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Any gym owners or former gym owners on this board?
Posted on 8/23/19 at 10:13 am
Posted on 8/23/19 at 10:13 am
I work out at a small private gym...maybe 100 members. Not a crossfit gym, a true weight lifting facility . I'm not saying that to be snobby, just to frame the conversation that it a full gym, not just a few barbells. The equipment and trainers are top notch and for the past year, the most I have ever seen there at one time is maybe 20 people.
The owners are not my favorite people, but the trainers are top notch. It is clear that most of the clientele are loyal to the trainers. However, they are just employees at this gym, and the owners seem to be placing more restrictions on them than they are used to...all the way down to the music.
Am I crazy for considering making the lead trainer a partner and opening a new facility? Does anyone have any horror stories or pitfalls that I may be missing?
The owners are not my favorite people, but the trainers are top notch. It is clear that most of the clientele are loyal to the trainers. However, they are just employees at this gym, and the owners seem to be placing more restrictions on them than they are used to...all the way down to the music.
Am I crazy for considering making the lead trainer a partner and opening a new facility? Does anyone have any horror stories or pitfalls that I may be missing?
3
Posted on 8/23/19 at 10:16 am to Geaux Frogs
I wanted to take out a loan and start my gym. The problem is that startup costs are very high. You need space, equipment, insurance, the trainer (who isn’t cheap) and a host of other things. Either you have to start off in a garage and work your way up, or have enough money to build what you want and hope you attract enough clients to make your payments.
I’m not saying don’t do it, but it’s a risky endeavor. Just make sure you do your research about the area and clientele.
I’m not saying don’t do it, but it’s a risky endeavor. Just make sure you do your research about the area and clientele.
This post was edited on 8/23/19 at 10:21 am
Posted on 8/23/19 at 12:06 pm to Geaux Frogs
Margins are tiny in this segment.
Posted on 8/23/19 at 1:21 pm to OleWarSkuleAlum
What I am talking about it is different than the mass marketed "GloboGym" for $30/mo. These are small private gyms that are $200-300/mo. per member. They are everywhere where I live. They include set times for "group" training sessions, use of the facilities, accountability partners, diet plans, and often other stuff like cryo or tanning.
I am just dumb enough to think I could make it work with 80-100 members at $200/mo.
I am just dumb enough to think I could make it work with 80-100 members at $200/mo.
Posted on 8/23/19 at 1:29 pm to Geaux Frogs
$200/month? Will Jim Wendler drop in? If you get too niche, you could have a hard time attracting clients.
Posted on 8/23/19 at 6:57 pm to Geaux Frogs
quote:
I am just dumb enough to think I could make it work with 80-100 members at $200/mo.
First you need to write a legit business plan. This will help you to conceptualize how the business will run and the costs associated. This will be a good barometer of its viability.
I’ll tell you this though, gross revenue of $16,000 a month is razor thin on the margin.
Posted on 8/23/19 at 8:09 pm to OleWarSkuleAlum
It’s not about just making it work OP, it’s about making a good living off of it. This isn’t a hobby type of job, it’s going to take involvement by you and a lot of that is boring stuff like paying sales tax and book keeping.
I say that because you don’t want something you can just make $50,000/ year off of it you are used to a higher income then that.
Also, most gyms make their profit by having a ton of members that never use the gym.
A lot of it would depend on your rent I’d think. Location certainly too but you don’t need road front for serious gym rats just close enough to the customers.
So my point is you need to scale. A business plan is fine, but it’s not about making some money and making the business work. It’s about making enough money and being able to scale it bigger. 80 members is a great goal to make some money, you need 160 to really be happy long term.
I say that because you don’t want something you can just make $50,000/ year off of it you are used to a higher income then that.
Also, most gyms make their profit by having a ton of members that never use the gym.
A lot of it would depend on your rent I’d think. Location certainly too but you don’t need road front for serious gym rats just close enough to the customers.
So my point is you need to scale. A business plan is fine, but it’s not about making some money and making the business work. It’s about making enough money and being able to scale it bigger. 80 members is a great goal to make some money, you need 160 to really be happy long term.
This post was edited on 8/23/19 at 8:11 pm
Posted on 8/26/19 at 6:28 am to baldona
Been there done that, after 6yrs had to walk away.
The biggest thing I learned is that you as an owner will also need to be the trainer everyone follows.
If this great trainer leaves and goes with you, what makes you thin he will not do the same in a few months/yrs. And where does that leave your business?
The biggest thing I learned is that you as an owner will also need to be the trainer everyone follows.
If this great trainer leaves and goes with you, what makes you thin he will not do the same in a few months/yrs. And where does that leave your business?
Posted on 8/26/19 at 10:01 am to Contender01
All good points...
The lead trainer who everyone follows would now be a partner in the business. He will have incentive to stay and build the business or lose his investment.
I guess I missed the mark in my original post. I posted on the Health/Fitness board to get the perspective related to equipment...horror stories of mass exodus of people following a trainer, and how the gym fared (is it easy to recover)...we had a surprising amount of success recruiting members at (5Ks, youth sports tournaments, senior living communities, etc.)...or, we really missed the boat by not offering "X".
I own/have owned several small businesses, and I understand how to write a business plan and pro-forma. This will not be my only source of income, just a hobby for me that produces a small amount of passive income. It will be more of a private club that operates at a small profit that makes it worth my while to spend the money to get it going.
What makes these gyms work in this area is that there are not 150-300 members, that is why people are willing to pay a premium. The member list is small, and for themost part everyone knows everyone. Like I said, I could drive in a 1 mile circle of my gym, and pass 3 other gyms that are the exact same as the one I go to, so even though it is niche, there is definitely a market. It is a sense of community...almost a group friends.
Almost like having a bad arse home gym, because you are never waiting for equipment or laying down in someone else's sweat. You aren't worried about meathead in the corner grunting and dropping weights to get attention, or being hit on by some stranger, or people there just to take selfies while sitting on equipment.
The lead trainer who everyone follows would now be a partner in the business. He will have incentive to stay and build the business or lose his investment.
I guess I missed the mark in my original post. I posted on the Health/Fitness board to get the perspective related to equipment...horror stories of mass exodus of people following a trainer, and how the gym fared (is it easy to recover)...we had a surprising amount of success recruiting members at (5Ks, youth sports tournaments, senior living communities, etc.)...or, we really missed the boat by not offering "X".
I own/have owned several small businesses, and I understand how to write a business plan and pro-forma. This will not be my only source of income, just a hobby for me that produces a small amount of passive income. It will be more of a private club that operates at a small profit that makes it worth my while to spend the money to get it going.
What makes these gyms work in this area is that there are not 150-300 members, that is why people are willing to pay a premium. The member list is small, and for themost part everyone knows everyone. Like I said, I could drive in a 1 mile circle of my gym, and pass 3 other gyms that are the exact same as the one I go to, so even though it is niche, there is definitely a market. It is a sense of community...almost a group friends.
Almost like having a bad arse home gym, because you are never waiting for equipment or laying down in someone else's sweat. You aren't worried about meathead in the corner grunting and dropping weights to get attention, or being hit on by some stranger, or people there just to take selfies while sitting on equipment.
This post was edited on 8/26/19 at 10:09 am
Posted on 8/26/19 at 11:46 am to Geaux Frogs
My dad owns a small private gym with 80 members and my only piece of advice is do not do it if you don't love it. My dad has owned the gym for almost 20 years now, and it basically just pays for itself. He keeps it going because he truly loves it. He goes to the gym every day, cleans equipment, makes repairs, works out, deals with member issues, software issues, the list goes on and on.
Also, if you're going into this thinking it's going to be your own private gym that won't be the case. Sure, it's small so a lot of the times there will only be a few people in there, but I can't tell you how many times me and my dad went to workout and the workout got interrupted by someone who was having key card issues, or lost their card, or brought a friend who wanted a trial membership, or is having issues with a piece of equipment. We also live in a small town where everyone knows everyone but we still deal with meatheads. One guy was doing dumbbell overhead press with 75 lb dumbbells and dropped them from above his head. One dumbbell bounced off the rubber mat and shattered a mirror and put a hole in the wall behind it. That guy doesn't work out there anymore lol. We also had another guy punch a hole in the wall. We didn't have a camera in the back room of the gym (cardio stuff) so my dad had to go through key swipes of who was in the gym that day then ask them all about it. No one fessed up to it. I also had a pair of shoes and a gym bag stolen once. It's crazy to say but even though you know everyone you'll still deal with this.
All that said, my dad loves it and I wouldn't trade the memories or friendships made in there for anything. I'm sure my dad would tell you the same. If you truly love it, go for it!
quote:
Almost like having a bad arse home gym, because you are never waiting for equipment or laying down in someone else's sweat. You aren't worried about meathead in the corner grunting and dropping weights to get attention, or being hit on by some stranger, or people there just to take selfies while sitting on equipment.
Also, if you're going into this thinking it's going to be your own private gym that won't be the case. Sure, it's small so a lot of the times there will only be a few people in there, but I can't tell you how many times me and my dad went to workout and the workout got interrupted by someone who was having key card issues, or lost their card, or brought a friend who wanted a trial membership, or is having issues with a piece of equipment. We also live in a small town where everyone knows everyone but we still deal with meatheads. One guy was doing dumbbell overhead press with 75 lb dumbbells and dropped them from above his head. One dumbbell bounced off the rubber mat and shattered a mirror and put a hole in the wall behind it. That guy doesn't work out there anymore lol. We also had another guy punch a hole in the wall. We didn't have a camera in the back room of the gym (cardio stuff) so my dad had to go through key swipes of who was in the gym that day then ask them all about it. No one fessed up to it. I also had a pair of shoes and a gym bag stolen once. It's crazy to say but even though you know everyone you'll still deal with this.
All that said, my dad loves it and I wouldn't trade the memories or friendships made in there for anything. I'm sure my dad would tell you the same. If you truly love it, go for it!
Posted on 8/26/19 at 12:54 pm to Not Cooper
Almost like having a bad arse home gym, because you are never waiting for equipment or laying down in someone else's sweat. You aren't worried about meathead in the corner grunting and dropping weights to get attention, or being hit on by some stranger, or people there just to take selfies while sitting on equipment.
--------------------------------------------------------------------------------
Also, if you're going into this thinking it's going to be your own private gym that won't be the case. Sure, it's small so a lot of the times there will only be a few people in there, but I can't tell you how many times me and my dad went to workout and the workout got interrupted by someone who was having key card issues, or lost their card, or brought a friend who wanted a trial membership, or is having issues with a piece of equipment. We also live in a small town where everyone knows everyone but we still deal with meatheads. One guy was doing dumbbell overhead press with 75 lb dumbbells and dropped them from above his head. One dumbbell bounced off the rubber mat and shattered a mirror and put a hole in the wall behind it. That guy doesn't work out there anymore lol. We also had another guy punch a hole in the wall. We didn't have a camera in the back room of the gym (cardio stuff) so my dad had to go through key swipes of who was in the gym that day then ask them all about it. No one fessed up to it. I also had a pair of shoes and a gym bag stolen once. It's crazy to say but even though you know everyone you'll still deal with this.
All that said, my dad loves it and I wouldn't trade the memories or friendships made in there for anything. I'm sure my dad would tell you the same. If you truly love it, go for it!
Agree with the above, I got to the point that I hated going there and working out, even on the goods there was problems.
Put it this way I ended up buying a number of things and built my own home gym. This was just so I could workout in peace when I got home
--------------------------------------------------------------------------------
Also, if you're going into this thinking it's going to be your own private gym that won't be the case. Sure, it's small so a lot of the times there will only be a few people in there, but I can't tell you how many times me and my dad went to workout and the workout got interrupted by someone who was having key card issues, or lost their card, or brought a friend who wanted a trial membership, or is having issues with a piece of equipment. We also live in a small town where everyone knows everyone but we still deal with meatheads. One guy was doing dumbbell overhead press with 75 lb dumbbells and dropped them from above his head. One dumbbell bounced off the rubber mat and shattered a mirror and put a hole in the wall behind it. That guy doesn't work out there anymore lol. We also had another guy punch a hole in the wall. We didn't have a camera in the back room of the gym (cardio stuff) so my dad had to go through key swipes of who was in the gym that day then ask them all about it. No one fessed up to it. I also had a pair of shoes and a gym bag stolen once. It's crazy to say but even though you know everyone you'll still deal with this.
All that said, my dad loves it and I wouldn't trade the memories or friendships made in there for anything. I'm sure my dad would tell you the same. If you truly love it, go for it!
Agree with the above, I got to the point that I hated going there and working out, even on the goods there was problems.
Put it this way I ended up buying a number of things and built my own home gym. This was just so I could workout in peace when I got home
Posted on 8/26/19 at 1:28 pm to Geaux Frogs
quote:
I am just dumb enough to think I could make it work with 80-100 members at $200/mo.
Good luck man
Posted on 8/26/19 at 1:42 pm to Geaux Frogs
Mark Rippetoe said it best: Owning your own gym is great, as long as you don't care about your own training or sanity.
Posted on 8/26/19 at 1:54 pm to Geaux Frogs
quote:
This will not be my only source of income, just a hobby for me that produces a small amount of passive income.
Based on this statement alone your gym will fail. Gyms are not passive income streams.
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