Research help-Opening A Gym/Equipment

[Demonseed]

Hello,
I am humming over opening a gym in a town approx. 15,000 ppl. Nothing huge basic to start. I am trying to learn about the industry and was hoping someone may help or provide links to research.
Such as:

-what is the approx. % of population who usually attend a gym?
-what is the approx. cost of equipment?
-what is approx. leasing info? costs ie) heating etc.....
-what is approx. profit? or potential?
-how large of gym? what equipment should one buy?
-what services are necessary?
-who is contacted to set up contracts etc...
-what about liability, insurance etc?
-can i contact the city to see if a gym is already in the works?

so many questions, I am sure that you will have many other things to consider.. I am researching on my own as well but any help, tips, advice would be appreciated.

Note-I am in Canada and do have a full time job too.

thanks
Jim

[Memo]

Where do you live? I am a free personal trainer if you need staff.

[tiramisu]

andre owns a few gyms. if he doesn't post you may want to pm him.
It's a very tough business and most fail.

[Demonseed]

Hey
Yea the more I read it appears to cost nearly 6 figures....and is a tough sell especially if the large ones move in.

[natenator]

no large one is going to move in with a population base of 15K

[Sean Summers]

Get in touch with Andre. He's a good guy and will guide you in the right direction.
SS

[waderow]

Hello,
I am humming over opening a gym in a town approx. 15,000 ppl. Nothing huge basic to start. I am trying to learn about the industry and was hoping someone may help or provide links to research.
Such as:

-what is the approx. % of population who usually attend a gym?
-what is the approx. cost of equipment?
-what is approx. leasing info? costs ie) heating etc.....
-what is approx. profit? or potential?
-how large of gym? what equipment should one buy?
-what services are necessary?
-who is contacted to set up contracts etc...
-what about liability, insurance etc?
-can i contact the city to see if a gym is already in the works?

so many questions, I am sure that you will have many other things to consider.. I am researching on my own as well but any help, tips, advice would be appreciated.

Note-I am in Canada and do have a full time job too.

thanks
Jim

no offense bro, but if you cant figure these questions outyourself.... you had better stick to the day job.

[Demonseed]

Any idea on what it would cost to start one?

[waderow]

Any idea on what it would cost to start one?

considering the average gym membership will offer $30 per month in revenue and you have 500 sold the first month and say 750 by end of first year (wishful thinking not knowing demographics)

considering you have 3000 ft2 leased at $10 per ft2 + $4 operating costs

considering you will require at least one other staff

considering equipment

considering accounting, insurance

considering marketing

considering your personal financial requirements (assumed)




you will prob lose 50g first year meaning besides the start up capital, you will need that much extra to keep it running and keep wages paid, and your finances in order at home. You will need close to $300G the first year to cover everything.


so add in supplement sales. perhaps an online store. might help a bit

[Demonseed]

Hey
Yea I was thinking that price range too :) Not sure I wanna risk that kind of money.

[jsv22]

where are you looking to open it? i know a good place you can find used/refurbushed equipment (toronto), pm if interested.

[O-Train]

no large one is going to move in with a population base of 15K

They might. In my hometown (which is smaller). There was a very successful privately owned gym. The company who runs the Athletic Clubs came in, built a big gym, bought him out. Now he works there.

[Demonseed]

Hey Guys
I have been debating but I just do not think I will have enough funds to start. I only have about 40k... and not willing to sign over my house etc.. :( It was just a thought.

[theboss]

check the anytime fitness franchise info......thats the gyms andre has..start off at 40-50k...plu$ plu$ plu$

[physique]

where do ya live? is ther a gym there now? i own a gym also on this site.
and i can tell you first hand, dont quit your day job. and be ready to bail your gym out. meaning taking more money from your pocket.

its a very tough business, even in a small town. mine is in a town of 22,000 people, its not a good investment by any means. you would be better off putting your money in a 4% GIC then open a gym.

reason i did it, was i lovbe to help people reach their goals and i am not qualified to do anything else. lol