On the subject of “How to Become a Successful Gym Owner,” Jackie Bachmeier has come a long way.
“The first year and a half I did it on my own,” says Jackie, owner of Evolution Fitness & Wellness in Houston. “There was nothing easy about it. Clients would literally come and say to me, ‘We think it’s time to pay you.’ I was horrible at the business side of business.”
Eight years later, EFW is thriving, with plans to expand to a second location.
Jackie brought on a partner (her husband, Jason) to divvy up the leadership efforts. Colleagues had suggested an administrative assistant or bookkeeper.
“We don’t have a perfect system, but it’s helped to have one person focused on the front of the house – like coaching and onboarding – and the other focused on the back of the house, like paying bills and doing payroll,” she said.
“I’m starting to learn the back of the house now, too, because you have to have an understanding of how it all works together.”
And there’s the rub about how to become a successful gym owner!
“You have to have an understanding of how it all works together.”
Thank you, Jackie, for perfectly summing up the point of this blog post.
We’re here to share a blueprint about how to become a successful gym owner, sharing a roadmap to gym ownership success. We’ll cover a range of topics, from financial planning to building a strong team to marketing.
This guide is meant to empower you to become a thriving gym owner.
Step 1: Financial Planning
What’s Your Money Situation? Before diving into gym ownership, evaluate your financial situation. How much money to you need initially. Include leasing or buying property, renovating the space, buying or leasing equipment, and covering operating costs for at least the first few months.
Work with a budget planner to create your business plan for spending and revenue, remembering that you’re establishing healthy guidelines and boundaries, not iron-clad rules.
Secure Funding. You probably have more options here than you might think at first. So, beyond personal savings and bank loans, look into investors and crowdfunding.
Create a detailed business plan that outlines your gym’s concept, market analysis, revenue projections, and funding requirements to attract potential investors or lenders.
Manage Cash Flow What does “cash flow” mean, exactly? You must keep track of money coming in and going out of your business. Plus, you need to set aside emergency money and make sure you have cash on hand to cover daily costs for a while.
Jackie and lots of other gym owners like QuickBooks, but you can use any number of financial software to make this easier.
Read “Answered: How Much Do Gym Owners Make A Month?” for more business information.
Step 2: Building a Strong Team
Hire Qualified Staff. Easier than it sounds, right? Well, just remember that your team is the backbone of your gym – and of how to become a successful gym owner. You need certified trainers, competent managers, and a strong team spirit even among part-timers at the front desk.
Try to find people who are passionate about fitness and helping people, and who can represent the vision you created for your business.
Invest in Training and Development. Don’t make the common mistake of so many bosses: hiring people and then forgetting about their needs. Look for training opportunities, relevant certifications, workshops and even team meetings to keep them updated on the latest fitness trends and techniques.
It’s good for service they provide and part of how to become a successful gym owner. And, maybe more importantly, it shows your employees that you care about them as individuals, and you want to help them succeed. That builds loyalty.
Nurture a Positive Culture. Training and development also go a long way to this one, building a positive work environment. You want your staff to feel empowered, to feel like they’re valuable, and to feel supported in their efforts to help you grow.
So, encourage them to work together as a team. Praise their individual and group achievements. And maintain ongoing and open communications. A happy, unified staff will radiate your values out to your members and prospects.
Rosa Coletto, owner of Full Circle Fitness in Orange County, California, learned an important lesson about communicating with her staff as she was learning how to become a successful gym owner.
“Many of my frustrations with team members were my fault,” she said. “It was all in my head, and they weren’t executing the way I wanted because I didn’t have it written down or systemized.”
So, today she records on paper or on video exactly the process she wants employees to use and includes relevant links.
“Now the hardest part for me is not answering their questions but asking if they checked this doc for the info first,” she said.
Step 3: Marketing Your Gym
Know Who You Are. Develop a strong brand identity right from the jump. It should tell people who you are and why you’re in business. Are you for gifted teenagers? Busy professionals? Retirees?
Your brand must reflect the gym’s values, mission, and unique selling points.
Create a memorable logo, tagline, and consistent visual elements that represent your gym. If you need to hire a freelance designer, then do it; the investment will pay off.
Develop a Marketing Strategy. Yes, online marketing is great – but so are offline channels. And don’t forget about “in real life” networking and promotional efforts.
So, your comprehensive strategy on how to become a successful gym owner needs to include social media, your website, email newsletters, advertising, public relations and more.
Do you offer promotions or discounts? How are you sharing the good news about your gym?
Get Out There! Don’t hide behind your online efforts. Build strong relationships within your community. Host fitness events, workshops, and charity drives. Partner with local businesses to cross-promote services.
Community engagement not only increases visibility but also fosters loyalty and trust among your members. Build relationships BEFORE you need something from people. Try to provide value to them instead of just asking for help.
Create and share “success story” testimonials of people who are thrilled with your services. Remember that these should focus on the member, and not on you; you’re telling their story, and your role is as chief helper.
The best testimonials have a story to tell, said gym owner and business coach Vince Gabriele.
See if you can organize those testimonials by problems, he advised: “What are the objections that you get in a consult?”
Conclusion
You’re wondering how to become a successful gym owner. It requires a combination of strategic financial planning, building a strong team, and effective marketing.
For starters.
There’s more involved, like delivering exceptional customer experiences and providing results for your clients, of course.
But by following this roadmap, you’ll be well on your way to creating a thriving gym that stands out in this tough industry.
If you want to get more awesome business tips on how to become a successful gym owner, sign up for our free Naamly Online University here.