The research report by Smergers concludes that Indian fitness industry is estimated to be of 4,500 crores growing by 16-18 % annually. Thus, to set up a commercial complex is a lucrative proposition despite multiple homegrown and global models functioning in the country. An individual with an entrepreneurial bend of mind can flourish with this business. Opening a gym is a resourceful and productive venture. However, see your finances first and calculate the expenditure. Cost varies depending on various factors. The version of the gym also an important consideration. Your gym can be studio one, mid-size gym or the huge mega-gym with all amenities. The cost can vary accordingly. Understand your financial feasibility. A large amount of money is needed to start afresh. Monthly fixed finances are to be considered.
It will be erroneous not to consider initial one-time costs. Physical location cost will vary with size, location and rent or purchase decision. You can concede space for yoga, cardio free weights and spin activities. Then there should be provision for lockers, sauna and showers. Research the market based on this. Gym equipment will be bought on your discretion. The list is long, and you may not want all of them. There are treadmills, dumb mills, ellipticals etc. Go in a package with a discount by the manufacturer.
Certification and professional staff salaries must be investigated. Decide the number of staff you require. It will highlight the cost. Apply for licenses and permits. You must also comply with health and safety norms. It is a must expenditure.
Processing and legal fees add up to a big chunk of money. You may need to hire legal help not only for the completion of documents but also for legal issues arising with members like suing off and on. Insurance for injuries on site must be covered. Be ready to pay the premiums. Building betterment and re-modelling differ for each gym. Computer and internet installation for connectivity with members and payment collecting is necessary. You will also need gym management software which has to be a subscription basis. Other costs include employees uniform, miscellaneous expenditures like chairs, towels, etc. Merchandise such as t-shirts, protein shakes, water etc is also on the list. Advertising for prospective customers to enrol. Money is also needed for day to day working.
Among the recurring costs is rent which varies by size surroundings and locality. If your gym has street visibility the rent will be more. Mortgage or lease payments are also to be made. Compliance permits come with renewal fees. Then there are equipment lease payments and heating and air conditioning units. Set aside money for utility bill like phone, electricity, equipment repairs, cleaning supplies etc. Employees salary according to experience and qualifications. Thus, the gym will become a profit-making after several months.
Rubber floor mats are a must for the gym. It is a flat rubber kept on the floor for protecting the underneath surface, so it lasts for a long time. Rubber mats can take rough handling, are anti-skid, comfortable to stand on and can take the weight of the machines without getting damaged. The quality is good, affordable and does not fade. The categories of the mats are namely kitchen mats, fitness equipment mats, protector mats, stair treads, animal stall mats etc.
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