Forum Business Gym owner advantages and pitfalls

[angrod1973]

Dear kettlebell/barbell/minimalist gym owners -

I’m a strongfirst coach struggling to find a quality gym that I align with in my area. I have the opportunity to purchase a struggling minimalist gym near me to create the environment that I’m looking for. BUT I know I have a big job ahead of me in terms of marketing, finding my people and finding quality coaches. I’m stuck in fear and focusing only on the risk at this point so seeking thoughtful advice.

To the gym owners here:
Would you choose to do it all over again? What advice do you wish you had when you first started your business? What is the secret to your success?

Thank you for any thoughtful advice you may have.

 

[Halfakneecap]

I’m not a gym owner but I genuinely hope it works for you. Quite a lot of gyms opening here now ( Aus ) despite high interest rates and inflation. I have to take anything over 24’s to my gym, 20kg seems to be the maximum unfortunately. All the best with it if you decide to do it

 

[Steve Freides]

I’m a strongfirst coach struggling to find a quality gym that I align with in my area. I have the opportunity to purchase a struggling minimalist gym near me to create the environment that I’m looking for. BUT I know I have a big job ahead of me in terms of marketing, finding my people and finding quality coaches. I’m stuck in fear and focusing only on the risk at this point so seeking thoughtful advice.

In my area, many trainers starting out rent gym space from others. It can be a good way to build up your students before taking that next step.

-S-

 

[Mark Limbaga]

Not a gym owner but I have managed a gym, and also serve as consultant for some gyms

Are you currently in-house at the gym you work for or are you leasing space??

How booked are your PT/semi-private sessions??

That gym you're looking to buy out, what are the issues you believe you can offer solutions??

 

[jayjo]

I had a fantasy about opening a gym one day. I would only have barbells and kettlebells, no machines at all. And no women allowed, unless they are beasts. I would stand outside prisons handing flyers to cons getting out. They would be the target audience to get customers. It would be called "Ugly Muscle" or "Meat House" or something like that.

 

[Greg H]

Not a gym owner but multiple business owner. A couple of suggestions. I would highly advise taking a money partner for a first startup. Lots of reasons but mainly beau e the operator can’t obtain enough equity percentage to make it worthwhile. So you end up with a job with with all the stresses of entrepreneurship. So equity greater than 50% ideally 65%.

Cash flow is king and debt right now is very expensive.

In a gym business buy assets (at a discount) not goodwill. Book value not multiples of revenue as a sell price.

Throughly investigate the landlord. You want a landlord “partner” ie very supportive of leased business, not someone who just wants to collect cash. Landlord can do a lot to make or break your business.