After the pandemic hit the Indian people become aware of their health and took major steps toward health or fitness whether doing it at home itself or by joining the gym. The fitness business is highly rewarding and at present, this business is growing in attention day by day. You can do exercises at home also but it will cost you very expensive and require a large space for keeping the equipment needed for the exercises. But the gym offers numerous benefits such as the gym can offer equipment that is expensive to buy and can solve the problem of space and also keeping the equipment.
If you have already started planning to enter the fitness business domain as an entrepreneur, then you are on the right track it will guide you through the steps necessary for starting a fitness business. Doing exercise daily will recharge your energy and you feel enthusiastic at work. Starting up a fitness business would help to increase growth in the fitness chain.
At starting there is a huge amount of cost incurred for the fitness business such as fitness workers, equipment, licensing, and all. This article will guide you through how to start a profitable fitness business in India from scratch.
Choose a Business Model
The business model is a key to making a profit and tells you how well can do according to the stats of the area or the locality you have chosen. Hence different types of business models are stated below:
This Membership model is being used by every fitness business for a longer time. What it does is it gives gym customers fellow memberships on the monthly basis i.e. the customer pays a monthly fee and it generates regular income for the entrepreneur or the businessman of the fitness business.
If you are setting up your gym in an area or locality where the demand for a good is as high as customers. This model can be profitable for you.
Starting over model
This model works best if you are just starting over by looking to get new customers to the gym. It is would be great for the people who cannot come to the gym regularly and do not want the monthly membership and would rather pay a small amount for every visit to the gym to maintain their fitness.
This model is suitable for people who don’t have a much bigger amount to pay every month and are not regular with their fitness routine but can take part in the gym by paying the small amount necessary to gain their fitness and can take leave according to their convenience plus don’t have to worry about the monthly payments. This can be profitable for the fitness business as well.
Dynamic pricing model
This model works out if you start a gym or franchise with coaches for weight loss or bodybuilding, or fitness-related activity. This model is built for the different packages to be offered to the customer based on their needs and goals. It is a profitable model to be followed by a fitness business.
This model combines membership and start over model which can help both the gyms and the customers. Regular members can be benefited from the membership model and irregular members choose to benefit from the start-over model.
Selecting a Location
The location is the major factor to make your fitness business profitable or not. It is ideal to set up a gym close to residential areas, societies, or apartment complexes that can help you grow your business more and earn profit. Look for a large space at the closest possible location available with lower rent or according to the budget set for the fitness business. In the residential areas, people prefer to go to the nearest to his/her locality for having some relaxed space.
Cost of incurring a fitness business
The cost of setting up a fitness business in India can vary depending on the size, facilities available, quality of equipment, and the kind of trainers you are hiring for the fitness business.
The is required to be spacious to attract more customers. As far as the location of the gym business is concerned it should also be spacious because fitness work requires space with high-quality equipment needed. If you are trying to attract customers from the upscale part of the area, then the interior of the gym should classy. It also includes the cost of maintenance staff. Hiring qualified trainers can cost you a little bit high.
Obtain required licensing
All businesses have to go through the legal guidelines and follow the rules and regulations set by the government. Like any other business gym businesses also have to go through gym registration, your business can be either registered as a sole proprietorship, Partnership, or company. Other documents are also required including building permits, tax regulations, and procedures. Insurance also plays a major role in gyms as there are bound to be accidents and other related damages that need to be covered by insurance. Police Department clearance fee is also important for every fitness business.
Hire Fitness Trainers
Hiring fitness trainers is important as you are starting a fitness business. Fitness trainers can help your client by giving personal training and acting as a mentor or guides to the clients. Hiring experienced trainers can not only improve the quality of service to the clients but helps in growing business as customers get satisfied with their services and suggest others to take a membership it will act as a marketing tool.
High-quality equipment is needed to make your business grow as these are the requirements for a business to grow without it there wouldn’t be any customers. Your gym setup should have basic pieces of equipment.
Although starting up a fitness business can cost you much more than expected but if you consider some steps it will come back to you as a profit which ensures long-term and stable growth in the future. It depends on the locality where you have put your initial investment in setting up the fitness business.
If you are looking for a fitness business plan in India that doesn’t require too much experience then you consider the option of picking up a franchise. Although it may be difficult and costlier to start with no experience it saves you from the hassle of starting over again without any plan.
It helps you learn about the fitness industry and how it should be run. Social media can also act as a marketing tool to take your business to a wide range of people. Opening a website or app can help you engage with people and share their services with others. It will contain all the information about your facility and the services you want to give to attract more and more customers.