Planning to turn your dreams into reality? The booming boutique fitness industry has finally spurred you into wanting to realise your fitness passions and venture into starting your very own strength training gym. However, before you take the plunge, you need to know what exactly does your journey entails, especially with regards to the costs involved. Starting a Strength Training Gym in Singapore is not cheap and it can cost you approximately $29,819. This article will highlight and breakdown the costs for you.
Studio Rental
$11,500 (monthly)
Facility and Amenities
$1,180
Gym Equipment
$13,536
Employee Salaries
$2,914 (monthly)
Miscellaneous Expenses
$689
Total Cost of Starting a Strength Training Gym in Singapore
$29,819
Studio Rental
Choosing the right location for your gym is essential for its success. Most boutique fitness studios in Singapore are located in the Central Business District (CBD) area such as Tanjong Pagar, Orchard, and Marina Bay. The CBD benefits from high footfall, dense commercial presence, and ease of access with numerous public transport options. These factors make the CBD a prime location to open a fitness studio, which in turn translates to high rental cost.
For example, you could expect to pay around $11,500 per month in rental expenses for a 2,562 sq ft space near Tanjong Pagar MRT. Studio rental is definitely expensive, especially in a land-scarce country like Singapore, and it will form the bulk of your operational expenses.
Facilities and Amenities
Now that you have found a spot for your gym, you will need to bear the costs of furnishing and maintaining the facility as well as providing amenities for your members. Below is a sample breakdown of the facility and amenities expenses:
Item
Unit Cost
No. of Units
Total Cost
Furnishings & Fittings
Reception Desk
$349
1
$349
Bench
$36
3
$108
Storage Cube Shelves (for members)
$129
2
$258
Storage Cupboards (for gym)
$99
2
$198
Wall Mirrors
$30
5
$150
Toilet and Cleaning Supplies (Assuming no shower facilities)
Mop
$21
1
$21
Broom & Dust Pan
$5
1
$5
Toilet Bowl Scrub
$5
1
$1
Toilet Paper (30 rolls)
$17
1
$17
Waste Basket
$3
1
$3
Hand Soap
$7
1
$7
Cleaning Cloths
$7
1
$7
Hand Sanitizers
$9
4
$36
Disinfectant Spray
$5
4
$20
Total Facilities and Amenities Costs
$1,180
Gym Equipment
What is a strength training gym without its gym equipment? You will need to invest in high-quality equipment that allows your members to optimize their workout experience, and this will take up another significant chunk of your expenses. There are several local fitness equipment suppliers in Singapore that you can choose from such as Gymsportz, HF Lifestyle, Sole Fitness, and Decathlon. Below is a list of common equipment found in strength training gyms:
Equipment
Unit Cost
No. of Units
Total Costs
Free Weights Equipment
Dumbbell Sets with Rack (2-20kg)
$2,224
1
$2,224
Rubber Olympic Barbell Kit (up to 57.5kg)
$295
3
$885
Kettlebells (4kg, 6kg, 8kg, 10kg, 12kg)
Varies
5 (1 per weight)
$212
Medicine Balls (4kg, 5kg, 6kg, 8kg, 10kg)
Varies
5 (1 per weight)
$280
Strength Training Equipment
Functional Trainer
$3,499
1
$3,499
Multi Gym Station
$3,499
1
$3,499
Squat Rack
$699
2
$1,398
Gym Benches
Flat Bench
$129
2
$258
Adjustable Bench
$139
3
$417
Accessories
Yoga Mats
$10
5
$50
Suspension Trainer
$89
3
$267
Weighted Vest
$149
3
$447
Resistance Bands
$20
5
$100
Total Costs
$13,536
Employee Salaries
Assuming that you are hiring one other fitness instructor to assist in your gym’s operations, you will need to pay him or her their salary. According to Indeed, a fitness instructor earns an average base pay of $2,914 per month. You might also want to consider additional remuneration such as meal or transportation allowances, bonuses or other variable payments.
Miscellaneous Expenses
There are a ton of other expenses that you will incur when you start your strength training gym. To begin, you will need to register your business and obtain the necessary permits and insurances. You will also need to introduce a booking solution to manage your client data, promote and advertise your gym to attract members through social media or online marketing. Furthermore, you will incur utilities expenses such as electricity and water over the course of your business. Below is a breakdown of common miscellaneous expenses:
Miscellaneous Expense
Costs
One-time Expense
Registration Fees
$115
Recurring Monthly Expenses
Booking Solution
$100
Insurance (e.g. UOB Bizcare)
$24
(Annual – $285)
Utilities
$400
Marketing
$50
Total Miscellaneous Expenses
$689
Conclusion
Opening your own Strength Training Gym can be relatively costly. It is crucial that you account for all the expenses that you might incur and plan your finances accordingly. With a well executed plan, you can definitely build and sustain a profitable strength training gym in Singapore.
Here’s a free business plan template from us, to help you develop a plan for your boutique fitness business.
