Im 18 years old, soon to be 19 and am mad that i am just getting serious but this now.
How much do you guys think it would cost to open a gym in NYC? I live in the Philly suburbs at the moment and am currently in college getting a business degree - I HAVENT LEARNED **** FROM SCHOOL. Everything business wise that i have learned has been from owners of other gyms that ive been in over the years and i can find out even more as i will.
The degree i am getting isnt to open a business anyways...its because i am also considering being a cop but i need 60 college credits (could be any subject).
But here is my dilemma...i can stay in schooll for another 1 1/2 years and become a cop making top pay in the area of 60-85k, chances are more so around 75k AFTER overtime. But its something i will be doing because im afraid of a risk and its the "safe" choice. (My father is a cop and he says DONT BE ONE, but i am almost guarenteed a job)
I can follow my dreams and take a risk. Open my own gym in the city i love (NYC - not manhattan, Queens or Brooklyn). BUT, here is the idea...since my dad is a cop, his friend can get me a job sometime within the next 6 months. So around the age of 19 i can begin working making some decent money and saving while living at home. Now if i save till im 22 (the same age as everyone else is getting out of college) i could have a nice little bank account to purchase gym equipment and the things i need, leaving the potential to get a loan for the actual building. Ill have to start building credit over the next few years aswell. HUGE RISK - but if theres any job i would rather do its be my own boss and own a gym and i was thinking - why am i not even going to TRY to get what i truly want in life?
SO what are you guys thoughts on this???
And more importantly, how much (guesstimate) do you think it would take to open a gym in NYC?
04-25-2007, 01:49 PM #1
How much does it cost to open a gym? (serious)
04-25-2007, 02:00 PM #2
04-25-2007, 02:01 PM #3
04-25-2007, 02:06 PM #4
04-25-2007, 02:09 PM #5
What do you need to open a gym?
Probably need to lease some space. Estimate how many sq. ft. you'd need, and call a real estate broker to get some ideas for prices in the area you want.
You're going to need some equipment. What type of equipment would you need? Make a list, and lookup prices.
You'll have to hire people. How many people, how many hours/wk, what will their wages be?
You'll have to do some marketing. How are you going to go about doing that?
If you're serious about starting a business, have some friggin' initiative.Reps to:
04-25-2007, 02:11 PM #6
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If you are living at home and making a ton of money, you will need extreme self control or you will end up spending it all
I did that **** until I was 22, moved out, and didn't realize how good I had it until it was gone
I mean, people tell you that, how good it is to live at home, but you ignore it thinking you are smart enough to realise this, but people telling you something and experiencing reality are two different things. Then you realize why people say that so much
But even if you had extreme self control, you would probably need more than 3 years, more than 75k a year minus taxes and living expenses, and some good investment gains before you could turn it into enough money to open a gym up on your own. What you would need would be some business partners to go into it together with. So unless you save for a LONG time with good investment sense, or fall into a load of cash magically, you'll need more than just yourself to start up a business with such high front-end and overhead as a decent sized gym would take.
04-25-2007, 02:13 PM #7
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04-25-2007, 02:13 PM #8
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04-25-2007, 02:15 PM #9
no ****.....im in the very early stages and im trying to get a range of how much it would cost before i get deeper into anything. Like i said, if i want to go troough with it, THEN i will make a business plan and really start getting into it. Ill also be working full-time as a cop BEFORE i open up for about 3 years, plus alittle bit of money from my parents, and im sure the government/small busines asoc. would give me some money too. I know it will be hard work, but i think it IS realistic, and that i have more potential than being a cop my whole life!
04-25-2007, 02:16 PM #10
Really depends on how big and elaborate you want to make it.
The machines are expensive as hell and so will be the property especially in NYC. New LifeFitness treadmills start around 4 grand.
What other amenities will you offer...(tanning, hydromassage bed, etc..)?
What are you chance of succeeding in that area? How close are other gyms in the area?
Is your target consumer a majority in that area?
Plus the cost of advertising in a big city will be expensive.
I was thinking of doing the same thing but even with a VA business loan I'd still need at least 500,000 dollars to start up a decent one. It's gonna take about 10 years to get there.Motivated, Dedicated, Lethal
"Your best? LOSERS always whine about their best, WINNERS go home and f**k the Prom Queen." Sean Connery - "The Rock"
Smooth is Quick....Quick is Deadly.
04-25-2007, 02:17 PM #11
04-25-2007, 02:19 PM #12
04-25-2007, 02:43 PM #13
Looks like you can get leased flex space for $30 - 40 / sq ft per year in New York (Tribeca, SOHO, and Manhattan). If you want 6,000 square feet, $180 - 240K for one year's rent.
Here are weight set prices from Iron Company:
1 set of 5 - 100lb. dumbbells (5 lb. increments): $6,300
Dumbbell rack: $200
Barbell club pack: $1,800
10 Olympic bars: $1,000
3 1,260lb. plate packages: $4,200
3 bench presses: $600
2 incline bench: $400
2 decline bench: $400
1 Shoulder press rack: $700
2 Power Racks: $1,200
2 Preacher Curl Racks: $800
Smith Machine: $2,500
Leg Press: $2,500
Dip/Chin/Ab station: $700
Legend 7-station jungle: $7,400
Total workout equipment......$30,700
I'm sure there is lots more equipment that you would need. This is a pretty basic set-up (no cardio machines, not nearly as much equipment as any gym I've ever been to, etc.)
So rent and equipment alone you're looking at $210K+ for the first year.Reps to:
04-25-2007, 02:44 PM #14
04-25-2007, 02:45 PM #15
04-25-2007, 02:46 PM #16
Yes, I think $500K per year is a reasonable estimate since you'd have to add the additional equipment that you wanted, marketing, wages, etc.
I'd say it'd probably be more like $400K per year after the first year, but of course you will have to replace equipment over time...
Now of course, that is only an estimate. It could be a lot more or a lot less depending on prices you get, stuff we left out, etc.
EDIT: I once read a rule that when you are estimating how much it would cost you to run a business, double it. So maybe it's $800K - $1MM. BTW, machines are really expensive.
Last edited by savage_animal; 04-25-2007 at 02:50 PM.Reps to:
04-25-2007, 06:57 PM #17
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04-25-2007, 07:04 PM #19
04-25-2007, 07:07 PM #20
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04-25-2007, 07:11 PM #21
Potential franchisees must possess the capital sufficient to fund the development of a Gold's Gym facility. The minimum financial requirements for an individual or group are a net worth of $800,000 with $300,000 in cash or liquid assets.Reps to:
04-25-2007, 07:12 PM #22
04-25-2007, 07:14 PM #23
04-25-2007, 07:14 PM #24
Damn, now I feel like a jackass. I didn't think you'd actually apologize. I guess I'm sorry, too. I had a couple posts that came off harsh. *Shakes ironmike9110's hand*Reps to:
04-25-2007, 07:15 PM #25
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04-25-2007, 09:04 PM #30
do you actually "own" the gym if u buy a franchise or is it like your just the manager.
I mean can you set the hours for the gym, yourself, your employees, and if u want some new equipment you can buy it and bring it in, and if u want to get rid of something can you? What im saying is do you complety "own" the place or no?