Here are three quick tips on things you need to think about before you open your new gym:
Know your hood
Do some research in the area where you want to open your new gym to find out the potential number of members you can sign. If there are gyms similar to yours in your area already, this can be a good indictor that there is demand, but make sure you are not opening up in an area that is saturated. Your location has to be viable.
Know your people
Who are your members? Know their likes, dislikes, routines and budgets. Knowing your target market is the foundation of building your brand. Make sure you are selling a product that your customers want. Schedule classes for the most convenient times at a price your people can afford. Be customer-centric and put your members first.
Know your cash
Most businesses fail because of bad cash flow management. New business owners are very optimistic about their idea and tend to over estimate profits and underestimate cost. Even though it is great to have faith in you idea, it is important to be realistic. Underestimating profits and calculating realistic costs (including the unforeseen expenses such as a leak in the showers) is a good way to manage your cash flow.
Before diving head first in to your new and exciting venture, do a bit of research and planning to make sure your business will be viable long term.