Pipe dream or realistic to open a gym?

[namtrag]

Me and every other person on here has probably thought of doing it. Is it even possible for people our age who make decent money (I make about 75k if you include the health insurance my firm pays for me of 14k a year) to consider such a drastic career change? One daughter at home for 12 more years, and a 30 year mortgage to pay tends to put a damper on my enthusiasm for trying it!

I have also considered just getting a PT certificate and doing that part time at night and on weekends just to dabble in it.

I enjoy helping others at the gym and am a lot more outgoing than I used to be. I am so much more enthusiastic about this than I am about my chosen profession, and I think I would be really good at it, but I know the money sucks in all likelihood.

Anyone on here done it, or thought of doing it?

[Tifflex]

Me and every other person on here has probably thought of doing it. Is it even possible for people our age who make decent money (I make about 75k if you include the health insurance my firm pays for me of 14k a year) to consider such a drastic career change? One daughter at home for 12 more years, and a 30 year mortgage to pay tends to put a damper on my enthusiasm for trying it!

I enjoy helping others at the gym and am a lot more outgoing than I used to be. I am so much more enthusiastic about this than I am about my chosen profession, and I think I would be really good at it, but I know the money sucks in all likelihood.

Anyone on here done it, or thought of doing it?

I completed a business plan for an upscale fitness center. I'm afraid to pull the trigger to actually do it (mortgage, loss of salary, one income, etc.)

[Holmstrom]

I've thought of doing myself but I'm nervous putting up the capitol to get it going. In the past I had a career that had to do with one of my hobbies and I stopped enjoying my hobby. It turned into all about work.

[DerAlta]

The gym that I go to, is only a few years old. Two Bodybuilders started it because they felt the area didn't have a gym with the right ambiance for them. They'd tried multiple different gyms and would always see what was off about the other places. They finally plunked down the cash and opened their own.

One of the owners got mired in some drug problems and now doesn't come into the gym at all. The other one pretty much lives there. Between his workouts, training people, managing the gym, attneding to machines and equipment and finding honest people to work there he's gets zero free time.

He's pretty much married to the gym and it drives his life. In three+ years, He's chalked up a marriage and two girlfriends to it (may not be entirely accurate).

He's dealt with employee theft, member theft, and police calls to have members forcibly removed. He's had to call ambulances for idiots. I recently helped him out after hours installing a surveillance cam. He's had people call out sick at 5:15am when they were supposed to start work at 5am. He's worked open to close 5am to 10pm.

Ever think about how you'd train for a competition when you've been working non-stop and are already fatigued?

After all that, he absolutely loves it because he feels at home and "centered" when he's listening to weights clanking and people working out.

I've been trying to start my own small business and that's enough strain. I couldn't think of doing it on a large scale like a gym.

Good luck if you think it through and go forward.

[bustasinclair]

You already know what I think, but if I had the capital or access to a loan of the WC, I would be in it in a HEARTBEAT....you only live once and it sucks to live life wasting away in front of a friggin computer screen crunching damn numbers....or better yet, making numbers disappear for clients for the benefit of a smaller tax bill...

I believe a pro/con list may be in order!!

[namtrag]

I was thinking a small unnamed franchise with 24 hour access, employee coverage only 8 hours a day, and very spartan, but nice. No way could I afford a big box gym anyway, so this was the thing I thought of.

[drewkawa]

Hey Nam,

My father has been a small business owner for over 25 years. From restaurant to real estate he has been successful. The only reason I bring it up is because he has been given the chance to buy into a struggling business for a steal where the cleintele, materials needed and all support is already well established but the economy is just not bringing in customers.

I would hate for you to put in personal passion and personal finance into an economic future that is still working its way up here in the U.S. (IMO) But hey... I'm not financial guru, just a regular joe trying to give his very small 2-cents.



Good Luck!

Drew

[Do_Somethin]

Get your PT certificate and do both. You can make a bit more money that way.
Having it open 24 hours with only 8 supervised is asking for a lawsuit and/or being ripped off though.

[bustasinclair]

I was thinking a small unnamed franchise with 24 hour access, employee coverage only 8 hours a day, and very spartan, but nice. No way could I afford a big box gym anyway, so this was the thing I thought of.

Sounds cool, you should continue the research if you think you can make it work. It sounds like you would have to venture into another market based on what you described earlier for your area...

[C5VetteLS1]

With the current state of the economy, it would certainly be a losing investment at this time. First things to go are luxuries. But if you want to do this at a later date, now would be a great time to score on used commercial equipment being auctioned by failing gyms. I've seen many Craig's list auction posts from gyms closing their doors.

[namtrag]

Get your PT certificate and do both. You can make a bit more money that way.
Having it open 24 hours with only 8 supervised is asking for a lawsuit and/or being ripped off though.

Hmm, makes me wonder how 24 Hour Fitness, Anytime Fitness, and Snap Fitness all get away with it. Over 2500 locations between them.

[namtrag]

Hey Nam,

My father has been a small business owner for over 25 years. From restaurant to real estate he has been successful. The only reason I bring it up is because he has been given the chance to buy into a struggling business for a steal where the cleintele, materials needed and all support is already well established but the economy is just not bringing in customers.

I would hate for you to put in personal passion and personal finance into an economic future that is still working its way up here in the U.S. (IMO) But hey... I'm not financial guru, just a regular joe trying to give his very small 2-cents.



Good Luck!

Drew

Thanks, Drew. Our economy is somewhat insulated around here because of the military presence, but I do understand what you mean!

The good side of the bad economy is how cheap real estate can be rented, plus buildout can be negotiated as part of the lease.

Sounds cool, you should continue the research if you think you can make it work. It sounds like you would have to venture into another market based on what you described earlier for your area...

I think my immediate area is inundated, but there may be some locations in other parts of Virginia Beach that could work. If I do it I might need a manager.(hint hint)

[bustasinclair]

I think my immediate area is inundated, but there may be some locations in other parts of Virginia Beach that could work. If I do it I might need a manager.(hint hint)

Haha, just say the word brutha!! I'd sell my left nut if I thought it'd help out (or if it was worth anything monetary)

[ExCompetitor]

namtrag i like your idea,if you are going to take the plunge you are best to start small.At one point in time i owned 2 gyms and believe me it was waaay too much to handle.I ended up selling one to an employee of mine and her husband and a year later sold my majority share of the second gym to my partner.

[m1k3g0rd]

It definitely is not a good time to think about opening a new business. Verizon just announced 8,000 more layoffs, in addition to the already higher than ever unemployment rate! I've been going to a brand new LA Fitness for 2 years now and there is never more than 6 people in there at one time. They are obviously subsidizing the club because there is no way a place that big could survive on the clientele it currently has...

[namtrag]

ExC

Yeah, I think being all things to all people is just a giant headache. Personnel in particular.

[namtrag]

It definitely is not a good time to think about opening a new business. Verizon just announced 8,000 more layoffs, in addition to the already higher than ever unemployment rate! I've been going to a brand new LA Fitness for 2 years now and there is never more than 6 people in there at one time. They are obviously subsidizing the club because there is no way a place that big could survive on the clientele it currently has...

like I said, we have the world's largest Navy Base, so we are doing ok here, not great, but ok. I think our house prices have only dropped 20% instead of 40% (lol....sort of)

[blopid]

Nam...


It sounds to me like you only want to hear positive comments... There have been many suggestions against doing such a venture, and you haven't commented... No biggie, just an observation... I can see both sides of doing something like this, but it's a huge risk, especially (as others have mentioned), in this economy... If you really feel you can swing it, go for it, but be realistic and know that it is very possible that it might not work... It could be a devastating loss depending on how much you put into it... All I'm saying is don't jump into this without knowing every possible outcome... I sincerely hope that if you do go for it, it works out the way you want it to... Best of luck to ya bro!!!

Peace...

[namtrag]

I did comment on some of them. The doom and gloom in the rest of the country has not hit us so hard, but I know it is a tough proposition even in a great economy. This particular nameless franchise is built for no-frills, budget conscious people in our demographic. I am really scared to even try it, but you know, I don't have a lot of money to lose, it will be all borrowed if I do it, and it's not the end of the world if it doesn't work. Needless to say, it will not be something I do on a whim. I can excel spreadsheet, and analyze numbers to death, and if the analysis says "no," I won't do it!

I guess I did want positive comments subconsciously...anything to help me justify getting out of number crunching. I can't possibly take this for 20-30 more years!!!!

It's a great topic I think, because I think many of us have considered doing it since we are so interested in fitness. If I were single, it would be a no-brainer. Having a family to provide for puts a lot different angle on it.

[Old-Time-Lifter]

Just remember that a business no matter the economic times is demanding.

[plmb1]

Me and every other person on here has probably thought of doing it. Is it even possible for people our age who make decent money (I make about 75k if you include the health insurance my firm pays for me of 14k a year) to consider such a drastic career change? One daughter at home for 12 more years, and a 30 year mortgage to pay tends to put a damper on my enthusiasm for trying it!

I have also considered just getting a PT certificate and doing that part time at night and on weekends just to dabble in it.

I enjoy helping others at the gym and am a lot more outgoing than I used to be. I am so much more enthusiastic about this than I am about my chosen profession, and I think I would be really good at it, but I know the money sucks in all likelihood.

Anyone on here done it, or thought of doing it?

It all depends on the area on which you open the gym. Me, my two brothers and my dad owned a gym for 16 years. The gym never.........I repeat "never" made any money.

We were always trying to add the "best" equipment and that cost a "ton" of money. Its very hard to make profit because you "have" to be inline with other gyms price wise.....like it or not. And, for that reason.......the word hard really does not begin to describe it.

Think about it this way.........we (mostly my dad) invested over $575,000 by the time we got the gym doors open. The $575,000 only paid for the building and the basics as far as equipment went.

Then we had to worry about running the place. We were lucky that my dad was retired and was willing to stay "alot".

It was 5 years before the gym payed its own way (with no money left over). We had to take money out of our pockets from our out of the gym jobs to make ends meet at the gym.....electric bill, insurance etc...

I always have and always will tell people that are asking the "should I open a gym" question the same thing.........>>>......You can open one but...lol.... but you should know up front that its turns into a hobby to most after a while because of the lack of income. Most gyms do good just to survive........good luck on whatever you decide....

[namtrag]

Just remember that a business no matter the economic times is demanding.

Exactly right. I want to be realistic. I think there are some good reasons to open a business right now in this gloom and doom. One is the lease concessions that can be had. Lots of empty space around.

This business model is one where it is not very expensive to run, so membership breakeven point is not very high. No fancy juice bars, no huge number of employees, etc.

Tough no matter what, but a little less so than opening a World Gym, Gold's or the like, where you need to have a few gold bars in your attic.

[Kiknskreem]

From the several gym owners I talk to I would absolutely, never, ever, open a gym, let alone walk away from good paying job elsewhere to do so.

The idea seems great until you realize that you'll be slaving for your baby for little return.

[namtrag]

plmb,

thanks for the advice, that is the same story I have heard from most gym owners. I believe the one I am looking at is about $200k to open. Location is everything as well.

I want to at least look at it to the point of studying it to minutest detail before saying no. That way I will have no regrets later.

[namtrag]

From the several gym owners I talk to I would absolutely, never, ever, open a gym, let alone walk away from good paying job elsewhere to do so.

The idea seems great until you realize that you'll be slaving for your baby for little return.

Sounds like everyone who works there makes money except the owner!

My friend who works at the Y makes in the low 30's as a trainer/fitquest guy. He makes more than the guy with the degree who is the "fitness director."

It's looking pretty grim, isn't it? Seems like you have to be a rich guy who just has money to spend on his hobby.

[Bamma]

Well, first things first...it definitely sounds like you have a passion for the idea. So, is the passion enough to drive you to being successful at this? I had a friend once who owned/ran a golf shop and driving range. He really wanted his business to work, and I did a serious analysis of his business. I could tell from the beginning that it was gonna be really close as to whether it would make it or not. The guy knew his stuff, definitely. But here is what I saw. I would go to the range at say 7AM. Gates locked, nobody there. I would come back at around 10:00. Some kid is there running the counter, selling balls and such, owner nowhere to be found. About noon or so, owner comes in, stays til around 5 or 6, then locks everything up and goes home. Now while he was there, he would give some lessons(cool), build some clubs (aight), and spend a crap load of time on the phone. Once I saw this pattern of behavior, I knew the guy was doomed. I really tried to encourage him to rethink his business. In his case, he had no choice but to always be there, minimize time that he was paying others to work (only peak business hours when he would be doing lessons and a lot of folks would be needing to purchase buckets of balls). He did not listen. He is out of business now.

See, as someone above mentioned, as the owner of a business, that has to become your life. You can not count on anyone else to care about it as much as you do...they won't. My father is about to finally retire and sell his business. When he does, he will take the first day off he has had in 20 years. Nothing would ever keep him away, because he was that committed to doing all he could to make it work. Kinda sucked being his son at times like that, but it is what it is.

Now, I like the idea of a small, no frills gym. If there is a market for that sort of thing where you are, it could go over well. I would do more of a hardcore, no BS, no cardio bunnies, almost zero machine type of gym. Just a bunch of rack, barbells, and plates. Something like Westside. I am sure it would not go over well here though.

[IR45N]

plmb,

thanks for the advice, that is the same story I have heard from most gym owners. I believe the one I am looking at is about $200k to open. Location is everything as well.

I want to at least look at it to the point of studying it to minutest detail before saying no. That way I will have no regrets later.

There's a good chance it'd eat up quite a bit of family time/ off time + no trips too far away to get back in a hurry and handle whatever situation; unless you had a co partner.

Are you looking at one already equipped; turn key? Or, consider a private club/key garage gym set up. Make a list of what basic equipment is most important to YOU ; triple or whatever these pieces (3 benches, 3 inclines 3 squat cages etc)...make the equipment cater to whom you want; if just benches, bars, tons of plates & heavy dbells; then you're not going to get the cardio bunnies or noobs. In short, don't have anything you wouldn't be using on a regular basis yourself. But, if your aim is to get anyone who wants to join; then that could actually run into a lot of $$$$. Imho, a small group of trusted members & a little xtra dough than the masses and all the headaches.

Seems a few years ago a guy here....in GA I think asked about ideal equipment etc & he did open a gym in a small town.

Might check out 'garage gyms' private by invitation only gyms. Here's a VA link to one; albeit powerlifting.

http://www.powerliftingwatch.com/gym...-city-strength

[namtrag]

I knew I could count on my maturer friends to tell it like it is. This is some great advice on this thread. I can't thank you guys enough for the ideas and things to consider.

Bamma, yeah, I think I would be a lot more passionate about it than I am now about being an accountant. The only reason I majored in this was pressure from my dad, and look at me, still doing it 26 years later! Would I be succesful as a gym owner? That is not a given, but a given is, I would work a lot harder at it than I do now. I would probably keep my current job as well. this franchise is set up to allow that. It is a very low need for employees. I would probably be there a lot after work though, that's for sure.

IR45N. That private gym is something to consider. Almost like a bodybuilding timeshare. The main thing is to approach it from making money angle, not necessarily from what we like (hardcore, balls to the wall).

[MT_Pawkits]

I knew I could count on my maturer friends to tell it like it is. This is some great advice on this thread. I can't thank you guys enough for the ideas and things to consider.

Bamma, yeah, I think I would be a lot more passionate about it than I am now about being an accountant. The only reason I majored in this was pressure from my dad, and look at me, still doing it 26 years later! Would I be succesful as a gym owner? That is not a given, but a given is, I would work a lot harder at it than I do now. I would probably keep my current job as well. this franchise is set up to allow that. It is a very low need for employees. I would probably be there a lot after work though, that's for sure.

IR45N. That private gym is something to consider. Almost like a bodybuilding timeshare. The main thing is to approach it from making money angle, not necessarily from what we like (hardcore, balls to the wall).

Good Luck making your decision Nam,

I don't have any advice I would love to have a gym, but I am afraid my tolerance to bull**** and idiots would probably mean my clientele would be small LOL Heck I would probably even have to pay to break even lol.

[SP1966]

Something like Snap Fitness? We went there for a couple years and it was nice and convienent. They only had someone on site two hours a day Mon-Sat. I would think your biggest cost other than rent/equip would be insurance! I could imagine the lawsuit if someone hurt themselves and nobody is there to help!

Good luck, it would be a dream if you could do it!!