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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Should you buy or lease commercial gym equipment? Should I buy or lease gym equipment for my business? The decision to buy or lease commercial gym equipment depends on the amount of capital you have and your tax situation. There are pros and cons to both approaches. Leasing allows you to change out fitness equipment every few years while incurring lower maintenance costs, and payments are generally deductible as a business expense. It is also easier to obtain leases than equipment loans. They may, however, cost your health club more money in the long-term. New gym equipment loans though, now [...]
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I last wrote about leasing one year ago and, as it's such an important issue, I decided that it's time once again. Leasing should be something that every gym owner is aware of as an ownership alternative. In fact I want to make the claim that gym equipment leasing is part of something that I think is much bigger, even a mindset. It's all part of creating your own options and being able to respond to changing situations with flexibility and agility. Your overhead and capital outlays can really be tough to meet in any business. Gym specific items such [...]
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What is the one thing that you need to keep in mind to keep people signing up for gym memberships? What is it about hanging out in a communal space to exercise? With reasonably priced modern fitness equipment, most people could train at home, so why take the time and expense of traveling to a gym? The answer, I believe is actually pretty simple. People could do a lot of training at home. But who really wants that? It's too easy to slack off and it can get a little lonely. It's the social component of being around other people [...]
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Unusual fitness equipment has its advantages in both attracting new customers to your fitness business and retaining current members. Encouraging New Gym Goers Join Your Gym When new customer walks through your door that has never had a gym membership, emphasize why the variety of your gym equipment is important to their overall fitness regimen. Inform them that gym equipment is scientifically designed to ensure that when you use it, you are actually burning more calories as well as increasing the strength in your muscles. The reason why personal trainers and fitness instructors emphasize the use of the equipment is [...]
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