If you want to start a business in the fitness industry, specifically, if you want to open a gym, you’re in good company. The industry is worth $25 billion in the US alone, it seems like more people are willing to pay to get healthy and get fit.
In terms of what type of fitness business you can start, there are a number of niches you can consider, including:
Fitness products retail
When you start a business in any industry, you’ve got to have drive and vision of what you want to achieve. After teaching fitness classes in several locations, CorpNet client Jonathan DePaz, owner and creator of DePaz Energie, knew he was ready to start a fitness studio of his own:
“I wanted to create a lifestyle, a place where people can go to stay fit, be fit, and get healthy, and do it every day.”
Ask yourself why you want to start a fitness business, and determine whether you have the drive to keep it going, even when things get tough.
Setting Up Shop
Once you determine the type of fitness business you want to start, begin looking for real estate space. When you start a fitness business, it’s important to choose a space that will accommodate the number of clients you want. A personal training studio can be smaller and more intimate, but if you plan to start a gym business, you’ll need ample space for people and equipment. You also want a location that is easy to access and will also attract foot traffic.
Invest in quality equipment. When you start a fitness studio or other fitness-related business, it can be tempting to cut corners in an effort to save money, but your customers will appreciate you more if you invest in new, top-of-the-line training equipment that will help them maximize their workouts.
Now for the Business Details
The next step in starting a fitness business is the business paperwork. Here’s a checklist of some of what you’ll need to do before you open your doors:
Choose your business structure: you’ll probably want to incorporate or form an LLC to protect yourself from liability. That way if someone gets injured, you’re not liable personally.
Secure a business license: check with your local business license agency to determine exactly what kind you need. Renew this annually.
Get an Employer Identification Number: you’ll use your EIN on all tax documents.
There may be other forms you need to fill out, so check with either your business license agency or CorpNet to make sure you’ve done everything required of you as a new business. You can also use CorpNet’s Compliance Portal to store all your business and tax documents, and to get alerts when you need to file an important document.
Get a Plan
While it doesn’t have to be a thick, official document, you will need to draft some sort of business plan, as well as a marketing plan. These documents will help you set up your goals for your fitness business, as well as keep you on track to achieving them. In your marketing plan, you can outline the different ways you plan to attract new customers.
Believe in Your Dreams
To start a fitness center, yoga studio, or other fitness business requires more stamina and dedication than the hardest workout. But in the end, it will be the most rewarding thing you’ve ever done. DePaz has this advice for those who want to start a fitness business:
Have a vision. Follow it through, with drive, with passion, whatever it is that you believe in, and just make it happen.
Nellie Akalp is an entrepreneur, small business expert, speaker, and mother of four amazing kids. As CEO of CorpNet.com, she has helped more than half a million entrepreneurs launch their businesses. Akalp is nationally recognized as one of the most prominent experts on small business legal matters, contributing frequently to outlets like Entrepreneur, Forbes, Huffington Post, Mashable, and Fox Small Business. A passionate entrepreneur herself, Akalp is committed to helping others take the reigns and dive into small business ownership. Through her public speaking, media appearances, and frequent blogging, she has developed a strong following within the small business community and has been honored as a Small Business Influencer Champion three years in a row.