9 Important Questions To Ask Yourself Before Opening A Gym
Did you know that the fitness industry in Australia is worth a massive $2.2 billion? With numbers like that, it comes as no surprise that countless Australians are looking to cash in and open their own gym.
But there’s more to it than just finding a facility and hiring personal trainers, you need to consider whether or not you have what it takes to own a gym.
The process of opening a gym is not for the faint of heart. Ask yourself the following 9 questions to determine whether opening a gym franchise in Australia is right for you.
1. Why Do I Want to Start a Fitness Business?
One of the first questions to ask yourself is why you want to work in the fitness industry?
Owning a gym can be a highly rewarding and lucrative business option. However, it also comes with a lot of stress, especially in the early months of launching your studio or fitness franchise.
You need to make sure you have a strong reason for wanting to get into this field to stay motivated even when things get tough.
Be sure to think about your long-term vision, too. Where do you want to be 5, 10, or 20 years from now? Is owning a gym part of that vision?
2. Who Is Your Target Market?
On a similar note, it’s also important to think about who you want to appeal to.
Who is your target client? Are there certain types of people who, in your opinion, are not being well-served by the gyms in your area?
Do you want to help people who can’t afford expensive gym memberships, for instance? What about those who might feel intimidated by the standard gym environment?
Thinking about whom you want to serve can help you to refine your why and discover your niche. It also makes it easier for you to stay focused on your mission as you get your gym off the ground.
3. What Will Make My Gym Different?
The fitness industry is a lucrative one, but it’s also a competitive one. There are currently thousands of gyms all over Australia, and new ones opening every day.
This is why it’s important to ask yourself how can you make your gym or fitness studio different from others in the area.
How will you make it stand out and appeal to your target customer? From the design of the space to the way you market it and even the types of classes or equipment you offer, there are all kinds of steps you can take to distinguish your business from its competitors.
4. Where Will My Fitness Franchise Be Located?
You’ll also need to put some serious thought into where you want to open your fitness franchise.
If you choose a place that already has a lot of fitness studios and gyms nearby, you may have to deal with more competition. If you choose a place where yours is the only option, though (or at least one of the only options), it might be easier for you to attract new members and grow your business faster.
5. How Soon Do I Want to Open My Business?
What’s the timeline for your gym? How soon do you want to open your doors and start attracting new members?
Be sure to give yourself plenty of time to get your space ready and advertise it. If your timeline is too long, though, someone else might swoop in and capture your market.
6. How Much Can I Afford to Spend?
You’ll need to buy or rent out a facility to house your gym, too. In addition to choosing the perfect location, you’ll also need to make sure it’s available at the right price.
Ask yourself how much you can afford to spend per month on rent or a mortgage payment. Be sure to consider other expenses, too. This includes things like utility bills, trainer salaries, staff salaries, and equipment costs.
7. How Will I Attract Qualified Trainers and Staff?
Part of running a successful fitness business is employing qualified trainers and staff who are enthusiastic about their jobs and want to provide members with a positive experience. Think about what you’re going to do to attract these kinds of people to your gym.
Where will you post job ads? What kinds of requirements will you list on those job ads? What will the interview process look like when screening candidates? And what will offer to get them to stick around?
8. Do I Have Enough Money Saved to Cover My Living Expenses?
If you’re not going to be working while you go through the process of opening your gym, you’ll need to make sure you have enough money saved to cover your living expenses for at least a few months.
Keep in mind, too, that you likely won’t be bringing in a lot of money right after your gym opens.
In the early months, all the money you earn will go right back into paying bills, paying staff salaries, etc. As a result, you’ll need to make sure you have money in your bank account to fall back on during this period.
9. Do I Have The Patience Needed?
Your gym is most likely not going to be an overnight success. It will take several months — or maybe even years — before you begin generating an impressive profit from your fitness franchise.
If you’re not willing to be patient and put in the work while you wait for your business to take off, opening a gym might not be the right choice for you. If you don’t mind putting in the time and effort in the beginning, though, you’ll be rewarded later on.
Are You Ready to Become a Gym Owner?
After asking yourself the questions in this guide, you should now know whether or not you have what it takes to successfully run a fitness franchise here in Australia.
One of the best ways to cut down on the stress and hassle outlined above is to invest in a turnkey fitness solution, such as Stepz.
Our unique model offers unmatched support from our a massive team, a proven formula for success, and a respected brand backing your every move.
When you open your own Stepz Gym, you’ll access a turnkey system that turns your passion for fitness into a profitable business.