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  1. #1
    Registered User Lance Uppercut's Avatar
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    Cost of opening a gym

    As a project for my econ class, my group and I have to start a business and show results of operation for a 12 month period. I was just wondering if anyone could tell me, or direct me to a site, that would give costs of ordering X amount of a machines, or pieces of equipment, weights, etc.

    Thanks for any information

    Lance
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  2. #2
    Banned Slated's Avatar
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    The insurance and equipement, let alone the lease of enough space...

    If you have investors, call Gold's gym, as they have locations they have under consideration...

    Good luck lol
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  3. #3
    Banned sweetmisery's Avatar
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    Here in the Phils., I asked the owner of the gym I go to(he is Austrian), said that it cost him around $25,000 for a decent sized one... with aerobics area and all.
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  4. #4
    Registered User Lance Uppercut's Avatar
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    Thanks, I hadn't considered insurance. By the way, I'm not REALLY opening a gym, it's just a 'pretend' business, but I need actual costs in order to do the project.
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  5. #5
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    Call an insurance agent, an equipement wholesaler (MGM Fitness in Green Bay would be a start), and look for commercial properties of closed down grocery stores for sale or lease.

    25K will only get you a few pieces of commercial grade equipement, not a gym lol
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  6. #6
    Navy-Marine Corps Team nutsy54's Avatar
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    The biggest insight will be that there are MANY costs beyond just the equipmet (such as insurance noted above). Just a few thoughts. . .

    - Monthly bills such as electricity, gas, water, sewer, trash collection, phones, internet(?), groundskeeping, snowplowing
    - Recurring payments such as property tax
    - Random costs such as equipment repair. Not just the gym equipment, but also plumbing, air conditioner, heater, etc. Everything breaks sometime.
    - Promotional costs (are you going to buy advertisements in the paper? billboards? etc).
    - Office equipment - desks, chairs, computers, cash register
    - If you have vending machines (water, Gatorade, whatever), do you get a cut of the profit?
    - You'll obviously need some employees to cover the front desk, manage the place, etc.
    - "How do those guys on submarines hold their breath for so long?" - Kelly Bundy
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  7. #7
    Olde Member Guy Fawkes's Avatar
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    This is interesting. Maybe the first interesting post in the misc section.

    How serious is this exercise you are doing? Will you be scoping out all the costs for real, i.e. talking to gym managers re staff/overheads/etc, equipment suppliers, etc.

    Will you be estimating turnover, etc?
    170 lbs @ 10%, 185 lbs by summer 2011

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  8. #8
    Registered User Lance Uppercut's Avatar
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    This is for my final project, so I want to have some degree of accuracy. I know some people that work at the gym I go to, but they weren't sure about the costs of weights, cardio equipment, etc., which is why I came here. I've been looking online and finding most of what I was looking for.

    I don't know about turnover cost. I don't know too much about accounting, or financing. How would one go about getting those numbers?
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  9. #9
    holypal.com holypal.com's Avatar
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    you can an alraedy established gym for 60 thousands + up to millions of course

    equipment cost 40-50 k's at least, lease and insurance +decorating + locker room = another 30 grands

    so buying an established one is beter

    my goal in 4 years is opening my own chain of gyms in remote area with high population density, and lots of youth and seniors
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  10. #10
    holypal.com holypal.com's Avatar
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    look at this one:
    http://www.businessnation.com/Busine...ls.cgi?ID=9966

    Business Type:
    Independent

    Business Started:
    2004

    # of Employees:
    3

    List Price:
    $55,000

    you'll have research the market
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  11. #11
    Navy-Marine Corps Team nutsy54's Avatar
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    Originally Posted by Lance Uppercut
    I know some people that work at the gym I go to. . .

    I don't know about turnover cost. I don't know too much about accounting, or financing. How would one go about getting those numbers?
    See if you can talk to the actual gym owner. Explain that you're working on a class project, and why you were most interested in learning about a gym. He'll probably be willing to talk to you, and I'm sure you'll get some very interesting insights into the business. (You'll learn a lot, and your project will show a lot of accuracy and initiative).
    - "How do those guys on submarines hold their breath for so long?" - Kelly Bundy
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  12. #12
    I would eat the cat SquirrelMonkey's Avatar
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    You are going to :


    Write a business plan consisting of:
    1 Equipment costs
    2 building costs (finance, or lease)
    3 insurance costs.....including flood
    4 energy costs (find a buildingand ask your power company for the average power usage data
    5 employee cost......benefits and tax withholdings
    6 accounting system (cash or accrual)
    7 membership numbers (break even point)
    8 produce pro-formas from your accounting systems and see how diferent financial strategies would affect:
    A) Cash Flow
    B)ROA
    C)ROE
    D)QUICK RATIO
    E) CURRENT RATIO

    on your LOC or loan, be sure to take out enough to cover working capital shortfalls......this is why many businesses fail in there first year, not enough capital!

    Good luck on your project.
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  13. #13
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