Starting a business is not easy as it requires a lot of work and energy. But it is always rewarding to see the results of all your hard work. In general, fitness professionals or anyone who enjoys physical activity can decide to start a fitness business. It is never a bad idea to be in charge, have people work under you and work at convenient times.
The fitness industry is advantageous to work in – you are tasked with helping people achieve their fitness goals and live healthier lives. But starting a fitness business is not an easy task as there are many things you need to put into place for it to work out. It requires a lot of planning and preparation to have the best chance at success.
If you take fitness very seriously, you should already be used to breaking a sweat. But becoming a fitness business owner requires putting in a different kind of work. It is important to note that nothing is sure or guaranteed when it comes to starting a business, but thorough preparation and hard work will help you achieve your goals easily.
This article outlines the ultimate guide to starting a fitness business – seven steps you will need to take to become a fitness business owner. So, keep reading for more information.
1. Choose the Fitness Business You Want to Operate
Once you have decided to become a fitness business owner, the first step you need to take is to discover your niche. As a fitness professional or someone who loves physical activity, you should know that there are different kinds of fitness businesses out there – you could choose to become a personal trainer, own and operate a fitness facility or teach classes. Each decision has advantages and disadvantages, so you should draw up a plan and select what you think is best for you.
Operating a facility requires a lot of money and expertise as so many things need to be put in place, including equipment, fitness instructors, and so on. On the other hand, being a personal trainer requires a lot of knowledge about exercises and nutrition techniques, but it is the best decision when you do not have a lot of funds. Some popular options include yoga studio, Zumba studio, physical therapy, powerlifting gym, etc.
2. Ensure You Have the Proper Training
Once you have selected the fitness business you want to operate, you should train ahead of time. Apart from carrying out the necessary research on what it takes to run a business, you should also know the credentials you will need to give your potential customers confidence in your work. One of the best ways your fitness business can succeed is if you know your field, and it is advisable to do so ahead of time because doing it on the job is not the best option.out
The best places to get credentialed include the National Academy of Sports Medicine and the National Strength and Conditioning Association (NSCA). Legitimate certificates are accredited by either the DEAC (Distance Education Accrediting Commission) or the NCCA (National Commission of Certifying Agencies). It is never a bad idea to have your certificates framed on the wall for people to see. Lastly, during your training, ensure that you figure out whether you truly love the fitness business you want to operate.
3. Draw Up a Business Plan
The next step is to draw up a business plan, as every successful business needs to have a business plan. When writing your business plan, you should include all your needs and consider many factors like financial plans and projections, your competition, marketing plan, sales plan and so on. You should also select your fitness business entity – given the nature of the business, you should go for a business entity that offers its owners protection from liability.
A business plan is necessary to secure and obtain funding. So it would be best if you put all your ideas into a concrete plan. This way, you can share your goals and vision so that people will understand.
4. Choose a Location
You should search for physical locations for your fitness business, whether virtual or in-person. If your fitness business is going to be in-person, there are some things you need to consider when choosing locations. You need to pay attention to the number of fitness businesses in your chosen area. Since your fitness business will be new in town, you shouldn’t choose a location with tight competition.
Keep your options open when choosing a location – you should look for multiple options and ensure that your potential clients can easily access your location. Also, if you decide to go virtual, you should look for a well-lit space free from noise so that you can record your workout videos easily and do all your paperwork in a quiet environment.
5. Secure Funding
Once you have drawn up your business plan and chosen a location, you can start looking for ways to find your business. It is great if you can fully fund your business yourself, but it is not a great idea to do this when starting a fitness business. Lucky, you can secure financing for your potential fitness business in different ways. You can take out a loan from a financial institution – it will be difficult to find a bank that will find 100% of the costs, so you should be ready to put your money in.
You can also choose to go for a business line of credit – you will be able to access money that you can use in your early days of starting a business. You will have to pay interest on the funds you draw while the money is available. If friends or relatives decide to sponsor your fitness business, you should draw up a contract so that everybody knows how much they paid and how they would get their money back.
6. Get the Necessary Insurance and Permits
You must check to ensure you are following all the regulations governing agencies for starting fitness businesses. You will need different permits to operate a fitness business depending on the city it is located in. One of these is a certificate of occupancy showing that all government regulations and building codes have been met. If you rent the space for your fitness business, ensure that your landlord has obtained a certificate of occupancy.
You should also consider getting different business insurances in case anything happens to anybody while in your gym or your equipment gets stolen.
7. Have Access To Client Management Software
These apps for fitness professionals help you quickly and efficiently track all aspects of your fitness business. You can do many things with client management software like communicate with clients, track client progress, manage bookings and payments, access financial reports, access client information, manage growing client lists, etc. A client management software guarantees client retention and attracts new clients to your fitness business.
Becoming a fitness business owner requires a lot of hard work and dedication, but with the steps written above, your job has become easier. Keep it in mind that client management software will be of great help to you and your fitness business – see here (homepage). The first step to achieving your business goals is working towards them, so get to working and become part of an industry that helps people live healthier lives.