How to Set Up a Gym in Your Commercial Space?
According to an EY- FICCI report, the Indian fitness industry is expected to hit Rs. 1.5 trillion by the financial year 2019-2020. With the rising fitness trend among people of all ages, setting up and running a commercial gym becomes a promising business opportunity. And especially, if you own a commercial space, it is an added advantage. However, opening a gym requires careful planning and research. So, here is a handy guide that will help you in getting started:
1. Prepare a good business plan
Prepare a fool-proof business plan prior to approaching banks for loans. This is because the lenders will not consider your loan application if you don’t have a solid business plan.
2. Get necessary registrations and certifications
Like any other business, gym owners must ensure to get necessary approvals licenses required to start a gym. They must also adhere to all regulatory laws. You can set up as a private limited company or a limited liability partnership. It is to ensure that the transferability and limited liability protection features are available for the promoter. Service tax registration is also required if your venture is expected to have a turnover of more than 9 lakhs.
3. Find the right gym setup partner
When you are setting up a commercial gym for the first time, hire the service of a gym setup partner who can turn your dreams into reality. Fitness World will offer you assistance in every step – right from sourcing the state-of-the-art equipment, providing 3-D gym design and layout services to supporting you with the annual maintenance contracts (AMC).
4. Hire wisely
Make sure that the trainers you recruit for your gym possess required certifications. Trainers’ certification and experience is a unique selling point for your gym.
If done in the right way with proper planning, this investment will pay you back in a short period of time. So what are you waiting for? Join this fast-growing fitness industry today! Call us to know more!