Opening a gym....

[breck]

I am sure everyone here has contemplated this, however, I would like to make my dream a reality. I want to open a gym, a place that has something for everyone (pl'ing, bb'ing, syrongman, general fitnes, etc...). I would also like to incorporate a supplement store along with this.

If there are a million steps to get this going, I am at half a baby step in...lol. I have a lot of worries, like being broke and financing this. I would be quitting my $80,000/yr job/career and moving 3 hours away, but I don't want to look back and say, "i wish or I shoulda..."

Any advice/info is appreciated. Again, I am just in the information stage and realize this isn't an overnight or easy process.

[Jared Ragsdale]

Save up enough money to live for a year when the shit hits the fan. Many small businesses fail because they don't have enough capital to last through the first year of hardships.

I got your PM, I am going to get back to you ASAP. ^^^ That is the most important thing before anything else.

[Sammich]

I admire your moxie and your ambition.

I think looking through old articles on Elite Fitness' site might be one source for some info. They have tons of articles from gym owners about their trials and tribulations.

[breck]

Thanks man. Take your time.

[breck]

I admire your moxie and your ambition.

I think looking through old articles on Elite Fitness' site might be one source for some info. They have tons of articles from gym owners about their trials and tribulations.

Haha, I was doing just that during roll call at work today.

[Jay Cook]

I own and run a performance studio type gym and we have PLers, Strongman, Oly Lifters, Athletes of all sports, rehab clients as well as general fitness and personal training clients.

Be prepared for it to cost more than you could imagine and for you to work more than you could possibly think you would have to, and that'll be almost close to where you'll be.

[Jared Ragsdale]

I own and run a performance studio type gym and we have PLers, Strongman, Oly Lifters, Athletes of all sports, rehab clients as well as general fitness and personal training clients.

Be prepared for it to cost more than you could imagine and for you to work more than you could possibly think you would have to, and that'll be almost close to where you'll be.

I think that's true for every sole proprietorship. Time and money invested will always exceed what you will imagine.

[lhart6272]

I am sure everyone here has contemplated this, however, I would like to make my dream a reality. I want to open a gym, a place that has something for everyone (pl'ing, bb'ing, syrongman, general fitnes, etc...). I would also like to incorporate a supplement store along with this.

If there are a million steps to get this going, I am at half a baby step in...lol. I have a lot of worries, like being broke and financing this. I would be quitting my $80,000/yr job/career and moving 3 hours away, but I don't want to look back and say, "i wish or I shoulda..."

Any advice/info is appreciated. Again, I am just in the information stage and realize this isn't an overnight or easy process.

can you live on 40 grand a year? if so stay at your job for the next two years and bank half of it for hard times....

[Pheedno]

can you live on 40 grand a year? if so stay at your job for the next two years and bank half of it for hard times....

you'll be lucky to make that the first several years of the gym opening so that is a good idea. What ever debt you have, pay it off first. Then save up 6-12 months of living expenses before you jump into it.

Don't do debt. That's my advice. I have 2 gyms. I quit a job making about $70k in 2008 and last year I paid myself $29k working about 80hrs a week. I bought the 2nd gym in November of last year and my hours went up to 105 week, every week. I'll pay myself less this year.
Now, the new gym was a fixer-upper so I dump a lot of money back into it that will eventually become my salary but I have no mortgage, no car payment. My biggest expenses are retirement and savings(I'm about to marry someone with 2 mortgages but she makes more than me.)

You need to come to the conclusion that finding a niche is more important than fulfilling a dream. The first place I opened is nothing like I would have built as my dream. It's small, very upscale. I keep a tight ship on the meathead factor and generally make it uncomfortable for ego-based lifting. I discovered the community was predominately gay, higher income, and retired so I made my prices so that lower income and younger people dont go there much. It's just not a lifters gym. It's very successful because I built it for the market and not for my own vision.
The one I just bought is hardcore. All iron weights, old school Nautilus machines, younger crowd, etc. It's a lifter environment. It works there. It's in a high traffic area and gets a lot of attention because of location and I'm in a tourist town so a lot of lower income weight staff are members. I'm alos surrounded by 2 universities so the student run off is good.

If you have no debt, you have no worries. It just makes running a business enjoyable, even when the pay is low at first. Buy used equipment. Gym equipment is kind of like cars. It drops in such considerable value the moment you take it off the lot and not very many people have any clue what a 2 year old tread looks like from a new one. Hell, I have treads that are 6 years old in my "higher class" gym and no one knows.

-Research locations, demographics
-Put down on paper a expected profit and loss(I can give you a rough idea on what your expenses would be if you'd like[not exact amounts but what exactly you could expect as bills])
Once you find out a rough estimate on what you need to take in in order to keep it in the black. then...
-Pay off personal debt before jumping into it
-Save 6-12 months living expenses



From there

[breck]

Awesome information guys. Thanks a ton.

[thedunhill225]

you'll be lucky to make that the first several years of the gym opening so that is a good idea. What ever debt you have, pay it off first. Then save up 6-12 months of living expenses before you jump into it.

Don't do debt. That's my advice. I have 2 gyms. I quit a job making about $70k in 2008 and last year I paid myself $29k working about 80hrs a week. I bought the 2nd gym in November of last year and my hours went up to 105 week, every week. I'll pay myself less this year.
Now, the new gym was a fixer-upper so I dump a lot of money back into it that will eventually become my salary but I have no mortgage, no car payment. My biggest expenses are retirement and savings(I'm about to marry someone with 2 mortgages but she makes more than me.)

You need to come to the conclusion that finding a niche is more important than fulfilling a dream. The first place I opened is nothing like I would have built as my dream. It's small, very upscale. I keep a tight ship on the meathead factor and generally make it uncomfortable for ego-based lifting. I discovered the community was predominately gay, higher income, and retired so I made my prices so that lower income and younger people dont go there much. It's just not a lifters gym. It's very successful because I built it for the market and not for my own vision.
The one I just bought is hardcore. All iron weights, old school Nautilus machines, younger crowd, etc. It's a lifter environment. It works there. It's in a high traffic area and gets a lot of attention because of location and I'm in a tourist town so a lot of lower income weight staff are members. I'm alos surrounded by 2 universities so the student run off is good.

If you have no debt, you have no worries. It just makes running a business enjoyable, even when the pay is low at first. Buy used equipment. Gym equipment is kind of like cars. It drops in such considerable value the moment you take it off the lot and not very many people have any clue what a 2 year old tread looks like from a new one. Hell, I have treads that are 6 years old in my "higher class" gym and no one knows.

-Research locations, demographics
-Put down on paper a expected profit and loss(I can give you a rough idea on what your expenses would be if you'd like[not exact amounts but what exactly you could expect as bills])
Once you find out a rough estimate on what you need to take in in order to keep it in the black. then...
-Pay off personal debt before jumping into it
-Save 6-12 months living expenses



From there

THIS^^^^^^^I am planning on opening a small studio for personal training targeted at a strong nitch. I will be purchasing all my equipment used and having a welder friend of mine make some simple leverage equipment I have had in my head a long time. I have great reffs and past/current clients to use as examples (several clients down 100+ lbs and a cpl down 60+ so far). This will be far from my "dream gym" but it will allow me to do what I love....help people. I will be opening my studio with ZERO debt. The two things that have put it off are my surgery but most importantly my fiance (will be wife by the time I open) should have her salary more than double.... Making this possible. Having a partner fully behind you makes the prospect much easier.
Best of luck bro.

[mark!]

This has always been something I wanted to do. Always said I'd do it if I ever won the lottery, haha. Best of luck bro.

[trucelt]

breck when you open your gym im buying at least 3 shirts...

[Deavaan]

I own and run a performance studio room type gym and we have PLers, Strongman, Oly Sportsmen, Sportsmen of all activities, rehabilitation customers as well as common health and fitness and health and health and fitness and health customers and be ready for it to cost more than you could think about and for you to work more than you could possibly think you would have to, and that will be almost close to where you'll be.

[Glyder]

I own and run a performance studio type gym and we have PLers, Strongman, Oly Lifters, Athletes of all sports, rehab clients as well as general fitness and personal training clients.

Be prepared for it to cost more than you could imagine and for you to work more than you could possibly think you would have to, and that'll be almost close to where you'll be.

I own and run a performance studio room type gym and we have PLers, Strongman, Oly Sportsmen, Sportsmen of all activities, rehabilitation customers as well as common health and fitness and health and health and fitness and health customers and be ready for it to cost more than you could think about and for you to work more than you could possibly think you would have to, and that will be almost close to where you'll be.

Deavaan, why did you copy almost exactly what Jay said?

Good luck to you Breck! I really hope things go well for you.