The fitness industry is booming and offers opportunities for entrepreneurs with a passion for exercise, creativity and a desire to help others achieve their goals. If you’re looking to be your own boss, play by your own rules and empower people to live healthy, balanced lifestyles, starting a fitness enterprise may be for you.
Whether you’re a fitness instructor, personal trainer, or someone who wants to start their own studio, it’s important to be well-prepared for the behind-the-scenes logistics of running a small business. Laurel Roach, owner of TriFIT Wellness in Phoenix, says, “You’re the accountant, administrator, marketer, and trainer all at once, especially at the beginning stages.”
Starting a fitness enterprise requires a lot of energy, but it’s also incredibly rewarding. Many fitness entrepreneurs started their businesses because they love to workout and they wanted to make a difference in the lives of other people. Being your own boss is a dream for most, and it’s even more fulfilling when you can do what you love while making a positive impact on the world.
One of the most important things to do before you start a fitness business is write a business plan. This will help you determine if there’s demand for your fitness service, and it will also show potential investors that your idea has a good chance of success.
When creating a business plan, it’s essential to include your desired location, an estimated startup cost and how much you anticipate your annual revenue will be. You’ll also want to consider the legal structure of your business, as this will affect your taxes. For example, a LLC might be a better choice for a fitness business than an S-corporation because it provides limited liability protection.
Another thing to keep in mind is the changing landscape of the fitness industry. With the pandemic creating a shift in workout habits, many fitness enthusiasts are finding creative ways to get their sweat on. This has created a space for new fitness ideas, such as at-home workout equipment, gym subscriptions and even virtual fitness services.
Keeping up with new trends is a huge part of being successful in the fitness business. This includes staying current with workout trends, as well as understanding what kind of technology can help you offer the best experience possible for your customers. A few examples of the latest fitness technology include virtual workouts, data-driven workouts (e.g., seeing how many calories they burned during a class) and even wearable fitness tech like the smartwatches that are currently in style.
If you’re ready to take the plunge and become your own boss, there are several financing options available for starting a fitness business. For example, a business line of credit will give you access to funds that you can draw on as you need them, and gym equipment financing is another option that allows you to leverage the value of your existing workout equipment as collateral for a loan. fitness enterprises