Gyms and fitness clubs are on the rise. According to the IBISWorld market research firm, the $26 billion industry is projected to grow at at a rate of 2.9%, reaching nearly $30 billion by 2018. Between 2008 and 2013, gym memberships increased from 47.7 million to an estimated 52.6 million. As the United States faces an obesity epidemic that doesn’t seem to be going away any time soon, meaning gyms and fitness clubs will continue to be an important part of that health crisis. For entrepreneurs, this is a huge opportunity to take advantage of a growing market, but there are some things to consider when starting your own fitness club:
1. Target Demographic
25% of health club members are over 55 years old, and according to American Sports Data, this age group is the fastest growing since 1998. Your gym doesn’t have to cater to everyone like a 24 Hour Fitness, and you might be better off differentiating yourself into a niche. Bodybuilders who scoff at anything other than free weights gravitate to those Arnold-era Gold’s Gyms or something similar and simple. Crossfit builds a social network within their gym and relies on olympic-style lifts and muscle confusion techniques, and guess what? Crossfit is thriving. It doesn’t matter that they don’t cater to the senior citizen demographic, that’s not their brand.
The size and location of your gym will determine how many different services you can offer. Square-footage determines how much equipment you can provide before the gym gets cluttered, and open spaces for aerobics classes will come at the expense of the gym’s capacity.
3. Write it Down!
Starting your own gym can be hectic and overwhelming at times, but it doesn’t have to be. The best way to resist getting lost in the day-to-day operation is to create a business plan that outlines your mission statement, finances, membership fees, marketing, short and long term goals, and everything else. This business plan will serve as a guide to help you stay on top of your business. If you don’t know how to write a business plan, don’t sweat it, there are plenty of great online resources to help you through the process, like this one by the Small Business Association.
Gyms often acquire customers by offering discounted introductory memberships, then relying on word-of-mouth. Social Media sites like Yelp, Facebook, and Instagram make this process easy and cost effective.
It goes without saying that you NEED a website, and with simple, easy-to-use tools like Wix, anyone can make a great website without breaking the bank.
Make your gym visible on Google Maps so people can find you at a moments notice. Here’s a guide to get you started with that.
First and foremost, a clever or creative business name speaks volumes. Here’s some gym names we found:
Fit Body Boot Camp
Momentum Sports Therapy
Next Level Fitness
Thaddeus Driven Fitness
Fitness on Fire
The Fitness Connection
The Training Habit
Iron Bodies Gym
‘Gym’ interest over time:
The truth is, naming a business can be frustrating and downright time consuming…
Your company name is important, there’s no doubt about that, but it’s really something you need to ‘get out of the way’ so you can focus on the nuts and bolts of the business. So the question is…
“How do these companies get such good names?”
One option is hiring a ‘boutique’ branding agency to handle this critical step, and this does NOT come cheap. Some of these branding agencies charge as much as $100,000 for a brand that SELLS tons of product…
Does it work?
Of course it does, but for a small business with a careful eye on its cash flow, dumping tens of thousands of dollars for a swanky agency to sit back in their plush offices and promise you the next Google could spell disaster.
This is what they WANT you to think:
“Our branding agency charges a lot because what we do is incredibly difficult.”
It couldn’t be further from the truth, and the truth is that there are a core set of branding principles that can be reliably and affordably applied to ANY branding effort…
…and Branditory has done it for thousands of businesses, for every industry imaginable, in over 20 different countries, for just $97…
You name it, we’ve named it. The names we come up with are just as good (we think a little better) as anything a high priced agency could provide.
This unbeatable price comes with unlimited revisions and optional logo design for just $70.
Don’t believe it?
Take a look at their satisfied customers