A gymnastics gym is a profitable venture if you put in place efficient business systems such as records, customer care and a high quality of services. According to an IBIS World report in May 2013, demand for gyms and health and fitness clubs will continue to go up in the next 5 years as the American population puts more emphasis on health and staying fit. A gymnastics gym also benefits your community by giving upcoming gymnasts a place to train and the community a place to boost their fitness and health. Some tips can help you open a successful gymnastics gym.

Research

The first step towards opening a successful gymnastics gym is to cover all your bases before you launch your idea. Identify critical information such as start-up costs, customers’ needs, competition and pricing. Also, research the prices of equipment, vehicles and furniture. Sources of information could include fitness equipment vendors, fitness attorneys and gymnastics associations. Talk to your insurance agent on the type insurance that can protect you and your gymnastic club’s assets. You can also conduct a survey on how many people do or are interested in gymnastics in your area to help you identify your target market.

Business Plan

A business plan is a formal statement of your business goals, vision, strategy and your road map towards increasing your revenues. For example, you can set up a gymnastics gym for children with the aim of helping them become more disciplined, improve their health and stay off unnecessary peer influences. A business plan also outlines your source of capital and how you will spend your money. For instance, you will need to buy equipment such as parallel bars, vaults, floor exercise carpets and mats, balance beams, and tumbling trampolines. You will also need to budget for wage costs which can account for up to 30.7% of your revenues. Outline your marketing plan with brochures and a management structure, as well as growth and exit plans.

Location

Use a real estate agent to find a spacious warehouse or large building and negotiate a friendly lease agreement for you. A lease that works for your business protects your business from financial strains that may arise. The location must also meet your gym’s needs. For example, for activities that require you to install parallel bars, you will need a building with high ceilings. The surface must also be flat for mats and stability. A building that has overhead lights, lockers and changing rooms will save you the cost of installing them. Clients also appreciate an ample and safe parking space.

Starting Up

Hire a knowledgeable team and market your club. Use guidelines from the Bureau of Labor Statistics to determine key characteristics of fitness workers and their salaries. Price your products competitively, offer discounts for new customers and design reward programs for long-term clients. Finally, market your business by sponsoring gymnastics events in your area and advertising in specialty publications such as sports and health magazines.