How much does it cost to start a gym with the basic equipment in India?
I give you some tip to open a gym with cheapest equipment
Tip 1. Do Your Research and Put a Realistic Plan Together
I hear personal trainers bitch about their current situation, saying the classic line, "Wait until I have my own gym, then I'm going to . . ."
Further discussions reveal they're stuck in fantasyland.
When I first broke off from the box gym I was working at, one of my personal trainer friends told me he was looking to move on, too. I asked him his plans and all he said was that he was going to buy the open lot down the road and start his own gym. The open lot down the road was listed at $650,000.
All I could think was: did he just rob a bank or did he get a very large inheritance from a relative?
So he's going to buy a lot, build a gym, buy all the equipment, hire personal trainers, just sit back and rake in the money? I tried to sell him a bridge in Brooklyn, but he couldn't afford it.
In reality, it takes a huge amount of planning just to see if it's possible to start your own gym. Do your research, get all the numbers together, and then put it down in a fitness center business plan. Make sure you have someone who knows business and has had experience operating a business to go through the numbers and your plans with you.
If you're going to be borrowing money from the bank, they'll insist on a written business plan and projections. You need to have thick skin during this process and be prepared for some tough questions. Basically, close your eyes and pretend you're on the show Shark Tank. It's all about money and return on investments to the bank–they care very little about your dreams!
Spend four to six months talking with other gym owners across the country. Most gym owners are very open to helping others and recounting the struggles they met from starting their businesses. Make at least three calls a week. Arrange a time to contact the owner and put it on your schedule. Do not reschedule; they're giving you their time and some excellent information. This is a listening session, so have a list of questions ready. Fight the urge to tell them all about your plans, and just ask good questions and take notes during these calls.
Focus your questions on three areas:
Style of gym along with the number of clients and all sources of revenue generated.
Expenses and operating costs, including employees and the management of those employees.
Hurdles in starting your own gym, or unforeseen problems that arose.
Over time your questions can be more targeted to specific questions that relate to your plans. After the first two months, you should only be talking to gym owners of the same style gym you're planning to open.
Your research and planning should include a complete budget. Your business will need the obvious things: equipment, marketing, and a location, but make sure to include items that most people don't think about. Things such as insurance, accounting, attorney and cleaning services, and utilities can add up to be major costs.
Use professional rates when doing your budget. When starting a gym, don't fall into the trap of cutting costs and getting amateur or mediocre-level services. For example, someone thinks that just because his mom is an accountant and can do the books, the cost is zero. This is a big mistake. Budget in a professional to do your services because you want to rely on the unbiased advice of utmost professionals when making critical business decisions.
Tip 2. Accumulate Wealth Before Making the Jump
One of the biggest hurdles for most personal trainers who dream of opening their own gym is finances. The best way to save for your dream gym is to live on a budget and spend far less than your current income level. If that means no new clothes or shoes this month, then don't buy anything. Bring in extra income from a different source if need be.
Are you willing to mow lawns on Sunday afternoons to make your dream come true? Save at least 20 percent of your paycheck every month to accumulate the capital needed