If you have been a gym enthusiast and also trained people at a gym facility, you may capitalize on your expertise and build your own gym. In the current era of the Covid-19 pandemic, gym facilities are either closed or only a few people are visiting the facility. However, you should take a long-term approach. Vaccinations have been introduced and the Covid-19 pandemic will dilute in its intensity over time. At that time, the economy will regain its momentum, and the gym is one area of the health and wellness industry that is expected to flourish. People are missing the days of a gym workout and they will welcome these opportunities when the pandemic is over.

You may think that starting your own business for a gym will require a huge investment. There are gym facilities that have been built with a huge budget. However, it does not mean that a gym cannot be started with a small budget. There are small and medium enterprises (SMEs) in every sector of the economy and gym is no exception. I have mentioned below some tips for building a gym on a small budget.

Buy Used Equipment

Gym equipment has undergone a huge transformation over the past five years. As a result, gym administrators frequently update their equipment and sell the used equipment at cheap rates. With a small budget gym, your target market will not be affluent customers, and therefore, you can easily go for one model earlier than the most recent model. It will save you a huge amount and when you want to sell it after a few years, you will not lose much amount at the time of the disposal of the asset. You may also consider buying the equipment on rent. This will enable you to test the effectiveness of the used equipment and its acceptance among the members. After the testing period, you may opt for buying the used equipment.

Focus on Essentials

A high-class gym may also offer the facilities of a swimming pool and a spa. However, when you plan to build a small budget gym, you should only buy the essential equipment. You can grow your business by starting the gym with the following items:

  • Olympic barbell
  • Squat rack with a pull-up bar
  • Flat bench
  • Weight plates
  • Jump rope

There are numerous other equipment and accessories. But your goal should be to start the business, and once it flourishes, you can expand the gym facilities.

Gym Space and Property

You should opt for a rental space when introducing a gym on a small budget. It is because there are also risks of failures, and if the events do not occur as planned, you may sell the equipment and switch to another business. If you purchase a leased property, your exit strategy will become very complicated.

Sole Proprietorship

You should register your gym business as a sole proprietorship initially. It is because the partnerships and corporations will require the consent of other partners and members in strategic decision-making. In the sole proprietorship, you will have to work hard and rely on your knowledge and skills. In this way, you will soon be successful, and at that time, you may convert your business to a partnership or corporation.

Create a Business Plan

Create a business plan mentioning the services offered by you, their impact on society and the surroundings, the marketing strategy, and the five years financial projections of your business. With a comprehensive business plan, you will precisely know how many accomplishments you will have after five years, and what will be your net inflows and outflows. The business plan can also be presented to potential investors and crowdsourcing platforms to acquire funding for your project.

Build Contacts

Building connections and contacts network is a strategy that cannot be overlooked in the contemporary context. Register to the forums and professional bodies related to the gym business. You will learn a lot from the discussion posted on these forums, and you can also ask your queries and concerns in the group posts. You will receive advice from the industry experts, and they may also offer you assistance in your business.