This is a question all new gym owners ask themselves. In the last month, we’ve brought you expert answers to many questions about the actual leasing process – conversations to have before signing your gym lease, how to find property, and the details behind specific leases – Triple Net and Full Service Leases. Now it’s time to decide if it is in your best interest to rent a location or buy that real estate. To explore this topic, we turned to Kelly Morgan, owner of MorGainz Fitness, a four-location Pennsylvania enterprise. Morgan and her husband David leased their first and second gym locations, starting in 2012, [...]
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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 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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As a gym owner, you work hard to devise engaging fitness programs, keep a qualified rotation of trainers on staff, and offer a variety of equipment for your customers to enjoy. But there is one often-overlooked aspect of maximizing your client retention and member satisfaction: optimizing the building itself. Your physical building space is the face of your business. Before your clients walk up to the front desk and greet the first employee they see, they will make a snap judgement about your gym based on what they see around them. Consider the environment and ambiance of your gym, and [...]
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Gym equipment is the biggest class of capital assets (and possibly of hassles too) you'll have to deal with when you're starting your own gym. Whether you run a small gym or a national franchise location, there are some things that must be addressed with enough quality to make your investment worthwhile. Once you have the equipment in place you need to ensure that it stays in working order for as long as you need it. Gym equipment is the bread and butter of your enterprise. It may be more or less important, depending on the type of gym you [...]
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When you're aiming for success in the fitness industry, there are a number of factors to consider during the start-up period. That's why it's always a good idea to have a checklist in place for everything to ensure smooth business operations. A detailed checklist helps you keep the gym organized without unnecessary effort and also improves your chances of establishing a name in the industry. Let's find out why each of the following checklists play a role in the growth of your fitness business: Supplies By having a supplies checklist for your gym, you can see to it that every [...]
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I know maintenance isn't exactly the most exciting topic to discuss in the world of fitness gyms; in fact it can be straight up DULL. Cleaning is the same boring subject and definitely not sexy, but as previously discussed in the "Keeping Your Business Clean," blog post, I feel that it is equally as important as maintaining your gym equipment. So to spice it up a little, let's think about it this way... every person involved with the fitness center industry is affected by maintenance! How? Members want gym equipment that works. Gym managers always have to keep an eye [...]
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