Opening a gym can be a profitable business but it requires licensing, funding and a proper plan to set up the gym. Even, if you are not that much in the fitness industry, the business-minded approach and passion can take up to the successful business outcome.
Opening a gym needs large startup costs and the basic cost will fluctuate between Rs.15,000 and Rs.1,00,000 depending on the investment in the success of your business. Let us discuss the requirements and budget needed to set up a complete gym.
For a Complete Gym Setup, make a list of services that will be provided in your gym. The services offered should be suitable for bodybuilders, spa, sauna, and a separate space for ladies and cardio. It will help to proceed further on applying for licenses, location for the gym, space for gym equipment and the initial investment cost.
According to the services, plan for the equipment that has to be ordered. The Equipment for Commercial Gym Setup can include different exercise machines, the number of dumbbells, bars and their installation charges. And also, calculate on the monthly charges for your services. The charges should be profitable and also low enough for the customers so that the business grows.
Plan for Location and Licensing:
Try to choose a location in the main area for maximum exposure of your business which will be as free marketing. Construct the setup as per the services planned to startup the gym. If planned to conduct yoga and cardio classes, an equal number of rooms should be constructed for it.
The licensing for your Own Gym should be maintained properly and a mandatory police clearance should be made for opening the gym. And also, if the business turnover is more than 9 lakhs, then need to register for Service Tax Registration.
Estimated Capital Investment:
Hereby, we have provided the estimated capital investment of the expenses in setting up a complete gym.
1) For the construction of building a multi-functional gym can costs between 5 lakhs rupees to 10 lakhs rupees.
2) To purchase standard equipment and for its installation charges, it costs between 5 lakhs to 30 lakhs.
3) The maintenance cost for the gym can cost from 30,000 to 60,000.
4) Hiring gym trainers can cost between 20,000 to 1,00,000 rupees depending on the number of trainers for men and women separately and for the time spent in the gym.
5) If your gym setup is on a high budget, the monthly servicing of equipment and other expenses can cost Rs.5000.
The above is the estimated costs required for planning a complete gym setup and its maintenance. In addition to it, the marketing and advertising costs will be added to promote the business in the first six months. But the social media promotions costs less for the advertising and marketing. It can be a great experience to own a gym and if needed can find a business partner for the startup cost.