of mind to focus on other business areas. You can also use it as a selling point to your clients. There are several affordable, comprehensive insurance policies that you can use, compare and pick one that is tailored to your needs.
Never give up. This cannot be overstressed; it is your patience, persistence and perseverance that will see you through. Remember you are in it out of passion, and you will have to do all you can to keep the gym doors open even when working on a bare minimum.
Well, these are the top 10 tips on who to start your gym as given by Charles Schwab. Which one do you find most important? Do you have more tips you would like to share with the world? Feel free to put your comments in the box below and let us know. You are also welcome to share this post via social media.