If you’re a fitness entrepreneur with dreams of opening up your own successful gym, you probably know that you’ll need to do some heavy lifting. Between hiring trainers, establishing a client base, and securing a space, navigating how to start a gym can feel as daunting as it does exhilarating—just like stepping up to the squat rack.
But how much does it cost to open a gym? To put it simply, it depends.
Factors like size, location, and style, will play a determining role in setting the overall cost of opening your gym. That said, whether you have your heart set on a boutique yoga studio or a mid-size CrossFit center, you can probably count on investing at least five figures.
To get an understanding of how much it will cost to start your gym business, keep reading. We’ll break down your likely start-up operating costs. Plus, we’ll share inspiring stories of passionate personal-trainers-turned-entrepreneurs who have already put the reps in.
Is it a wise idea to invest in your vision? If you’re considering opening up a traditional gym and diving into the brass tacks work of budgeting, it might help to begin by taking a broad look at the fitness industry by the numbers.
With scores of fitness enthusiasts willing to spend their money on gym memberships and projections that show that the industry is poised to bounce back from the pandemic, you might find monetary success by opening your own studio.
That said, it’s likely to carry upfront costs. Let’s dive a little deeper to find out just how much.
Ready to take the leap? Whether you’re looking to open a CrossFit gym or a Pilates studio, building your own fitness business will probably require a significant chunk of initial investment and capital.
What will that number look like? It depends on where you intend to open up your standard gym. Some experts float $10,000 to $50,000 as a baseline range for a start-up fund while acknowledging that certain locations—major urban centers like New York City, for example—might require coffers with a little bit more padding.
But no matter where you’re setting up shop, it might benefit you to keep these universal costs in mind when you’re first starting out:
It’s fair to say that rental costs may be intimidating—nationwide the average monthly rent for a 2,000 square feet studio hovers around $6,000—but they may offer significant returns, especially if you find a space and location that ticks all of the boxes for your client, such as:
Still, for many savvy fitness entrepreneurs, creating a vital, inspiring gym involves investing in some top-quality equipment. Just ask Matt Espuet, who owns Rhode Island’s Fit Body Bootcamp. While the $6,000 he put toward a medical-grade full-body scan machine was certainly no small spend, the exceptional piece of equipment has helped him woo new members—increasing his gym membership by 15 percent.
Most gyms have a range of equipment to pull in new faces and aid workouts, even if the pieces are a bit more standard than a full body-scan rig. Some examples include:
Keep in mind that equipment can be expensive, and the costs stack up. For example, the median price of just one squat rack lands at around $1,000, while top-of-the-line treadmills can set you back $4,000.
To keep costs down, focus on your specific client base and your offerings. If your gym is mostly class-based with an emphasis on calisthenics and toning, you might be able to hold off on expensive cardio equipment and isolation machines for now.
If you’re wondering how you’re going to meet all of the initial financial demands that come with opening a gym by yourself, consider support from investors and loans.
To obtain financing, begin by drafting a clear gym business plan. You’ll need to submit one with your loan applications, but writing a plan can be useful in more ways than one. It can help you:
It might also be worth considering investing in professional certifications if you haven’t done so already. Experts say that establishing your fitness, personal training, and sports medicine experience builds credibility with loan officers—and members, down the line.
So you’ve signed the lease, purchased the equipment, and picked out the appropriate insurance policies, but there are more expenses to consider beyond that. You’ll likely run into additional costs that come with upkeep, marketing, software, and pay. Let’s break them down:
Watkins concurs. She feels that the success of her gym lies in the personal attention that her staff of trainers provides to her members—it’s what sets them apart from larger chains.
“Clients who have been to other gyms really like the attention that they get from the coaches at 202Strong,” she says.
If you’re a fitness professional with an entrepreneurial spirit, the idea of opening up your own gym can feel thrilling, empowering, and terrifying. As with taking on any small business venture, building your own gym or studio requires fortitude, endurance, and grit—not to mention dependable financial backing to support growth, ensure safety, and retain members.
Running a gym can be a costly endeavor—requiring buckets of time, sweat, and cash. But for many passionate fitness entrepreneurs, the experience of creating a healthy, positive space in their community is priceless.
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Sources:
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IHRSA. Worldwide Health Club Membership Now 183M Strong. https://www.ihrsa.org/about/media-center/press-releases/ihrsa-report-worldwide-health-club-membership-now-183m-strong/
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