Are you looking to build a fitness empire but unsure of the costs involved? Costs play a major role in any start-ups. The capital you invest in a business determines whether it will succeed or sink.
To start a gym, you must be ready for any hurdles that will come your way. So how much does it cost to open a gym? Read on to find out.
The Initial Gym Costs
When opening a gym, it’s advisable to have a starting capital ranging between $15,000 to $100,000. The exact amount of money you need will depend on your financing and loan options, area of residence, and how much rent you will pay.
Different areas have different costs of living. It’s up to you to find out the exact price of all variables to determine exactly how much you need. If you’re not sure what you need, below is a guide of expected costs:
- Gym Equipment
Depending on your preferred quality, brand, and the services you will offer, gym equipment costs can differ vastly. Do you want your gym to also include a dance studio? If you do, you’ll need between $5,000 and $10,000 to purchase a sound studio, mirrors, lighting fixtures, and upgrade the flooring.
If purchasing gym equipment is too expensive, you should contact gym equipment rental companies and look into renting some of the things you will need. However, don’t forget that most clients will not join a gym that uses old and damaged equipment. But, if you’re not 100% sure about starting a gym business, you could consider renting gym equipment.
Below is some gym equipment you may need and their estimated cost:
- Free weights- $500 to $3,000
- Stairmaster- $2,000 to 4,000$
- Bench press- $200 to $500
- Elliptical machine- $1,000 to $3,000
- Storage lockers- $500 to $1,500
Storage lockers for your gym are essential for safekeeping of member’s personal belongings. Check out these Health & Fitness Club Storage Lockers that are convenient and safe for your members to use.
While purchasing gym equipment is expensive, renting could save you thousands of dollars down the road if you choose to change your business path.
Paying your trainers and other workers is one of the major costs to consider when opening a gym. Your staff will be running the gym on your behalf, therefore, ensure you invest in a good team. If you want to start a small fitness center, you will need a desk manager, a professional cleaner, Crossfit instructors and personal trainers.
You should start by hiring younger, enthusiastic people who are less experienced and eager to learn. This will allow them to learn and gain experience.
Depending on their roles, your employees will be making around $15-$150 per hour depending on their contractual terms. Some inexperienced personal trainers even earn as little as $25 per hour depending on your area.
- Upkeep and Unexpected Expenses
Gym upkeep costs are for keeping the gym functional, pleasant, and clean for your clients. You will also need to keep some money aside for any unexpected expenses such as equipment replacement and electric repairs. Planning is essential for running any successful business.
How Much Does It Cost To Open a Gym?
If you’re looking to start a gym business, you might be wondering—how much does it cost to open a gym? However, it’s not cheap; you will need to invest your time and money and focus on giving your clients the best services in your area.
For more business insights, check out other posts on our website.