Things to Note when Starting your Gym Business

Millions of individuals visit the gym each year to remain active, stay fit, develop strength, and/or lose weight. Some people sign up for gym memberships and stay with the same gym for the rest of their lives, while others go from gym to gym to try something new. If you're considering opening your own gym because of the potential profit, here's a guide to help get you started.

1. Plan your business

If you want to be successful in any type of business, you need to have a clear plan. A proper plan helps you in mapping out the specifics of your business and clearly seeing what you need to do to take your gym to new heights.

a. Costs

Starting a gym can be costly and you’ll most certainly need a huge sum of money in order to put together a proper gym. Aside from venue rental prices, there are many other costs and expenses that you should be aware of such as your commercial gym equipment, repair costs, utility costs, and more.

In order to save costs, you may consider gym equipment leasing or purchasing used equipment for your facility.

b. Business model

A company's profit-making strategy is referred to as a business model. In this case, it includes your membership model (i.e. pricing and benefits), your target market, and the services you intend to provide. The type of building, gym equipment, supplies, and staff you need will be determined by your business model.

If you want to attract some of the most dedicated gym-goers, you'll need to have some of the most up-to-date commercial gym equipment in your facility. If you're looking to attract beginners who want to learn more about working out in a gym, you might want to consider hiring personal trainers to guide them.

2. Register your business

Unless your business name is your full name as reflected in your NRIC, you will need to register your business with the Accounting and Corporate Regulatory Authority (ACRA) as long as you’re running a business in Singapore for profit on an ongoing basis. You can register your business at BizFile⁺.

3. Insurance

To protect your company's financial well-being in the event of an accident or loss, it is critical that you obtain insurance coverage.

In the gym, your members handle complicated commercial gym equipment and heavy weights that can cause serious injuries. Your business may even be held liable for any accidents. A General Liability Insurance is sufficient if you want to be covered for a variety of risks.

Apart from accidents and injuries, if your commercial gym equipment is rented from a supplier, you should ensure that you have coverage in case a member of your gym damages the equipment.

4. Source for the right equipment

Gym equipment is the most important part of a gym, your gym wouldn’t be a gym without the right equipment. There are a few pieces of essential equipment that every gym should have, such as treadmills, free weights, weight racks and benches, high/low pulley stations, and exercise bikes, as well as a variety of other items that aren’t as important but will be nice to have.

It’s worth noting that if you opt for gym equipment leasing, your gym equipment supplier will provide periodic maintenance. However, if your purchase your equipment, you will have to source for your own maintenance and repair team.

We hope that this article has given you a better understanding of the things you should do and think about before starting your own gym. If you’re ready to start furnishing your gym, HF Lifestyle is a commercial gym equipment supplier in Singapore with a large selection of products for sale or lease. Get in touch with us to learn more about our offerings.