In 2020 the world changed, and for many Gyms, it caused financial failure and eventual closure. One of the threads during this challenging time was that home exercise was encouraged. People that were not typical Gym customers were soon getting into fitness by their droves, mainly because exercise and going out had been restricted. It was even more difficult for those in London, so many were looking for inventive ways to add exercise.
In 2022 while some UK Gyms were still debt ladened and failing, however, new Gyms, then PT Studios and lockdown-trained physical training instructors, were making their mark and emerging as a new tech-confident bunch, some even taking the leap after job losses. With the confidence that followed and the human need for socialisation, more and more people returned to Gyms.
It’s predicted that in 2024 the health and well-being industry will achieve record GDT (Gross Domestic Turnover). The ONS demonstrates that in 2022 the industry corrected the downturn it witnessed and built upon the losses meaning that it started 2023 with a larger market than pre-pandemic.
What makes a gym a great business?
Not a unique concept but Gym’s form an important social structure. These types of structures have existed in the past; some examples of this are working men’s clubs and, in the 1950s, dance halls and, similarly, sports clubs. In these scenarios, they are a place where people can meet and socialise. The fundamentals of belonging to a larger social group make Gyms both important and fairly robust because they have a loyal group of members who often act as organic sales agents by spreading the word.
Here are five reasons gyms are great business
One – They service those interested in maintaining their health and/or looking good. This usually is people who have some disposable income and free time. For Gym owners, this means regular and predictable income streams.
Two – Although setting up the Gym can be a heavy front-loaded investment, Gym equipment tends to last and be relatively easy to maintain. As long as you choose the right commercial Gym supplier, such as Mirafit or another, then you are putting your best foot forward.
Three – There is always an opportunity to upsell services such as Gym classes, boxing fitness, Yoga and other group exercises, which can only be accessed with a Gym membership. Interesting classes maintain high membership. It also means extra income and greater appeal to possible members.
Four – You are the boss. Is it time for you to venture out and be the leader of your destiny? Being your own boss might be your dream, so if you are committed to owning your future, this could be for you. It will allow you to follow your possession, but you must be all in; no half measures 100%.
Five – Sell clothing, supplements and coffee. You can support your income with a shop, and it is a great way to build your business, community and dwell time in your space.
Nothing is without drawbacks
Owning a Gym does have its drawbacks, but these can be rectified with team management. We are, of course, talking about time. Hours of operation can make owning a Gym challenging, especially if you have a young family.
If you are a private person, don’t open a Gym. Being a Gym owner means promoting yourself and your Gym; being social and able to network is essential.
Financial commitments few Gym owners will ever be without financial commitments. It is challenging to buy expensive equipment without loans, guarantees, investors and the shackles of repayment.
Why should you be optimistic
The health and well-being industry is growing at an incredible rate, meaning that the market has not reached saturation point in some areas; therefore, opening a Gym should provide a high chance of profit. Opening more than one would, of course, increase those chances.
Things to remember
Market saturation – If the local market is showing growth and you can identify an opportunity within this space where competition is perhaps lower, or the Gym’s catchment would be strong, then it is sensible to consider a Gym as a business.
Marketing and social media – Interchangeable and incredibly important to your business success. Choosing the right marketing team or agency is crucial to the success of your business. Creating an online community as well as a physical community within your Gym is essential. Social media is where you will do this. Your members will share their progress; encourage this as it advertises your Gym. Consider running introductory classes or allowing a small number of taster sessions alongside your main classes. It helps potential clients see the facilities and get hooked on the community and support from your trainers.
Choosing a suitable space – This sounds obvious, but it is important to ensure that you choose a location that provides customer parking, convenient access, space to grow, and an overhead that is not too high. Popular options include business units in business parks. This can work because many people will use the Gym outside of regular business hours. Sometimes staff from other businesses will become members and customers of the Gym. And industrial estate is an excellent capture market.
Find the right supplier – Work with a Gym supplier that can support you through business launch, growth and potentially further expansion. A good supplier can also help you during the planning stages to ensure that you do not waste money or space in your Gym.
Final thoughts
Gyms will only become huge successes with careful planning. We’ve established that Gym is an excellent business if you do your homework, choose the right equipment supplier, and are careful about choosing the location and commercials of your space. If you are ready to take on a Gym as a business, then now is the time for you. Remember your community; this will be the basis for your success. We hope this article has been helpful and explained opportunities, drawbacks and essential tips to make your dream successful. Make sure you have the right mindset, business acumen, connections, money, experience, people skills, coping abilities, and passion, and then choose a great team.
