Start up business funding

Missy99

Hello, im looking for some advice, after a period of unemployment I am seriously considering taking the plunge into self employment and setting up a small commercial gym and fitness class area.

I have a fitness qualification and I have completed a start your own business course. I would need a little more training but that won't be an issue

I have savings and I could apply for a loan someone just mentioned to me I may be able to obtain an enterprise grant, does anyone know anything about these grants, as in eligibility and how much would be on offer??

Also the fact I'm currently unemployed and have been for a few years would I be able to get funding from social welfare??

At the moment I'm very much in the gathering information stage, I really would love to get back into employment and employing others in my local community would be a bonus too

Any information would be gratefully appreciated, thanks

dbran

Hi

Your best port of call would be to get in touch with your local enterprise board. There are various grants available which help with employment, feasibility study etc.

There is also Back To Work Scheme from the Dept of Social Protection which is worth looking into.

You need to start working on your business plan. Where is the business going to be based, who are its customers, how much you should charge them, what are your costs etc.

Best of luck with it.:)

dbran

Bandara

Hi there

How much savings have you ? What do you estimate your setup costs will be in total ?

Highly unlikely any bank will loan you money, if your lucky you may get 30%.

You will have big problems securing a premises, and be aware it's an incredibly hard business to make money in

Not being negative but just preparing you for what ahead

tippgal84

I dont agree. I live in the countryside and the choice and availability of fitness classes around is limited. My suggestion would be to do some market research in your area for cardio v strength training, morning, lunchtime or evening options, mixed or women only classes. Also approach industrial parks nearby if you can use some of the carpark for classes and run a lunchtime intro class.
You really dont need alot of equipment to run a good circuits class and maybe kettlebells. Check out donedeal for cheap sports equipment..no need to go new... and make sure you really get feedback from clients from the start so your approach is right for your market. Dont forget to cover yourself insurance wise. Best of luck....oh and your local LEO is your friend

ironclaw

The gym sector is a highly competitive and saturated sector. The reason so much equipment comes up on DoneDeal is many places go out of business pretty sharpish. Also if I'm paying for a membership, I expect decent clean equipment and facilities. Lunch time classes are great, but will you have showers so I can go back to work? Showers cost money in heat and water rates, not to mention the cleaning and upkeep. Both ends of the sector are also covered, you have the plush clubs and the barebones centres in Dublin, so you have zero ability to compete unless you have serious capital i.e. Millions.

If it was me, and I have no active involvement in the sector, I would be doing either of the following:

- Niche Yoga, following global trends.

- Specific slots in the City Centre for people who have limited time for the gym e.g. Intense 1 hour slots over the course of the day where I can come in and get my days work out done. There is already a company doing this near St. Stephen's Green and they are doing very well from it.

pedroeibar1

Missy99 wrote: »

Hello, im looking for some advice, a.......I am seriously considering taking the plunge into self employment and setting up a small commercial gym and fitness class area.

I have a fitness qualification and I have completed a start your own business course. I would need a little more training but that won't be an issue

I have savings and I could apply for a loan someone just mentioned to me I may be able to obtain an enterprise grant, does anyone know anything about these grants, as in eligibility and how much would be on offer??

Also the fact I'm currently unemployed and have been for a few years would I be able to get funding from social welfare??

A SYOB course is fine, but to be honest you have not got a hope of opening a premises in your present circumstances. If I was asked to invest in you, my first question to you would be "You have a fitness qualification. Why were you unemployed for a few years when you could have worked as a personal trainer?"

peeps78

When you are unemployed and want to start your own business there are 2 options depending on how long you have been receiving payments. STEA(short term enterprise allowance) if you are on Jobseekers Benefit and BTWEA(back to work enterprise allowance) if you have been on payments for over a year.
It can be a great cushion to have while you start up.
When you are on one of these schemes then you can apply for the ESG grant. But you can only apply for money for certain things.
http://www.welfare.ie/en/Pages/Enterprise-Allowance-Self-Employed.aspx

You should head into social welfare and as to see a case officer. They might reccommend you go on a SYOB course it depends on your office.

Dub_Steve

Would it be possible to provide fitness classes in people's homes or public areas? It would be very cheap to setup a website using wordpress and take orders online.

I would also suggest to set up a group on meetup.com and organise 1 hr fitness events just to build up a list of potential clients. Also, it would be great to record videos for your website.

As mentioned already, speak to adviser in your LEO. Its only 20 quid for an hour. They are very useful.

But please don't go spending a fortune on equipment & premises. Start with something simple first, build up a few clients and expand from there.

There's a lad on youtube https://www.youtube.com/user/RobLipsett running his fitness business through the web. Might give you some ideas for your own videos.