By personal gym owner Dr. Dave Hopper
You’ve found yourself at a crossroads….
You are doing really well as a personal trainer. Your client book is full, you’re making decent, consistent money…
You know you can do more. You can make more. You can have more freedom!
Opening a small gym would do this and opening a small gym has likely been a dream of yours for a long time.
In this article, I am going to cover everything you need to consider before you make the transition from personal trainer at a gym, to owner of your own small gym.
Additionally, I will discuss the actual transition process and how to handle things financially, legally and beyond.
Things to Consider:
Of all the things to consider, this is probably the most important. How much money will you need to get your new, small gym open? You will need detailed information on every cost, especially if planning to borrow from a bank.
Break up your expenses into separate categories such as; “one time” or “monthly”. A one-time expense would be something like the purchase of gym equipment. A monthly expense would be something you pay monthly, such as your insurance premium.
Here is a list of common expenses:
- Build-out of Space
- General liability
- Professional liability
- Legal fees and miscellaneous charges
- Contract reviews
- Business Permits
- And many, many more
The average small gym will likely be around US$20,000-US$50,000 just to get the doors open. Of course, these numbers can vary greatly dependent on an array of factors.