Opening a gym

kearnst2

Hey guys,

I'm considering opening a gym and wondering if anyone had any experience in it. Any sense of cost to set up would be great and anything I should be aware of that could be an unexpected cost.

Diceicle

kearnst2 wrote: »

Hey guys,

I'm considering opening a gym and wondering if anyone had any experience in it. Any sense of cost to set up would be great and anything I should be aware of that could be an unexpected cost.

I started a thread on these lines here - might be worth a look:
[url] https://touch.boards.ie/thread/2057844558/1/[/url][url][/url]

kearnst2

Diceicle wrote: »

I started a thread on these lines here - might be worth a look:
[url] https://touch.boards.ie/thread/2057844558/1/[/url][url][/url]

Thanks for that I'll have a read

kearnst2

I understand the major cost is equipment purchase in year 1 but what about leasing equipment for first few years to guild the capital to purchase in the long run? This protects working capital a bit in the early days.

martyoo

One avenue to look at it might be fit4less. It's the franchise side of Energie. Might be worth a look as I think they lease the equipment at attractive rates and help with other areas too.

Link

Personally I wouldn't go near a gym as a business due to the costs/overheads. Think I seen one of the big chains offer monthly subscriptions of €19.99.

kearnst2

Thanks Marty. I think they are only in Uk so wouldnt work for me in Ireland. I will have a look though.

I know the overheads can be high but with the correct streamlined services and cutting the fat of unnecessary items, it can be well managed. Hoping to get finance for initial outlay and fitout and then run the equipment through leasing for the first few years while building up reserves to purchase equipment outright.

What kind of overheads do you see has been the major drains?

Mooooo

Rates and insurance would be the big thing id imagine.

martyoo

Thanks Marty. I think they are only in Uk so wouldnt work for me in Ireland. I will have a look though.

I'd give them a call. I know a lad that opened one in Drimnagh recently.

What kind of overheads do you see has been the major drains?

Rent/Rates will be a big one. You need a decent amount of space and in a decent location.

If it was me I would be going down the route of having a smaller place with private/semi-private PT sessions and classes. If done right there is good money to be made there.

The trainers that are in these chains are hopeless. I've trained in a lot of them and they are all the same. That would be the weakness that I would be focusing on if it was me.

kearnst2

I agree with you about the trainers in the larger chains. I've been in alot of them over the years and you never feel like they care about where they are and what they are doing. I'd certainly be looking for staff you are actually engaged and passionate about the industry.