Fitness businesses serve a growing market. These are some of the proven ways to make your fitness studio successful.
The fitness industry is very lucrative especially now that many people are opting to live healthier lives. In 2009, the fitness industry global association, IHRSA, predicted that the U.S health club members will reach 50 million by 2010. The growth rate since then has greatly increased.
The fitness industry is recession proof and many factors contribute to its success. First, many people are willing to part with their money to stay physically fit. Second, many people are wary of lifestyle diseases and would rather exercise than have to deal with medical problems that can easily be avoided. If you have an interested in succeeding in this industry, below are some of the proven ways to make your fitness studio successful.
Proven Ways To Make Your Fitness Studio Successful
1. Market Research
Market research will help you set the foundation of your business plan. You will need to decide on a target market. You can target a wider market by providing a variety of services such as group classes, cardiac work-outs and weight training.
You may also want to focus on specific disciplines such as a women only gym, yoga classes, Pilates or even dance classes. Before you decide on a particular discipline, you may want to first look at what your competition is doing. Make use of consumer demographic data which the government offers for free.
Many fitness studios hire their own trainers and fitness instructors. This however is not advisable to you if you are a start up because trainers and instructors are expensive to hire. You may want to consider independent contractors. This reduces financial burdens that come with having to deal with insurance costs, employee benefits, and payroll taxes.
There are, however, specific regulation and taxation requirements that come with hiring an independent contractor.
3. Write A Business Plan
A business plan is one of the proven ways to make your fitness studio successful because it will help keep your business on the right path. It will also help you secure business financing from lending institutions.
4. Understand Your Financing Options
Many startups usually don’t get bank loans because banks view them as a risky investment. Many banks and other lending institutions prefer to lend money to business that have been up and running for a minimum of two years.
Rather than approach a bank, consider looking at government backed loans such as the Small Business Administration Loan (SBA).
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5. Take Care Of The Critical Steps
There are some critical steps that you need to take care of before opening your fitness studio. For example, what is the legal structure of your business? Is your business registered and do you have a tax identification number? You also need to have all the relevant permits and licenses.
6. Lease Or Purchase Fitness Equipment?
To start you off, you need to have the right fitness equipment. Fitness equipment is not only evolving due to technology changes, it is also expensive. Clients can tell when you have outdated equipment so it’s best to ensure that you are always ahead in terms of the latest equipment.
When purchasing equipment, factor in things like maintenance and repair-all of which cost money. Upgrading your equipment will also cost you money. Purchasing also means that most of your capital will be tied up in equipment which means you may not have enough money to go towards business operations.
Leasing is a good option for startups and it is among the proven ways to make your fitness studio successful. It requires no down payments and you do not have to have a huge amount of money. You can lease any number of equipment that you want as a startup and you do not need to have a perfect credit score.
There are thousands of financing companies willing to lease equipment to you even though you have a damaged credit score. Moreover, you will enjoy tax benefits and a fast lease approval turn around.
It typically takes twenty four hours to get approved for a loan. It is very easy to get approved. All you have to do is provide your bank statements and your business documents. From there, you can wait for approval which is usually 24-48 hours.
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