The fitness industry has been growing in leaps and bounds in the last decade. There are plenty of profits to be made by pumping up clients and customers. So are you considering starting a fitness studio? That is great, as you can help others reach their fitness goals while also making a pretty penny. Before you get started, though, there are several points to consider. I discuss 5 major exercise company considerations below.
Franchise vs Start-Up
You can become a franchisee of an already established fitness studio if you want. You will save a lot of money, as you would be joining an already successful brand. However, you won’t have much freedom, as you would have to run the studio identically to how the main franchise does it.
You can start up your own fitness studio, as well. This will give you the most creative freedom, but this would be a financial risk compared to the option above. Being smart with your business moves should prevent you from making big mistakes, though.
Make sure you have the appropriate funds before you get serious. You will not only need cash for a physical location, but you will need to purchase workout equipment, any management software you may use, and the first few paychecks for your workers until your business takes off.
Research before choosing a bank to borrow from. It would be very easy to work with one that charges high-interest rates, otherwise.
Many new fitness studios and gym owners don’t realize that they have to pay for insurance, which costs a lot as well. Also, you would need to invest in advertising and promoting your business.
Get Your Permits & License
You may have enough capital and a great model that guarantees success. However, you won’t be able to get your feet off the ground until you get the appropriate permits. Visit your local city council to get them.
While on the topic of documentation, choose your insurance provider carefully. You need someone that will provide the most protection from insurance claims.
Keep Customers Happy
Yes, your quality of customer service, expert trainers and number of facilities that you offer will help keep customers coming back. But what will also help would be the client management software that you use. This software lets customers book classes, make payments, see any news that you may have published, as well as help you track customer history and payments well.
A popular customer software is MindBody. Unfortunately, the software has been facing login issues for a while. The developers said that they finally fixed these issues, but many users have complained about another bunch of Mindbody login problems lately. You should probably steer clear of them to avoid additional headaches.
If you go online, you can check why Mindbody clients are finally changing this software, even though it was once very popular. They had to finally make updates to stay competitive in the marketplace.
Hire experienced and friendly instructors, as there is no way you would be able to keep members coming back to you and getting healthier. To hire the best in the fitness industry, you will have to pay well, as you can imagine. If you think paying for fitness professionals is expensive, try hiring amateurs!
Considering everything discussed, what do you think about your new fitness studio? There is a lot to keep in mind, but make sure you follow these points for pumped up profits.