Gym Entrepreneuer

[gr8whitetrukker]

I have always been interested in starting my own brand. Im looking down the barrel in the short term of making this a reality. Say about 3-4 yrs. Ive come a very long ways and have devoted my efforts to being debt free to make this happen. That way i can set aside nearly all my income to make it happen with hopefully the best outcome possible. These are good steps toward my goal.

What i want is a discussion between gym owners or people involved in business. What are some of your regrets? What else should i be paying attention too? Partnership or just me and the bank? Starting small from scratch or buying existing brands?

 

[ickyrica]

I like your ambition sir. I wish I could contribute but can not. Wish you the best if you make the move in that direction.

 

[gr8whitetrukker]

I like your ambition sir. I wish I could contribute but can not. Wish you the best if you make the move in that direction.

How much would you pay per month for a gym that catered to our particular needs?
I dont plan on opening some thing that appeals to all. Think...planet fitness. In reverse

 

[Eman]

Partnership

No.

Always retain the highest % of YOUR business that your can for yourself. Give your kids some ownership when they're old enough, 5% per year or whatever.

Edit - if you have someone in mind for a partner, make sure you trust them with your life savings because thats essentially how you should look at it.

 

[ickyrica]

How much would you pay per month for a gym that catered to our particular needs?
I dont plan on opening some thing that appeals to all. Think...planet fitness. In reverse

The further in I go it wouldn't surprise me if I would commit to about 45/50 monthly.

I went from a box gym setting with a constant flow of young kids, older folks trying to stay healthy and a revolving door of trainers and clients prancing all over the place to a smaller more focused gym with like minded people, specific training equipment and an all around more competitive attitude.

Basically I was paying about 15 a month to barely advance my lifts and I hated going to the gym to 35 a month and now I am up and at 'em first thing in the morning and ready to eat a fucking plate for breakfast. If down the road I find that I am needing a different but more advanced group of people or facility I can see my self gladly paying another 10/15 a month for that.

I also know that the some serious gyms can charge much more than 50 per month right?

 

[gr8whitetrukker]

The further in I go it wouldn't surprise me if I would commit to about 45/50 monthly.

I went from a box gym setting with a constant flow of young kids, older folks trying to stay healthy and a revolving door of trainers and clients prancing all over the place to a smaller more focused gym with like minded people, specific training equipment and an all around more competitive attitude.

Basically I was paying about 15 a month to barely advance my lifts and I hated going to the gym to 35 a month and now I am up and at 'em first thing in the morning and ready to eat a fucking plate for breakfast. If down the road I find that I am needing a different but more advanced group of people or facility I can see my self gladly paying another 10/15 a month for that.

I also know that the some serious gyms can charge much more than 50 per month right?

The chain gyms have changed pricing forever. $10/ month is common place now days. I remember paying much much more than that 12 yrs ago.

 

[Eman]

Owning a Gym - the first year of business

The chain gyms have changed pricing forever. $10/ month is common place now days. I remember paying much much more than that 12 yrs ago.

Very true.

Another key to their success is the audience they are targeting... Everything we find annoying about their business model is appealing to everyone else and or they just can't argue with the price.

Private gyms have an ability to cater to a wide range of consumers, IMO.

 

[RingMeister01]

I pay $70/month and it's heaven. It's really hit or miss with gyms. I for one always join independent gyms and never chains. I find more serious gym rats are found at independent gyms and the music is much much better. Atmosphere means a lot to me.

 

[anfee]

A good good friend of mine opened his own gym and I am a commercial business analyst. I can say that without a doubt, IF you must do a partnership to have enough capital then you MUST define each other's roles. 50/50 but one is solely committed to the books and the legal matter where the other is solely out there for training or bringing other trainers.

Being just you and the bank is best. However, getting financed for gym equipment is not easy. It's not typical collateral so if you were able to put a good percentage as down payment, I'm talking 50%, then you'll have a better shot. Also, unsecured personal loans are easier to get than a business loan. So if you only need like say 20k, then go the personal loan way.

See what retail prices are and look for triple net leases for space, unless you have enough coin to drop on a commercial property - depending on where you're located and how much you have - this can be a daunting task to do.

If you have some specific business questions then shoot them my way and I can go into details if needed.

 

[gr8whitetrukker]

A good good friend of mine opened his own gym and I am a commercial business analyst. I can say that without a doubt, IF you must do a partnership to have enough capital then you MUST define each other's roles. 50/50 but one is solely committed to the books and the legal matter where the other is solely out there for training or bringing other trainers.

Being just you and the bank is best. However, getting financed for gym equipment is not easy. It's not typical collateral so if you were able to put a good percentage as down payment, I'm talking 50%, then you'll have a better shot. Also, unsecured personal loans are easier to get than a business loan. So if you only need like say 20k, then go the personal loan way.

See what retail prices are and look for triple net leases for space, unless you have enough coin to drop on a commercial property - depending on where you're located and how much you have - this can be a daunting task to do.

If you have some specific business questions then shoot them my way and I can go into details if needed.

This is what i wanted to talk about and what i know least about
Ill be debt free shortly and ill be able to put 30% of my net monthly income aside to save for a cushion and start up costs. In 3-4 yrs that should be about 50k. I think thats good to start.

I dont know what id need for a down but im looking to have full control over my destiny as a sole owner. I realize ill need a written biz plan for the bank and i will have to answer tough questions because they are all about return on investment. What a payment might look like on a lease i have no idea. As of right now these are the topics im most interested in.

 

[Kakarot]

This is what i wanted to talk about and what i know least about
Ill be debt free shortly and ill be able to put 30% of my net monthly income aside to save for a cushion and start up costs. In 3-4 yrs that should be about 50k. I think thats good to start.

I dont know what id need for a down but im looking to have full control over my destiny as a sole owner. I realize ill need a written biz plan for the bank and i will have to answer tough questions because they are all about return on investment. What a payment might look like on a lease i have no idea. As of right now these are the topics im most interested in.

Id pay $50-$90 for a good gym. I know some crossfit gyms near where I am charge upwards of $120.

 

[ickyrica]

Id pay $50-$90 for a good gym. I know some crossfit gyms near where I am charge upwards of $120.

crossfit membership $ = PRISON LUBE LOL

 

[Kakarot]

crossfit membership $ = PRISON LUBE LOL

Truck would make a great crossfit instructor.

 

[Sk8man101]

It's gunna depend on what crowd your gym appeals too I would imagine.
If it's fat people like planet fitness, charge less so you will get all the people that just buy a membership and never use it and that's free money.
If it's a crossfit gym, they all charge up the butthole so you could get away with like $100+ a month around here easily.
Bodybuilding gyms seem to be around 40ish a month. I think they make the least but i'm sorta talking out my ass here so who knows forsure.
Rock climbing gyms are DEFFIDENTLY where it is at. I'll bet they are swimming in money.

 

[gr8whitetrukker]

It's gunna depend on what crowd your gym appeals too I would imagine.
If it's fat people like planet fitness, charge less so you will get all the people that just buy a membership and never use it and that's free money.
If it's a crossfit gym, they all charge up the butthole so you could get away with like $100+ a month around here easily.
Bodybuilding gyms seem to be around 40ish a month. I think they make the least but i'm sorta talking out my ass here so who knows forsure.
Rock climbing gyms are DEFFIDENTLY where it is at. I'll bet they are swimming in money.

I intend on putting my stamp on my brand and i wont go in to too much here. But it will be unique and not easily duplicated. Im looking to target the serious crowd. A place where PL, strongmen and BB's go to train. Not for the office nazis or ppl who have mediocre goals in mind. A serious place to be for serious ppl. I havent seen too many places that offer that. Id like to be the first in my area

 

[Eman]

I intend on putting my stamp on my brand and i wont go in to too much here. But it will be unique and not easily duplicated. Im looking to target the serious crowd. A place where PL, strongmen and BB's go to train. Not for the office nazis or ppl who have mediocre goals in mind. A serious place to be for serious ppl. I havent seen too many places that offer that. Id like to be the first in my area

While I like that idea, and it's a place I'd go train at, be careful with that approach. There is a reason there aren't that many of them out there... They aren't in a huge demand. Low demand is no good for a business owner.

You might do fine wth that approach though... But, keep in mind, you'll want to try and appeal to a decent sized customer base so you can see ROI.

 

[gr8whitetrukker]

While I like that idea, and it's a place I'd go train at, be careful with that approach. There is a reason there aren't that many of them out there... They aren't in a huge demand. Low demand is no good for a business owner.

You might do fine wth that approach though... But, keep in mind, you'll want to try and appeal to a decent sized customer base so you can see ROI.

I think theres more people interested in stuff like that but for the life of them cant find em. Everywhere you look there a planetfitness, world gym, golds etc etc. But there pretty middle of the road places for some one with my goals. We get bye because they are inexpensive and have 24hr access and for the most part have most of the equipment and experience we seek. I know ive tried to replace my big box gym with some thing smaller and more specialized but their not easy to find. Ill bank on their are tons of ppl like me that would pay for an experience like that if it was brought forward.

 

[Eman]

I think theres more people interested in stuff like that but for the life of them cant find em. Everywhere you look there a planetfitness, world gym, golds etc etc. But there pretty middle of the road places for some one with my goals. We get bye because they are inexpensive and have 24hr access and for the most part have most of the equipment and experience we seek. I know ive tried to replace my big box gym with some thing smaller and more specialized but their not easy to find. Ill bank on their are tons of ppl like me that would pay for an experience like that if it was brought forward.

You better give me a cheap day pass when I come to lift your weights...

 

[Sk8man101]

I intend on putting my stamp on my brand and i wont go in to too much here. But it will be unique and not easily duplicated. Im looking to target the serious crowd. A place where PL, strongmen and BB's go to train. Not for the office nazis or ppl who have mediocre goals in mind. A serious place to be for serious ppl. I havent seen too many places that offer that. Id like to be the first in my area

Well yeah of course man. No one wants to own a crossfit gym..
Haha

 

[gr8whitetrukker]

You better give me a cheap day pass when I come to lift your weights...

Well u know its just an idea right now. Ive had ideas for a loooong time. Itll get more real once i put everything together. Its still a little while off and i got more to learn but at least for me the money side of things is finally coming together. Thats the hardest part