Rarely does an individual feel absolutely passionate about their job. Many of us crave the freedom and autonomy of running our own business. If you’ve decided to make that dream a reality, starting a business is a considerable endeavor that takes courage, determination, and long-term commitment.
Whether you’ve decided to open a grym, building a masterpiece from scratch is huge and there are a few pieces of advice to keep in mind. Below, Jim Thomas Fitness Management & Consulting details a few critical details to remember along your journey.
The most successful business people create beautiful ideas because they’re fully committed. They don’t overstretch themselves, get distracted, or try to start multiple businesses at a time. Focus on your one project and pour everything you have into it.
Further, know your industry. If you’ve never worked in a gym but want to open one, it’s wise to
do your research. You don’t want to jump into something without the foresight to know what lies ahead. Choose your business with precision, with the knowledge that you’ll be devoting yourself full-time to this endeavor. This way, it will be something you’ll be happy spending a lot of time doing.
Support and Funding
Rarely can someone start a business without help. Most of us don’t have the money or manpower to go it alone; therefore, funding will be a critical component to get your ship off the ground. You can secure funding from the state, investors, microloans, personal business loans, and even crowdfunding.
Be sure to get involved in your community. Joining the local chamber of commerce may sound tedious and time-consuming, but you can gain invaluable insight, support, advice, and personal relationships to help you get through tough times.
Build Your Dream Team
Keeping people around you can trust and rely on is critical not only for your success but your peace of mind. Assemble a staff, an accountant, and an informal “board of directors.”
You need professional advisors to guide you on the ins and outs of tax laws, insurance coverage, and more. Regularly seeking counsel from trusted advisors who can guide you will not only help but also instill confidence. You may be surprised how many will offer advice and expect nothing in return but thanks.
Make a Plan
When it comes to your gym’s business structure, consider whether you want to create an LLC or go another route. An LLC, which stands for Limited Liability Company, is great to start with because — in terms of liability — it’s a designation that will protect your personal assets in the event of bankruptcy or compromise. It also grants greater flexibility and often requires less paperwork. An online formation service like ZenBusiness can help you make short work of business formation.
Of course, it’s also critical to understand an LLC operating agreement before you dive in. This way, you can draw up sound business and succession plans to run them by your advisors. You want to outline your business’s rules and protect your assets. Flesh out every single detail, and don’t be afraid to ask questions.
Market Your Gym
A marketing plan will be a component of your business plan, and in the beginning, you’ll need to make marketing a primary focus. Remember, you likely have a lot of competition, so you need to stand out from the crowd. This starts with a stellar website, and while this can be a pricey endeavor, the ROI can be significant. Next, you’ll want to create the ideal logo for your gym. Use a tool like Adobe Spark’s free logo maker online to craft a custom logo through a mix of templates, typography features and an image library. After your website and logo are complete, it’s time to start building interest in your gym. Social media is a great tool here, and you can list your information across multiple platforms. Consider also offering new membership incentives and discounts to drive customers to your gym.
Starting a business is full of excitement — and just as much stress. However, rarely does one regret pursuing their dreams. Being your own boss and calling the shots is a lot of responsibility, but with a bit of preparation and an open ear for advice, you’ll soon be on your way to success.
Are you ready to bring your dream of owning a gym to life? Then it’s time to connect with Jim Thomas Fitness Management & Consulting today. We can help you through every step of the process so that you can feel confident when it’s time to open your doors and launch your memberships. Reach out today!