Gym management requires an array of diverse skills. Naturally you need a good - or better still, a professional - understanding of fitness and health. You need to know a bit about finance, accounting and cash flow to keep the lights on. You also need to be a marketing guru, a customer service whizz and at least literate on a computer.
It’s a challenge, but it’s one that will bring a unique set of rewards. As you see your gym businesses grow each year, you’ll be able to take huge pride in your accomplishments.
Opening a gym isn’t going to be cheap.
Estimates put the figure somewhere between $0 - if you’re inheriting a turn-key operation - to $100,000 - if you’re starting out from scratch and want something at the premium end of the market.
In a previous article, we wrote about how one Arizona-based gym owner got his operation up and running from a standing start at a cost of $100,000. Within two years he was turning a healthy profit and thinking about opening more.Top three ways to finance your gym
After picking the right location, equipment is probably the most important decision you’ll make in the early stages of gym management. The industry is so competitive now that gym members simply won’t settle for basic equipment. Consider:
Gym marketing is an industry in its own right. You can use a number of techniques, or combinations of techniques, to drive members through your doors. The right approach and the right channel to achieve this will depend on the type of members you’re trying to attract and the type of services you want to offer.
Insurance, like air conditioning and hot water, is one of those boring must-haves. In some territories you’ll be breaking the law by not having comprehensive gym insurance, in other territories you won’t be breaking the law but you’ll definitely be inviting financial ruin.
You’ll need two types of insurance to stay fully covered; business insurance to cover your building, equipment and other assets, and public liability to cover your members, staff and any visitors you have on-site against injury or harm. You might even want to consider professional indemnity insurance too. A study by American business insurance firm Insureon estimates the average premium to be around $741 per month for general liability insurance.Managing your membership
A study by American business insurance firm Insureon estimates the average premium to be around $741 per month for general liability insurance.
Managing your members is a nice problem to have, isn’t it? If you aren’t managing your members, you’re probably managing your creditors.
But even though it falls into the category of ‘high quality problems’ it’s still one that needs solving.
It might seem easy enough to just sign new people up, give them a complimentary water bottle and move on, but consider the following regular tasks in relation to administering your membership base.
Gym management is a practical must-have for all gyms. These programmes are designed to ensure your gym runs like a well-oiled machine, keeping members happy, ensuring classes are never overbooked, memberships are renewed and your much valued customers know about all those exciting offers and deals you’re offering.
Gym management software will help you take on the following day-to-day, weekly, monthly and annual tasks.
The key thing to managing your gym is to give yourself the time and energy to focus on your passion. Your talents are much better put to use thinking up new ways to delight your members, giving classes, training your staff and helping your members achieve their goals.
Yes, the admin, marketing and accounting are important, but if you can make it easier than it used to be, why wouldn’t you?