Thread: Anyone here own there own gym?

do you mean a home gym, or a commercial gym?

commercial

you need alot of capital to start up a gym.

whats the location like, how many high schools, population # in a 5 mile radius?? any other gyms in the area??

get some demographics on the local poulation

Originally Posted by MyK

you need alot of capital to start up a gym.

whats the location like, how many high schools, population # in a 5 mile radius?? any other gyms in the area??

get some demographics on the local poulation

thanks

once you have your key demographics, your gonna need to do an attitude survey on them, to test their attitude towards health, bodybuilding and weight training.

keep it coming this is good stuff

What is the average cost to set up something like this i am thinking about 250-300 thousand pounds?

Originally Posted by Martinogdenbsx

keep it coming this is good stuff

What is the average cost to set up something like this i am thinking about 250-300 thousand pounds?

I don't think a gym needs that much weight.

Not sure of the conversion rate from the pound to the dollar. Most large gym owners do not pay cash for all of their equipment and the facility itself. Usually it's leased and they just pay back either the lease fees or the loan.

So to answer your question you would need to find out what the going rate for leasing the proper facility and all the equipment in your given area.

Also, doing the math in my head real quick it doesn't appear to be an extreme money making venture.

Let's say you have 500 members on a monthly pay of $40 per. That's $20K per month in revenue. For a gym of any decent size after paying employees and lease fees etc you would more than likely be in the negative.

Originally Posted by largepkg

Not sure of the conversion rate from the pound to the dollar. Most large gym owners do not pay cash for all of their equipment and the facility itself. Usually it's leased and they just pay back either the lease fees or the loan.

So to answer your question you would need to find out what the going rate for leasing the proper facility and all the equipment in your given area.

Also, doing the math in my head real quick it doesn't appear to be an extreme money making venture.

Let's say you have 500 members on a monthly pay of $40 per. That's $20K per month in revenue. For a gym of any decent size after paying employees and lease fees etc you would more than likely be in the negative.

500 members is weak

Originally Posted by Martinogdenbsx

keep it coming this is good stuff

What is the average cost to set up something like this i am thinking about 250-300 thousand pounds?

your gonna need to calculate the best weighted average cost of capital you can get. basically your gonna want to use as little capital as you can and as much debt as you can keeping the interest rate as low as possible. the more you borrow, the higher the rate will be. the less you borrow the less capital you will have, and will need to get members signed up and paying before you default

look into how much equipment you will need, its costs, and the cost of the building then add about 10% for all the decor and shit. then you will have an estimate of your fixed costs. a gym has very little variable costs, mainly wages, utilities and overhead which is an advantage. how ever the huge start up costs is what will bite you in the ass if you cant get members to join up. make sure that you have a market before you bulild!!!

Originally Posted by ForemanRules

I don't think a gym needs that much weight.

Alot of them are Franchises and you'll need around 200-300 grand to start it up. Me on the other if I was going to own a Franchise it would be a McDonalds. Like the drug dealers say as long as you dont use your own inventory your set.

Originally Posted by squanto

500 members is weak

Agreed! It was just a comparison.

I belong to LA Fitness here in S FL. My gym has 1200 members and is one of the busiest gyms in the area. It's also ridiculously large. They charge $32 per month. They're collecting roughly $39K per month. Are they making money? Probably. They also sub let the juice bar out. I would rather own the juice bar then the gym! This guy does extremely well for himself.

Anyway, I'm rambling so I must go.

you cant compare the US to england.

Originally Posted by largepkg

Agreed! It was just a comparison.

I belong to LA Fitness here in S FL. My gym has 1200 members and is one of the busiest gyms in the area. It's also ridiculously large. They charge $32 per month. They're collecting roughly $39K per month. Are they making money? Probably. They also sub let the juice bar out. I would rather own the juice bar then the gym! This guy does extremely well for himself.

Anyway, I'm rambling so I must go.

But how much do they make a month in personal training???? On a side note I think opening a gym is a very bad business idea.

Last I remember you have to have $1 million to open a Gold's Gym.

Originally Posted by ForemanRules

But how much do they make a month in personal training???? On a side note I think opening a gym is a very bad business idea.

maybe in the US,

but in england there have been historical social taboos against "bodybuilding" it was viewed as narcississtic. these norms are changing and the market is begining to open up!

there is not the fitness industry that there is in the US!

gyms are hard to come by here,good ones anyway

YOU really don't see many bodybuilders but the scene as has been said is just starting to get bigger i think

Originally Posted by MyK

maybe in the US,

but in england there have been historical social taboos against "bodybuilding" it was viewed as narcississtic. these norms are changing and the market is begining to open up!

there is not the fitness industry that there is in the US!

Yes I was talking about the US, I have no idea what England is like.

i suppose everything has it's risk it's like someone saying don't open a restuaraunt or a bar because there are already LOADS but yet alot still survive

You have to do your research

One guy that comes into my local shop is HUGE and i found out he used to own his own gym in the local city and he is seriously minted,drives a 911 turbo and owns a HUGE house

Originally Posted by Martinogdenbsx

i suppose everything has it's risk it's like someone saying don't open a restuaraunt or a bar because there are already LOADS but yet alot still survive

You have to do your research

One guy that comes into my local shop is HUGE and i found out he used to own his own gym in the local city and he is seriously minted,drives a 911 turbo and owns a HUGE house

location, location, location!

You could do a gym with only free weights, it is way cheaper. Would that work?

Originally Posted by MyK

location, location, location!

No doubt! Unfortunately in my neck of the woods you'll pay between $5 & $8 a sq ft for a prime location.

Originally Posted by Vieope

You could do a gym with only free weights, it is way cheaper. Would that work?

that would be a great marketing angle!!!!!

Originally Posted by largepkg

No doubt! Unfortunately in my neck of the woods you'll pay between $5 & $8 a sq ft for a prime location.

thats alot for the middle of the woods!

Maybe start some sorta personal training business out your house or something. Get some of the basic equipment and just do sessions. You'll have a lot of tax write off bennefits and no where near the cost that you would endure of starting an actual gym. It's a good place to start IMO.

bit ghey though

Originally Posted by ForemanRules

I don't think a gym needs that much weight.