Starting a fitness business is an overwhelming and exciting experience. Similarly, deciding to start a business is a decision that can transform your life, both good and bad. Making a checklist can help you effectively condense your ideas.
How to do then?
We have helped hundreds of gyms, cross training boxes, and personal trainer studios over the years, and we have a lot of experience in this area.
Today this experience, we decided to put it at your service, to help you in all possible ways to open a successful gym, trying to make as few mistakes as possible.
In this article that is part of a series of professional guides for gym owners, we will examine the statistics of starting a business and will draw up together a complete checklist for starting a business.
What is a checklist? A checklist with all the steps to take before opening your successful fitness business.
Indice dei contenuti
Necessary premise
If you want to start a new business and be your own boss, entrepreneurship can be a rewarding path.
In general, there is no suitable model for all sectors to start a business. Although every company needs market research, every company is unique.
The great thing about starting a business in today’s world is that you have access to a lot of information. And it’s easy to find it…
Be careful all the time!
Factors such as the exhaustion of money and the lack of research in the preventive field, play a very important role in the bankruptcy of enterprises.
Paying attention to your customers is essential as 25% of startups fail because they don’t care about their customers’ needs.
Always remember to make a business plan before making a decision. If you don’t know how to do it read our professional guide.
What are the biggest challenges?
It can be difficult to know the right steps to take when starting a fitness business. By following a clear and defined process, you can start developing your business and work your way through your startup checklist.
A to-do list can help you focus your attention so you can get closer to your goals of creating a successful business.
Are you Ready? Let’s go then!
1. Choose your company name
You made the big decision to start a business, congratulations! Even if you think that choosing the name of your business might not be that important, we think it’s a crucial part of your brand development.
Creating the perfect trade name is difficult.
Some brands like to include their keyword, while others choose fancy names or even their first name.
Always remember that your business name should be:
- Easy to write
- Captivating
- Coinciding
2. Choose a business structure
Choosing the legal business structure will affect key parts of your business such as taxes, insurance requirements, and more. The structure of your business will depend on your location and area.
Your legal structure will depend on your type of business, your location and how many people are part of your team. Here is a breakdown of some of the business structure options:
- Sole proprietorship: The sole proprietorship allows you to save on taxes but makes you 100% responsible for your company by exposing your personal assets to creditors.
- Limited Liability Company : This corporate structure will protect you in part from corporate responsibilities by securing your personal assets but with an unfortunately higher operating cost than the sole proprietorship.
Always remember to rely on a serious and knowledgeable accountant who can help you choose the best corporate form.
3. Creating a business plan
Creating a business plan is a crucial step for any business. It is a truly unmissable opportunity to perfect your business idea.
Writing your business plan streamlines your processes and formalizes the company as a whole.
Your business plan should also answer these questions:
- What is the purpose of your business?
- Who is your target audience?
- Which financing, crowdfunding or business loan do you need?
- What are your startup costs?
If you want to know how to draw up the perfect business plan for your company, we invite you to read this professional guide.
4. Register your domain and your trademarks
An important step in starting a business is registering your own domain. After all, every business needs a website.
Even if you don’t have a website ready for use from day one, register your domain name. So, when you are ready to build your website, the domain will be registered and ready for use. You might also consider registering a company trademark to avoid being copied.
5. Opening a corporate bank account
Explore the different options available online.
Remember to look for a bank account that meets your business needs for things like online payments, money transfers, billing, etc.
Attention! At this step:
Your corporate finances should be separated from your personal finances. Don’t make a mess!
6. Take out business insurance
Your business insurance will depend on a few different factors such as the type of business and the number of employees. There are several insurance policies available that you will need to consider.
If you open a gym, third-party insurance is mandatory!
If you have employees, at the very least you will need worker compensation insurance. Most small businesses should also have general liability insurance.
7. Create website and social channels
Create your own corporate website and start configuring your social channels. If you do not know how to make here is a very valuable gift : our guide on social media marketing for gyms and fitness centers.
Nowadays, a website is an essential part of any business that helps increase brand awareness.
Before a customer makes a purchase or signs up for a service, they will likely visit your website and social media channels to check for online reviews.
8. Hire the right employees
Unfortunately, there aren’t enough hours a day for one person to play every corporate role to the highest standards. Consider hiring employees for jobs that require specific skills. For example, accounting, instructors, social media managers and web designers. You will find that the right employees will help you grow your company.
9. Find your business location
The location of your business will affect your marketing plan, the structure of your business and your business needs. The laws and regulations of the region where you will open your business will have an impact on different parts of the business.
The location of the right business for you will depend on some very important factors. If you want to know more here is our super guide on how to open a successful gym.
10. Keep your data safe
Nowadays, most companies handle sensitive customer data.
Whether it’s payments and credit card details or personal information, think about how you’ll keep customer data safe.
Make sure you have the tools you need to collect and protect your data. Whether you’re accepting payments from customers or you have personal information such as subscription service, security and data protection are critical for businesses.
11. Promote your business
Creating your own business is one step, making yourself known is another. During the planning stages, consider how to promote your business. Your marketing activities will probably be part of your overall business plan. Marketing efforts will likely evolve with the company as you begin to find out what works for your target audience and what needs to be improved.
As always we invite you to read our professional guide to marketing for gyms.
Conclusion
Thank you for coming to the end of this important article for all those who want to open a successful gym. Our blog contains very valuable content to help you open your successful business. For the equipment, of course, you just have to write us an email to receive all the help you can, from design to consulting we are always at your disposal.
Write us now : info@kingsbox.com
