Being a fitness freak cannot get any better if you have a business-minded approach towards taking your passion to the next step. Even if you aren’t much of a fitness person, it would be a profitable way to make your way in it by opening a gym. As other businesses, you need to acquire licenses and acquire funding, but it can be easy in terms of acquiring a customer base.
Make A Business Plan:
Opening up a gym requires licensing, funding and a proper plan as to how you visualize your business.
- First, make a list of the services that you want to provide in your gym. This will further guide your plan as to the number of licenses that you have to apply for, the location, space, and initial investment. These services can include a gym suitable for bodybuilders, sauna, spa, separate space for ladies and cardio.
- Then according to the services, work out the types of equipment that you have to order. This will include different exercise machines, number of dumbbells, bars and their installing charges.
- Calculate the monthly fees which you are going to charge for your services. Make sure it’s adequate to sustain and make a profit but low enough to be enticing for the customers.
Location Requirements And Licensing for Gym in India:
Having made your business plan, you already have a bare minimum idea about the space needed.
- A wisely chosen location will have an added advantage of free marketing. Therefore, try to choose a location which is in the main market so that you get the maximum exposure.
- According to the services that you plan to start, have your construction done accordingly. Like, if you plan for yoga and cardio classes, you have to construct an equal number of rooms for that. For water aerobics and swimming, you have to make arrangements for an indoor pool.
- Also, always keep extra space for future expansions. You never know what extra requirements you might need.
- You need to take a mandatory police clearance for opening the gym.
- If your business turnover is more than 9 lakh, you need to register here for Service Tax Registration.
- You can also register your business as a Small Scale Industries by going here.
Estimated Capital Investment for Gym in India:
- Finally, when you have calculated everything, it’s time to calculate expenses.
- Taking construction costs in mind, building a multi-functional gym can cost you anything between INR 5, 00,000-10, 00,000.
- Having the standard equipment and installing charges will amount to something about INR 5,00,000 to INR 30,00,000
- Hiring staff for maintenance can cost you anything from INR 30,000 to 60,000
- Having a gym also calls for gym trainers. Hiring trainers can cost you between INR 20,000 to 1, 00,000, depending if you keep separate trainers for men and women and how much time they give to the gym.
- Almost INR 5,000 on monthly servicing of equipment and other expenses, considering that your gym is of high budget.