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So, You Want to Be a Successful Gym Owner?

Fitness Center Broker, Gym Broker, Gyms for Sale, Health Club Broker, Health Club Valuation, new gym start up November 22, 2018

Let’s start with these simple questions

As with anything that has an upside, there will be risk. You can’t avoid it. However, you can help mitigate this risk with proper planning and preparation and surrounding yourself with industry experts. A place we always like to start by asking ourselves these 2 questions; what am I good at? And where do I struggle? Review the following questions to see where you need some help to improve your business;

· Are you a self-starter? The big failure I see in this area is we become content quickly. We don’t really start to push until the pressure is on. So many gym owners wait and wait, hoping things will change and then it’s too late. I think it was Mark Cuban that said it, “work each day like someone is trying to take it all away from you.

· How well do you get along with different personalities? The question becomes, can you deal with a demanding member, an unreliable vendor, or even a cranky employee all in the best interest of your gym? This can really be a challenge for some owners. You’ll need to develop working relationships with many different types of people.

· How good are you at making decisions? Gym owners are asked to make decisions constantly, many times quickly, sometimes under-pressure and independently. The big thing I find with independent operators, they tend to become isolated and for fear of making the wrong decision, they make no decision at all. The key here is to surround yourself with people that know more that you (and that you can trust). Learning by trial and error is very expensive.

· Do you have the physical and emotional stamina to run a gym? Owning a gym can be challenging; it can be fun. It can be exciting. But it is also a lot of work. The big secret here that is missed by so many owners is to have a process in place to develop people and future leaders of your business. Accomplish this and you will fix many problems you may have in your business.

· How well do you plan and organize? I see this one over and over and over, the gyms that struggle the most are the ones that fail to plan (or they simply don’t know what they don’t know). Owners don’t have a written plan of action. Sales Managers don’t have a written plan of action. The big thing to remember here is there is a difference between a goal and a plan.

· Is your drive strong enough to maintain your motivation? Some owners get worn down by carrying the entire burden themselves. Surround yourself with trusted industry experts, people who have been through what you’re going through.

Are you looking for someone to help you run your gym business? contact ustoday!

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.

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A Recommendation of Jim Thomas, President of Fitness Management and Consulting

by Norm Cates, Club Insider Publisher and Tribal Leader Since 1993

Jim Thomas is a talented, experienced, dedicated, determined, and very professional expert in the health, racquet and sportsclub industry. A club industry veteran of over 30 years, Jim has been a Club Insider Contributing Author since March of 2006, when he joined our Club Insider Contributing Author Team. During that time Jim has written and contributed 50 articles which have been published during our 284 months of Club Insider publishing. Jim Thomas is a truly great asset to our publication, and to our wonderful industry, and he can be trusted to deliver great results, over and over, no matter what the challenge.

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When is it Time to Sell Your Health Club or Gym?

gymsaleMany factors will tell you when it is time:

  • Owner’s “burn out” Owner’s or key employee’s health problems
  • Business relocation or rerouting of expressways
  • Lease expires and you do not want to renew for another term
  • Changing technology Get estate in order
  • Not interested in investing long-term capital
  • Children do not want to enter family business
  • Under-capitalized
  • Largest accounts in financial difficulty
  • Bank unwilling to renew credit lines
  • Supplier problems
  • Staff problems
  • Customer’s habits changing
  • Seeks retirement
  • Wants to cash out and go fishing

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Whatever the reason, you will need to plan an orderly transition to new ownership with less involvement on your part.

For more info, please call us at 214-629-7223.

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We sold our health club within 4 weeks - Thanks!

Shawn T.