How to Own a Gym

If you're into fitness and exercise, perhaps owning a gym is for you. However, you need more than physical fitness know-how to own a gym--you need business smarts and communication skills to be a successful gym owner. But once you have all the equipment in place, you can find that owning a gym, while time-consuming, can be a very rewarding occupation.

Instructions

Difficulty: Moderate

1. Decide if you want to be independent or want to buy into a franchise such as Gold's Gym. While owning a franchise can give you an established name and clientèle, it may restrict how you run the gym. If you're more independent-oriented, owning a franchise may not be for you.
2. Choose a location and size you want your gym to be. Look for a building to lease or buy that can house all the equipment you intend to fill your gym with. Make sure there is ample parking and that the location is easy to get to. Obtain any licenses you need to operate your own gym.
3. Buy or lease gym equipment. There are many retail outlets or even online vendors that sell or lease exercise equipment.
4. Find your niche. Perhaps you'd like to cater to the younger crowd, or maybe senior citizens. Decide if you'd like to offer fitness classes, personal training, massages or other additional services.
5. Start small. You can always expand later, but it's best to start at a smaller location with lower rent and less equipment to keep costs down. Then see how successful your venture is before expanding.

Tips & Warnings

• Create a business plan and budget before leasing a building or any equipment.
• Find a Small Business Agency office in your area, and contact them for advice.
• Visit existing gyms in your area. Speak with other owners, and get tips and advice from those who are already successful at owning a gym.