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any gym owners ?

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branch
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2011/03/18 14:26:17 (permalink)
USA DEALS

any gym owners ?

hey all, has anybody here started there own gym?
 
me and mrs branch are at uni at the moment and dont fin for a while (2 years) lol, but we are starting to sort out our life together and really plan for the future.. saving for wedding..house..buisness..baby the things that will cost.
 
we would love to own a gym and have thought about two ways.. 1)building a one under a self build house..ambitious.... 2) renting a warehouse.. i live close to a large retail area although there is already one gym there but expensive and poncey lol
 
can anyone advise on how you would even start to think about it..would you have to save up enough capital to buy a place and equipment ? rent them all? if buying a one could secure buisness loan onto it..
 
etc etc just general advice would be very helpfull.. as said we are both doing degrees in health and exercise science, and them maybe a masters in strength and conditioning... but also wantto get a few comps under our belts to get known and to meet others
 
 
thanks all
 
 
#1

51 Replies Related Threads

    USA DEALS
    tebow
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    Re:any gym owners ? 2011/03/18 14:29:33 (permalink)
    Independent gym = money pit (in general)
    #2
    ALHADO
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    Re:any gym owners ? 2011/03/18 14:33:39 (permalink)
    Private gym , abit like fight club! Do that
    #3
    gymbabeliz
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    Re:any gym owners ? 2011/03/18 15:16:57 (permalink)
    Dont rely on leasing equipment and  etc as most places wont lease to new companies.....you need to have been trading 2/3 years. and getting a business loan is almost impossible......
     
    cheapest way is to buy an existing gym thats got good potential but hasnt been marketed or managed well, as at least the basics will be in place. Improve everything that has been making people leave . rename it and relaunch as a new gym
     
    never underestimate how much you'll have to keep on spending out even when its up and running- and dont expect to pay yourself for a long time!
     
    plus get used to working 12 + hour days , the effect on your relationship if you're not used to working together
     
     bringing up a baby in your own gym when  is pretty cool , we always had ours in the gym no need for childcare  and also neither of you are missing out by being at work all day. Its not easy though .......we did it out of necessity, not because we chose to...
    #4
    branch
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    Re:any gym owners ? 2011/03/18 19:39:37 (permalink)
    thanks for the reply, well we have plenty of time and suppose could think about buying a pre existing gym nevr gave that a thought.
     
    like i said we have plenty time, best get saving... working together all day wont be a problem i dont think we spend more than a hour apart per day.. live together.. train together...go to uni together so wont be a problem.
     
    we are looking to buy a wreck of a house too so may be able to get some profit formdoing that as i have done one in the past and did ok... but we will work it out
     
    thanks again though for the insight cant wait
    #5
    Rosc0PColtrane
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    Re:any gym owners ? 2011/03/18 20:45:06 (permalink)
    gymbabeliz

    Dont rely on leasing equipment and  etc as most places wont lease to new companies.....you need to have been trading 2/3 years. and getting a business loan is almost impossible......

    cheapest way is to buy an existing gym thats got good potential but hasnt been marketed or managed well, as at least the basics will be in place. Improve everything that has been making people leave . rename it and relaunch as a new gym

    never underestimate how much you'll have to keep on spending out even when its up and running- and dont expect to pay yourself for a long time!

    plus get used to working 12 + hour days , the effect on your relationship if you're not used to working together

    bringing up a baby in your own gym when  is pretty cool , we always had ours in the gym no need for childcare  and also neither of you are missing out by being at work all day. Its not easy though .......we did it out of necessity, not because we chose to...

    Business loans are not impossible. Read up on Enterprise Finance Guarantee schemes. Though you need a robust business plan. I see plenty of clients with EFG borrowing.
     
    The rebranding is what happened at our place. It was a great place to start with, just not being managed at all. Queue a very knowledgeable and enterprising couple and they've gone great guns.
    #6
    gymbabeliz
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    Re:any gym owners ? 2011/03/18 20:54:48 (permalink)
    yes i said ALMOST impossible ;-) certainly not as easy/ guaranteed as some people think though. you have to be able to predict your turnover, cashflow, profit and loss etc with a LOT of confidence and proof to back it up
    #7
    Rosc0PColtrane
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    Re:any gym owners ? 2011/03/18 21:15:47 (permalink)
    Yep too true!!
    #8
    Red_Alert
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    Re:any gym owners ? 2011/03/18 21:44:32 (permalink)
    Why go uni just to come out and buy a gym?

    "I believe in taking care of myself" - Patrick Bateman
      
    #9
    branch
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    Re:any gym owners ? 2011/03/19 00:34:45 (permalink)
    thanks guys.. and gal
     
    we wil look into things and different ways.. defo something we want to try and acheive. as you have said a tough part will be sorting plans of profit, turn over.. etc etc
     
    dont know if it will help but cant harm..we already have a business just started as personal trainers so we are going to make sure any income we have goes through the business as i know it takes a few years of books before anyone even takes it into account.
     
    red - we are doing a health and exersice science degree, we were already qualified as pt's but this route helps us with knowlege and also contacts. plus we are just starting as pt's so will take a while to make money and gym inst jobs pay nothing ( well round my way anyway ), so this way we further ourselfs while trying to get the business running, saves us from sitting on out backsides most the week lol.
     
    also we would eventually like to get a camp going for youngsters.. not too harsh but learning about eating right, exersice, fitness, health mixed with games and fun. i find ( esp having a large famly with kids in it .. not mine lol ) parents..teachers...government etc usually dont take a persons abs or look as a garuntee they know what they are talking about degrees usually help
     
     
    #10
    paulthebuilder
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    Re:any gym owners ? 2011/03/19 16:28:14 (permalink)
    Open one is a town that's too small to attract bargain chains.
    Obtain a building with prior leisure consent use - trying to change from B to D-use is a nightmare.
    Having owned one for 5 to 6 years in the past, now isn't a good time to be thinking of opening one, IMO.
    The birth of the era of £10 a month chains is upon us.
    #11
    gymbabeliz
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    Re:any gym owners ? 2011/03/19 16:59:37 (permalink)
    ^^^ true righty, friend of mine was looking to take over a gym until he heard a budget gym was going to open practically next door .  that has to be every gym owners worst nightmare!!
    #12
    sillynarbie
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    Re:any gym owners ? 2011/03/19 17:17:05 (permalink)
    rightyho
    The birth of the era of £10 a month chains is upon us.

     
    Can't wait! 
    #13
    sillynarbie
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    Re:any gym owners ? 2011/03/19 17:17:49 (permalink)
    Red_Alert

    Why go uni just to come out and buy a gym?

    Because the sole purpose of going to uni isn't just to lead onto a career? 
    #14
    paulthebuilder
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    Re:any gym owners ? 2011/03/19 17:27:04 (permalink)
    gymbabeliz

    ^^^ true righty, friend of mine was looking to take over a gym until he heard a budget gym was going to open practically next door .  that has to be every gym owners worst nightmare!!

    Independents will need to operate within certain constraints in the future.
    The cost-effective chains will hammer any indy on facilities alone.
    And on price.
    Which leaves the indy needing to differentiate itself by either locating, geographically, into a region where the number of houses won't sustain the clawback of the large initial outlay involved in a chain gym, or providing a service sufficiently different to the chains which is also capable of sustaining the numbers required to make the business profitable.
     
    Tough times ahead.
    #15
    paulthebuilder
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    Re:any gym owners ? 2011/03/19 17:29:16 (permalink)
    sillynarbie

    rightyho
    The birth of the era of £10 a month chains is upon us.


    Can't wait! 

    Me too.
    Their existence and limited facilities for bodybuilding will drive bodybuilding back underground - where it belongs - away from the nobheads who think 100mg a day of anadrol is some sort of health tonic.
    #16
    ALHADO
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    Re:any gym owners ? 2011/03/19 17:32:23 (permalink)
    Red_Alert

    Why go uni just to come out and buy a gym?

    Has to be this month stupid question
    #17
    paulthebuilder
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    Re:any gym owners ? 2011/03/19 17:35:31 (permalink)
    sillynarbie

    Red_Alert

    Why go uni just to come out and buy a gym?

    Because the sole purpose of going to uni isn't just to lead onto a career? 

    Correct. It's to rack up a huge debt so as to enslave you into the system.
    And have drinking contests.
    #18
    branch
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    Re:any gym owners ? 2011/03/19 17:44:51 (permalink)
    thanks for the input.. well the area we were thinking there is one gym within a small distance however practically zero weights and costs a fortune.. type of place they will charge 8quid for a bottle of water.
     
    would love to open a decent bodybuilding gym... ( have to work onmyslef first and actually look like a bodybuilder lol ).  but hopefully can asses the market over the next 2 years .. fingers crossed lol
    #19
    paulthebuilder
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    Re:any gym owners ? 2011/03/19 17:48:58 (permalink)
    There is a paradox in your above statement - it is very rare for a purely bodybuilding gym to make good money.
    Hence, the need to diversify into fitness, which opens you up to chains clsoing you back down again.
    Rough rule of thumb - 25,000 residents per one gym. Minimum.
    Have a look at the census of your area.
     
    #20
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