If you’re passionate about fitness, you might be thinking about opening a gym. But as you may already know, this is not exactly cheap. Gyms come with various costs, which are often not easy to handle for everyone. Money is a huge obstacle, stopping many aspiring gym aficionados from starting their own businesses. However, with some creativity and affordable gym business ideas, you can start a gym with as little as $10,000.
Now, what do you do if you’re impatient to start your own gym, yet you only have $10,000? Is it enough? Moreover, how do you spend it wisely? Let’s break down the costs of opening a gym and how you can use your current savings to start your fitness business.
How much does it cost to buy a facility for a gym?
Initial gym opening costs are always the highest. Unless you already own property that can be transformed into a gym, you’ll be forced to look towards other options, such as renting out or purchasing a property.
When it comes to affordable gym business ideas, you can expect them to be anywhere between a few thousand dollars and $100,000. If you do not have a high budget, then you must find something that uses the minimum build-out amount so you don’t spend all your savings at once.
The good news is that you don’t have to spend your $10k on a build-out. Many successful gyms start from the bottom until they can improve and become more successful. For instance, you can save your money and turn your garage into a gym. Warehouses and similar locations can also be used if you have one of these facilities. For example, some people start by opening home gyms. These affordable gym business ideas can help you get started without breaking the bank.
Then, you can simply take advantage of your resources to decorate the place accordingly.
While it may be tempting to work on your dream gym from the get-go, there’s no point in rushing if it requires money that could go towards other essential things, like gym equipment. Settling for a smaller facility will help you save money and invest in more important details until you can move your gym to a different location.
What are the registration costs?
Registering your gym legally will also come with some costs. Still, paying for licenses and permits is more important than paying for the coolest location in town. You’ll have to go through several legal processes to open your gym. This includes creating a legal business entity, getting permits and licenses, obtaining insurance, and registering for taxes. Don’t forget to research affordable gym business ideas to help you save money along the way.
In total, you can expect this to cost anywhere between $750 and $3,400.
How much will the equipment cost?
Now, here’s where you should focus on – the gym equipment. When people come to your gym, they do it to change their lifestyle and their bodies. This requires using special equipment and machines.
The cost of gym equipment can range between $5,000 and $50,000, depending on how many machines you buy and how expensive each piece is. Here is some important equipment that you should have in your gym, but it also depends on the type of facility you’re opening. You can look into more types of affordable gym business ideas and perhaps consider buying used equipment to save money.
· Olympic platforms
· Plyo Boxes
· Squat rack
· Jungle Gym XT
· Adjustable benches
· Agility ladders
· Weight vests
Then, it is up to you if you also want to invest in certain gym machines, such as:
· Leg presses
· Cable biceps and triceps bars
· Rowing machines
· Chest presses
· Stationary bikes
· Stair climbers
When it comes to machines, you can only get one of each, or buy a few options from that list.
One thing you can do to save some money is to buy equipment months in advance, so you don’t have to get everything at once. At the same time, you may want to purchase sets of equipment for discounts. These affordable gym business ideas can help you stretch your budget and get the most out of your investment.
If you don’t want a large and fully-equipped gym yet, you can handle it with less than $10k.
Computers, inventory, furniture, and more
Aside from a proper location and good equipment, you also need things, such as computers or laptops, furniture, and others.
You don’t have to buy office laptops or computers right away. For starters, you can bring your own laptop. As for phones, you can also use your own until a better opportunity arises.
If you want to make some extra money that would help the business, you could sell foam rollers, energy drinks, water, and anything of the sort. These investments aren’t that expensive and might help you earn extra cash each month.
Even if your funds are limited, you can still open a gym with the savings you have. For less than $10k, you can get all the legal permits and licenses, have a location for your gym, and buy the necessary equipment. With affordable gym business ideas, you can keep your costs low and focus on providing quality service to your customers.
And don’t worry – even if you have to turn your house or garage into a gym to save money, this won’t be permanent. Once your business takes off, you’ll make more money, and you can move to a bigger facility.