Considering opening my own PT studio, but in need of advice

[goalman29]

Hey. I've been a pt now for about 5 years. I've been successful, however in the city I live in there is a strong fitness market currently, but it is dominated by big chain gyms and a few typical personal training studios, the two best one's I work at currently. I am a father of two, and my wife can only work so much. I love what I do, but i've come to the conclusion that the only way for me to have a more secure future, and I say that loosely, is to open my own pt studio. So, to put it simply from here i'll list my pros and cons for starting this thing up, and if others who have applicable knowledge or experience could respond i'd really appreciate it .
Pros: Great Business name (brand name even)
-great location and low cost
-unique services and "niche" style of training that is in high demand yet not provided anywhere in the entire city
-good amount of clients would follow me (us) to business (although I don't want to depend on them that much)
Cons: No capital or $ to start it up (yeah that's a big one, my credit isn't very good and I would have to seek out private investors
-The other trainer that would be running it with me lives far from desired location and has not convinced me that he is totally committed other than just saying he is
-I am not confident enough in doing it myself because I am not good with money in terms of accounting etc.

With all of that said, I know to start it up I would need around $20,000. The rent to the beautiful store front space is $1500 per month with 1200 sq ft upstairs for the one on one training and for group classes, as well as 900 sq ft downstairs for changing, storage and office. I have tried to start up an in home business myself and even paid out much $ for advertising to no avail last year. I did not have a plan or a good name and marketing strategy. I do now though. I have sought out the advice of friends and family who are attorneys, CEOs, small business owners, accountants, and even a business development specialist/consultant and they all think the "why us" factor is superb and they love the name and concept too. Although, they are concerned due to me having poor credit, no capital, and my partner being dicey so far. I am posting on here to seek the advice of others who work in the same field as me and have either successfully or unsuccessfully started their own small pt studio for advice, any would be great.

James

 

[ppgfreak]

I think you have a great plan. I think 20k will be on the low end, but still possible. Insurance on those types of places will not be cheap. Electricity won't be to bad. Heat and a/c will cost you though. Not sure how much of either one you will need. Phone/internet,water,ect.

Your best bet will to start talking to vendor's! Free fridge to sell there stuff, make them stalk it for free. Protein, bars, ect. All the little things help.

Sent from my ADR6350 using EliteFitness

 

[goalman29]

insurance would be $50 per month, and utilities around $500 total, I already checked. Part of my business concept involves minimalist training and targeting a market that is not into heavy duty high maintenance equipment. I'm not seeking to target bodybuilders or powerlifters. I have nothing against them, I used to be one myself and still train myself that way, but it's not in my concept for this business. My partner is a former olympic soccer player from Argentina and is well known in the latin american areas of our city, the location that we are seeking is right in the middle of that area too.

 

[ppgfreak]

$50 a month? Wow that's great!

Sent from my ADR6350 using EliteFitness

 

[scauffbillme]

Hey. I've been a pt now for about 5 years. I've been successful, however in the city I live in there is a strong fitness market currently, but it is dominated by big chain gyms and a few typical personal training studios, the two best one's I work at currently. I am a father of two, and my wife can only work so much. I love what I do, but i've come to the conclusion that the only way for me to have a more secure future, and I say that loosely, is to open my own pt studio. So, to put it simply from here i'll list my pros and cons for starting this thing up, and if others who have applicable knowledge or experience could respond i'd really appreciate it .
Pros: Great Business name (brand name even)
-great location and low cost
-unique services and "niche" style of training that is in high demand yet not provided anywhere in the entire city
-good amount of clients would follow me (us) to business (although I don't want to depend on them that much)
Cons: No capital or $ to start it up (yeah that's a big one, my credit isn't very good and I would have to seek out private investors
-The other trainer that would be running it with me lives far from desired location and has not convinced me that he is totally committed other than just saying he is
-I am not confident enough in doing it myself because I am not good with money in terms of accounting etc.

With all of that said, I know to start it up I would need around $20,000. The rent to the beautiful store front space is $1500 per month with 1200 sq ft upstairs for the one on one training and for group classes, as well as 900 sq ft downstairs for changing, storage and office. I have tried to start up an in home business myself and even paid out much $ for advertising to no avail last year. I did not have a plan or a good name and marketing strategy. I do now though. I have sought out the advice of friends and family who are attorneys, CEOs, small business owners, accountants, and even a business development specialist/consultant and they all think the "why us" factor is superb and they love the name and concept too. Although, they are concerned due to me having poor credit, no capital, and my partner being dicey so far. I am posting on here to seek the advice of others who work in the same field as me and have either successfully or unsuccessfully started their own small pt studio for advice, any would be great.

James

It's always a learning process. As long as you can pay the rent and keep the place open for six months, with no money coming in, then you are good to go. Most people don't have more than a couple of months and so when they have a couple of bad months they are right back where they were when they worked for someone else... living week to week. However this would be worse because the humiliation of failing sticks with you forever and the idea of having to crawl back to that shithole you left, clients in tow, causes plaque building stress.