How To Start Gym Business In India? [Setup Cost, Business Plan]
How To Start A Gym From Scratch?
Gym Business Plan
Is fitness your passion? Has it driven your lifestyle in such a manner that you’re ready to take your journey to the next step?
Then this blog is curated just for you fitness entrepreneurs. Starting any business is never a piece of cake, and with wrong or misleading strategies, many fall apart even before booming properly.
With the dawn of the Pandemic, from millennials to Gen-Z every individual has drastically turned their focus towards building their immunity, dietary preferences, and overall maintaining their health.
Gyms in India have become a necessity instead of luxury or show off.
A commercial gym can easily turn into a flourishing business for people with passion and an entrepreneurial drive.
Follow these steps and understand about gym business plan in India.
Step 1- Finalise An Area/Locality
A gym’s success is strongly dependent on the type of location you’re starting your venture at.
If you are opening your business near the residential colonies and commercial areas, your business will be easily leading to substantial profits from the first month of its inception.
But if you choose a locality that is not prominent or well-known to the customer’s eye or lacks an easy reach, your business is doomed to failure.
Always pick a place with a decent or more crowd whilst keeping in mind public accessibility.
Step 2- Have A Solid Business Plan
If you are funding the entire business with your own money or from a family member, you wouldn’t be in the mandatory rule for this step.
But if you are asking for bank loans or pitching to potential investors, you need a solid business proposal.
According to market analysis, a gym opening cost in India can range from anywhere between 5 lakh to 10 lakh rupees.
And any big business investor wouldn’t be agreeing to give out money without a sound business plan ready, so plan it beforehand.
Step 3- Obtain All Licenses
Every business has to be compulsorily registered officially and adhered to all governing laws.
From building permits, tax procedures, and initial investment-related licenses.
If you are adding numerous amenities like an indoor pool for swimming, water aerobics along with side separate spaces or floors for spa, steam, sauna, and locker rooms, all things have to be permitted legally.
Gyms are also a place where injuries or mishaps can be occasionally inevitable, hence, opting independent contractors and well-balanced business insurance might help avoid major damage. You should also fulfil your GST registration to avoid indirect taxation and manage your invoices.
Step 4- Hire Certified Trainers
The ability of your fitness center is defined by the presence of trainers on-site.
It is a crucial part where you should not skim.
A certified trainer will not only bring authenticity but will increase the quality and word of mouth marketing for your gym.
The trainers’ industrial experience will help you gain better insights into the gym business.
Consider hiring trainers who have obtained either of these certifications below-