Many people dream of owning their own gym, being the boss, setting the rules, controlling their lives, and earning for themselves. Starting a gym can be difficult. You have to spend a lot of time and money coming up with an idea or service; testing it; developing its production or operation, marketing and selling it; hiring people; finding a location; sourcing equipment and vendors, and attracting new members. Many of these start-up frustrations are bypassed when you buy an existing gym. There is no better time than today to pursue your dream of owning your own gym.
Why should you buy a gym?
1. The gym has immediate cash flow from day one.
You start earning as soon as you sign the purchase contract.
2. Existing membership base is already in place.
Start-up ventures sometimes fail because new members do not come for some time despite the initial investment and the work you put in. Contrast this with an established gym that has a loyal member base. You should keep your members by maintaining the status quo for some time before introducing any changes.
3. The risk of the gym failing is lower.
Buying an established gym with ongoing cash flow, proven systems, a known brand, existing members, and a good reputation is less risky than starting a new gym.
4. People know the gym brand and logo.
You do not need to introduce the product or service because the public is already familiar with the brand or image of the gym. The gym name and logo are integral to the value of the gym.
5. The gym has a reputation in the market place.
A gym with a good reputation and a popular product or service is a good buy. A positive reputation in the market is a product of years of work.
6. Customers know the gym location.
It is to an advantage to buy a gym in operation for some time in the same location.
7. There is less need for training of employees.
The current employees are familiar with the internal workings and systems of the gym. Make sure that the key gym employees who are well trained and knowledgeable in the operations of the gym will remain after the sale. They will guide you through the transition.
8. Marketing, sales and operating systems are already in place and working.
It took trial and error and many months or years to fine-tune the sales and marketing, order of procedures, accounting, payroll, operations and inventory systems that are behind the success of the gym.
9. Financial assistance is available.
An established gym is usually offered better financing terms by banks and by suppliers. Even family or friends may be willing to finance part of your new venture, or the expansion of a gym that has proven itself over time. Existing gym purchases are considered safer investments whereas start-up gyms are deemed risky.
10. Interest rates are low.
Most financial institutions offer low interest rates now that the dollar is weak. Established gyms with good credit are getting good terms.
Achieving financial independence and pursuing your passion are two more reasons why you decide to start a gym. However, buying a gym requires capital, time, hard work and handling some risk. Are you ready to own a gym?
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An Outsourced CEO, Jim Thomas is the founder and president of Fitness Management USA Inc., a management consulting, turnaround and brokerage firm specializing in the gym and sports industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars, webinars and workshops across the globe on the practical skills required to successfully to overcome obscurity, improve sales, build teamwork and market fitness programs and products. In addition, his company will buy gym equipment from gyms liquidating or closing. Visit his Web site at:www.fmconsulting.net orwww.jimthomasondemand.com.