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Starting a fitness business is hard work (pun intended). But it’s also a great industry to work in. We help people reach their health goals and, in turn, live healthier lives.
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If you are looking to start a profitable business, this is the perfect industry to enter. The global health and fitness club market is expected to grow at a rate of 10.6% from 2018 to 2023. According to the Health, Racquet and Sportsclub Association (IHSRA) Global Report, the US fitness club industry generated a record $32.3 billion in 2018. By comparison, the US health club industry generated just $25.8 billion in revenue in 2015. .
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If you’re a fitness junkie, you already love to sweat. Now is the time to enter a different type of work. Everything you need to start your fitness business is here.
A good fitness business focuses on providing the best equipment, professional instruction, and personal training. But starting a fitness business takes more than that. Here are the 6 steps you need to take to start your fitness business.
There are many different types of fitness businesses. Become a personal trainer, teach classes, or run your own facility. Each has advantages and disadvantages. If you’re looking at how to start a fitness business without spending a fortune, becoming a personal girlfriend trainer is a low-cost venture, but it does require an in-depth knowledge of exercise techniques and nutrition. On the other hand, running a facility requires a lot of overhead, but you can rely on the expertise of others. There are also gym franchise options to consider when considering starting a fitness business. Popular franchises include Crunch Fitness, Planet Fitness and Pure Barre. Consider starting a crossfit box.
If you need inspiration to start a fitness business, consider these popular options.
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The next step in starting a fitness business is getting a workout. If you want to learn how to start a fitness business or how to manage a gym, you need a fitness background. That way, people will believe you know what you’re doing. Council, or the National Academy of Sports Medicine. Valid certifications are accredited by NCCA (National Accreditation Commission) or DEAC (Distance Education Accreditation Commission).
Of course, fitness training isn’t the only education you need. Also, you have to do a lot of research to know exactly what it takes to start your business.
The steps are exactly the same whether you’re looking to start a fitness business or any other type of business. There are many things to include when writing a business plan. It can be helpful to use a business plan template to ensure all the bases are covered.
The key is to make sure there is demand for your business and that you can generate enough business to keep you going after you invested a lot to get started.
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Another important part of any business plan for starting a fitness business is choosing a business entity. Due to the nature of your company’s business, you should use an entity that provides owner liability protection. If you are looking for liability protection, a joint stock company or limited liability company is the best choice.
Certain licenses and permits may be required to operate a gym in your state or territory. When starting a healthcare business, you should check with your city, town, or county office to ensure that you are following all the regulations set by the various regulatory bodies.
One of the permits you will definitely need is a proof of residency. The occupancy certificate confirms that all building codes, regulatory laws and official regulations have been met. When renting a gym, it is usually the landlord’s responsibility to obtain proof of occupancy.
Running a gym also entails risks not found in opening another business. People are exercising, using equipment, walking over things they might trip over, and doing other dangerous activities. We recommend getting small business insurance that covers multiple scenarios so that your business is covered if something happens to someone else while you’re at the gym.
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We also want to be covered if our equipment is stolen or damaged. You can encourage all instructors you hire to also take out personal trainer insurance.
There are many reasons why you might need an Employer Identification Number (EIN). This will help you file your taxes and avoid tax penalties, open a business bank account, apply for a loan faster, and establish business credit.
You can apply for an Employer Identification Number online through the IRS. Register online with the IRS and receive her EIN within minutes. A sole proprietorship does not require her EIN, but it is recommended to obtain one for the aforementioned benefits.
If you’re wondering how to start a healthcare business without money, some businesses don’t come cheap, but there are financing options that work for you. According to fitness club consultant Bryan O’Rourke, his costs start at $30,000, but he could soon reach $500,000.
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If you are looking for startup financing, you have several options including SBA loans, business lines of credit, and personal loans.
Business Line of Credit gives you early access to cash when you need it when you start your fitness business. The difference between a line of credit and a loan is that you have the money in hand, but you only have to pay interest on the borrowed funds.
There is also financing for gym equipment. This is a great option if you want to know how to start a fitness business without money. Exercise equipment purchased with a loan serves as collateral for the exercise equipment loan used for the purchase.
Now that you know the steps you need to take to start your fitness business, here are some tips to help you grow your business. To give you the best advice possible, we spoke to entrepreneurs who have started their own fitness businesses.
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The health and fitness club market is expected to grow into a $147.1 billion industry by 2024, with a strong focus on personal training.
Consider ClassPass, which operates in 18 countries around the world and is worth $600 million. ClassPass partners with boutique classes to offer members everything from cycling to yoga to dance to martial arts. For $19-$199 per month (depending on your subscription plan), members can enjoy unlimited classes at studios within the ClassPass network and attend the same studio each month up to a certain limit.
The ClassPass success story is just one example of a customer seeking specialized, niche workouts from a fitness store. If you want to know how to start a fitness business that is attractive to your growing clientele, this is the example to follow.Another example is his ShadowBox, a fitness boxing studio. GoRow Studios, a gym that specializes in rowing machine exercises. Next, he has modelFIT, a gym in New York and Los Angeles that “combines conscious nutrition with conscious exercise,” and is a popular celebrity hangout.
Eric Posner, his CEO and co-founder of New York boutique cycling studio Swerve Fitness, said: city. “By going to the fitness store, I can get a better workout in less time and for less than I would pay a personal trainer.”
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During his discussion on a panel hosted by American Express’ US Small Merchants Group, ClassPass founder Payal Kadakia said gyms are “like the new restaurant scene.” It’s about experience and lifestyle. Find out if you want to know how to start a fitness business.
This concept of hanging out at the gym is how Posner did it with co-founders Chelsea Kocis and John Henry McNierney.
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