Posted by Karen Bryan on 24 June, 2016
We asked Paul Drew, co-owner, manager and senior coach at Origin Fitness, the question we're all dying for the answer to. If he could go back and start his gym from scratch, what would he do differently?
Check out the three key lessons you should follow before taking the plunge and opening your gym doors:
1. Don’t be Afraid to Ask for Business Advice
Although Paul and his business partner had extensive expertise and knowledge in training when first starting up, they wouldn’t have described themselves as business masterminds. As a result, their first couple of months were a little all over the place, lacking the structure, systems and gym management software necessary to successfully run a fitness business.
Given the chance to start from scratch, however, Paul would have worked with a fitness business consulting company like NPE from day one. NPE is a global fitness community that empowers fitness entrepreneurs with the tools, advice and systems needed to succeed at every stage of business growth and development.
There’s no shame in asking for help on the business aspect of setting up your gym or studio. In fact, the most successful fitness business owners have the ability to acknowledge where exactly their weaknesses lie so that they can work to overcome the challenges that lie ahead. By getting the right people involved to boost your strengths and eliminate weaknesses from day one, you’re increasing your overall chance of success.
2. GET A PAYMENT SYSTEM IN PLACE
The biggest mistake startup gyms and studios can make is not having a system for payments, such as the one included in Glofox’s gym management software, in place from the outset. Without such a system, you’ll be constantly chasing down cash, just as Paul did at the start of his career. A recipe for wasted time, lost revenue and well, you guessed it; disaster.
There’s no two ways about it, you’re not a charity and you have to get paid on time. You need to have a strict gym system in place that ensures that this aspect of your business is managed and monitored effectively. Not only this, but you also need to make sure that this system is convenient and user friendly for your members.
For Paul, taking Glofox gym management software on board for gym membership and payment management enabled them to tighten up their overall business management and eliminate revenue leakages. Their mobile Member App also ensured that members of Origin were provided with a seamless booking and payment experience, contributing to the perceived value on offer to clients.
3. Budget. Budget. BUDGET.
When you’re running a fitness business it can feel impossible to predict some of the ad hoc costs you may incur as you start up. Things happen, equipment can break, pipes can burst. Let’s just pray they don’t all happen at once!
What you can do is set aside a certain percentage of your budget for unforeseen events. Things will crop up that you couldn’t have possibly accounted for in advance and remember, every bill and staff member has to be paid before you’re paid. Once you have worked this into your budget, however, you can avoid the panic if something does happen. This is especially important in your first three years of business where you are fighting for your survival.
Numbers aren’t your strong point? Financials are a critical part of your business and should not be left to chance. Making the decision to invest in gym management software could be the best decision you make in the startup of your gym or studio. Why not contact us today for a free, personalised demo?
Making the transition from a trainer to a business owner? Check out the blog post for top tips on activating your owner mindset!
Topics: Starting a Fitness Business