Practical tips to assist you in opening a gym in India
People in India are more conscious of their fitness than ever before. They are taking their workouts more seriously and are willing to spend long hours to achieve perfect body shapes. Furthermore, going to the gym is not only about maintaining health, but people also enjoy flaunting their toned bodies. In some cases, a well-built body is also seen as a way to maintain status. Thus, if you are also passionate about fitness or are a personal trainer, opening a gym in India can be promising. It is a viable career option and a fast-growing industry that can provide excellent returns.
But, like all businesses, opening a gym is not an easy task. A lot of homework is necessary and thorough planning is a must.
These tips will serve as guideposts when you decide to start your gym:
Make a Detailed and Realistic Plan
The first step you need to do is analyze whether it is feasible to start your own gym. You need to calculate all the costs, such as buying equipment, renting a space for your gym, marketing expenses, and others.
However, remember that It is not a good idea to try cutting costs by hiring amateurs for training services since it will create a poor impression of your gym. Good trainers are what keeps the gym running so make sure you hire certified trainers – be it for kickboxing or strength training. You will also need to hire other professionals, such as accountants or cleaning services for your facility. For such detailed planning and research, it would be best to consult someone you know who is well-experienced in running a business.
Your focus needs to be on important issues like:
- The kind of gym you want to open, the expected revenue, and the estimated number of clients.
- Expenses you will need to undergo like salaries to your employees and managers.
- Contingencies for unexpected issues that may crop up.
Plan Your Finances
If you have decided on opening a gym in India, you may need to start saving for months in advance. This can be achieved by putting aside a compulsory amount from your current monthly income. You will need to consider factors like requiring more equipment for a larger facility and paying higher costs for a good location. Hiring additional trainers is also another expense to be taken into account.
It is not advisable to take heavy loans since the interest rates may increase your burden in the future. You need to have substantial savings to fall back on in case something unexpected happens. You also have to be prepared to keep aside a part of your income for paying loan installments every month so that you will be debt-free quickly.
Conduct Research about Clients
The number of clients joining as members will be a significant factor when running your gym. Be realistic while making estimates about the probable returns you will get. Make your estimates conservatively, based on a limited number of clients.
You need to research a lot and get information related to people living in your area. Find out everything possible about potential customers like their behavior, their professions, location, age, and other personal factors. The location of your gym will be a very vital factor/ You have to choose an address that is convenient to travel for you and your clients.
Use Word of Mouth Advertising
Your social networking will be a big factor in acquiring new clients. So, you should leverage your friends’ and family’s help and request them to do marketing on your behalf.
It would be a good idea to spend some time in community activities where you can spread the word of your gym. Consider starting free seminars providing weight-loss information, free short training sessions, or weight loss challenges for the locals. These activities will generate interest in your gym in the minds of the people.
Prepare for competition
Like in any business, you need to be wary of other gyms on the premises. Find out the facilities they provide, their membership rates, location, and other relevant information. This will help you to develop unique services that will let your company stand out. You could devise special schemes or provide discounts to attract customers to your facility.
Conclusion
Opening a Gym in India is a business idea with excellent earning potential. The above tips will help you in gym planning and to devise strategies to assist you in running a highly-profitable gym facility. 3E Accounting’s professional team is expert in business set up and has helped several investors run their businesses efficiently and profitably. The firm provides the best business setup services in India and will gladly assist in all the legal formalities and documentation you require. Contact us for more information.
3E Accounting India
3E Accounting India is a corporate service provider and accounting firm assisting clients with company formation and incorporation. We offer company secretary and business-related services in India.
