By Sam Monempour, NAI Capital Commercial Real Estate Services, Worldwide Opening a gym/fitness center is a challenging and complex venture with many moving parts. Before diving in, it is essential to carefully plan and prepare for the ever-changing aspects of the fitness industry. Over the years, gyms have gone from standard places of exercise and bodybuilding to a social environment with integrated social media influences, new technologies, new formats of exercise, and many various forms of build-out. 1. Decide gym style and market before signing a lease. The first step in signing a well-designed lease is to determine the type of [...]
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This blog was authored and originally published by CARR, a national healthcare commercial real estate firm. It is re-published with permission. Commercial Real Estate As you evaluate different types of commercial real estate leases when considering various properties for your practice, it’s important to understand the details of a “full-service” lease agreement. Full-service leases are one of the simpler commercial real estate lease structures, as well as one of the most predictable, making them a solid choice for many tenants whose circumstances require relatively constant monthly payments without too many surprises (e.g., unforeseen operating or building maintenance costs being charged [...]
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If you’re ready to own a gym, it’s time to think about the best location. You'll be wise to research this one carefully as it can have a big impact on your long-term success. Here are some key ideas to help in landing the perfect spot to launch your new business. 1. Start the search for commercial space on the Internet LoopNet.com is a commercial real estate marketplace that allows you to identify available space easily and effectively. Whether you’re interested in leasing or buying space, this national aggregate for available commercial space allows you to narrow your search by neighborhood, [...]
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If you have opened a new gym, you must know that it is, after all, a new business. So you should be prepared to run and develop that business as a business. To do so, you must acquire knowledge about the fitness business industry, and also be aware of the pitfalls of why new gyms fail so you can be sure to avoid them. In my opinion, here are the top 10 reasons why new gyms fail... #1 - No proper business plan No business plan can be fatal to your new gym. Before starting a gym know: Successful gyms watch finances, [...]
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How do you read the future? All you can do is look at the trends and make an educated guess based on the way things are going now. You have to make some judgment calls as well, because trends can reverse unexpectedly or they can be hidden in mountains of information. Also, trends can fail to pan out and just turn out to be short-term fads. It's really hard to make predictions with any kind of certainty. But you have to try to anticipate what's ahead as a business owner, if only to plan your investments. The more of the [...]
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New Year's Day is right around the corner, and that means gyms can expect the annual rush of resolution-fueled gym members. Although the short-lived swarm of new clients each January is great, gyms should be doing more to market themselves throughout the year - and doing it in more innovative ways. People hesitate to join gyms for many reasons: cost, location, fear of commitment (both time and money). Although there is usually a gym membership for most anyone's income range - some gyms offer monthly memberships for as low as $10, while memberships to "luxury" gyms can rival the cost [...]
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If you are planning on opening a health club, gym, or fitness studio, location is going to be vital for your new business. This is because people primarily choose health clubs that are nearest to their homes or those locations that are the most convenient and accommodates their daily routines. Additionally, you will need to consider whether you will be buying or renting the commercial space. If you are opening a health club for the first time, here are some factors to consider on choosing a place that will set up your fitness business for success. Which Part of the [...]
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If your gym is in a bad shape when it comes to revenue or profit, rule number one is - do not panic! Jumping the gun and rushing to Randy Couture does not have to be your first option. The positive side of allowing him to "rescue your gym" is that it certainly gives you a lot more publicity among fitness enthusiasts. However, that same publicity may tarnish the goodwill you have created with your present members. Here are some ways to save your own gym. 1) Analyze the Problem Make sure you first understand what is wrong before you [...]
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