Opening Your Own Gym.

[Atomic Punk]

Has anyone ever looked into it, or maybe even own one already, or know someone who does? I am considering it, and was wondering a few things:

1. What is the cheapest way to furnish your gym with equipment? Not cheap equipment, not top of the line. Rather, reasonably-priced machines(selectorized), dumbells, cardio equipment, and free-weights.

2. What is the minimum amount you'd be looking at in start-up costs, for a small gym, that would be physical-therapy based, for example. I'm not talking Bally's or Golds here.

Thanks

 

[Exodus]

i have checked into it for about a year with my father. and here is the conclusion we come up with.


dont do it.

im not trying to be mean and talk you out of your goals, but it was my goal for ever too. gyms are a hassel.

but here is the thing. if your in a big city, and your not a franchise??? its incredible hard. they want to go with new and shinney, where as you will be cutting down on shinney due to cost.

and if your in a small town, look for not enough member, not enough members paying their dues. or a combination of both.

if you are famous and have a big enough following, or some really low low prices. you can do it. but its hard to be famous, and low low prices, means low low dividends for you.

X

 

[PolishHammer1977]

My GUESS is that insurance would be the highest expense.

 

[MsBeverlyHills]

http://www.goldsgym.com/franchise/faqs.asp


actually-- Id like to open a GOlds in London in the future (theres no decent gyms inthe Piccadilly area)...

 

[punch]

I think the replies you got so far are right on. It is a money losing proposition. Gyms are based on fees. These fees need to be stretched over the course of the year for Utilities, equip maintenance etc... At the end of the day, unless you could charge a hefty annual rate, you will be left holding your herman. As I have stated before it is essential to have a revenue stream such as Racquet ball, Squash courst, Aerobics etc.. These items are where gyms actually make money. Even a juice bar makes good money. Without some or all of those components I am sorry to say that it will most likely be a bust.

Of course, If you are looking at this as a strict hobby with no intention of massive wealth then it would be a fun thing to do. There are some tax bennies which Im sure I dont need to get into either. Good luck.