What is the process to opening a fitness studio, and how can you do so while making life easier for yourself?
Opening any business can be a headache, no matter what type of product or service you are offering. There’s just so much overhead and bills to pay, from equipment to stock to location to employees and more, and with no real funding other than your own capital, paying for your new business can be fairly difficult.
However, running a business is very fulfilling in the long run, and many who are experienced in their field will start their new company in hopes that they can reach a new level of expertise and profit. A good example is fitness related businesses; many personal trainers or workout experts will put their time in the business and decide they want to start a company of their own, but there’s much more to running a business besides the knowledge.
You need to know how to handle finances, marketing, and general business knowledge, and all of it ties back to what you make versus what you earn. When it comes to opening a fitness studio, one of the most important factors is your equipment, as it is guaranteed to be the most expensive, but getting it is another matter.
Being able to up your profit and lowering your expenses is your best hope when opening a fitness studio, and that’s where leasing can come into play.
Increasing your Profits when Opening a Fitness Studio
There are two steps to any potential member joining a gym: get them into your gym, and get them to become a member. You need both; no matter how good your gym is, you need to attract people to your gym, and if you can attract people in, your gym needs to be good enough that they’ll want to stay.
First off, advertising is critical, because with newer gyms, people may not know about you yet. It’s ideal that whatever area you are operating in is near communities, neighborhoods, or just large areas as far as residences go. That way, with your fitness center a few minutes away, people will find it convenient to attend your gym, and looking into your gym will be much easier to do.
Advertising is big and can get people aware of your business, but if you advertise with your location, you show people that you’re up and running as well as show them exactly where you are. Say you’re driving to work and right as you leave your neighborhood you see a gym on a main road you use to get to work.
That means you’re driving by that gym to and from work every day, and you know it’s close by and convenient to get to. It’s this kind of advertising that plants ideas in people’s minds; because even if they never go to your gym, it’s just more people that know about your gym and can give you as a reference to someone else.
Equipment as a Factor in Opening a Fitness Studio
The fact of the matter is, you need an optimal equipment setup to provide members with a good fitness center to work out in. When opening a fitness studio, the goal is to gain as many members as possible, and people will do twenty minute drives if your gym has something that other gyms do not.
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Quality and quantity are absolutely essential here because it’s fairly common to get periods of the day where your gym is crowded, and nothing is worse for fitness enthusiasts than having to wait to use a machine or piece of equipment.
On the other hand, you want all of that well-running, effective equipment to give members good options as far as how to do their workouts, and this leaves many business owners in a crossroad.
How do you go about opening a fitness studio without the funds to get the best equipment possible?
Leasing versus Purchasing your Equipment
You may be surprised to find out that leasing is an effective solution to your equipment issue when opening a fitness studio, simply because it removes future issues involving equipment while allowing you to pay a fairly manageable rate for the equipment you need. If you bought your equipment, even with it being considered a business asset, the up-front payments will be nearly impossible to manage.
Plus, with the amount of equipment you need, a loan is just a good way to get into debt; a low interest rate with a costly loan means high loan rates every time, putting you further and further into the hole. With leasing, all you do is pay low, flat monthly rates, and the equipment and other benefits of leasing belong to you.
The inconvenience of purchasing equipment is that you have to handle any repairs that come up as well as replace faulty equipment, but all of that is taken care of for you in leasing without it severely impacting your wallet.
In addition, with a lease, you get to choice at the end of the lease whether you want to purchase the equipment at a haggled rate, discontinue the lease, or get the lease renewed and get an upgrade on your hardware. To learn more about opening a fitness studio through leasing, click here.