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.
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.
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:
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:
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.
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. Booking systems like MindBody, Glofox and Zingfit cost upward of $200 per month, which can be a high cost to pay especially when you are first starting out. Consider local booking systems like vibefam, which not only allows you to collect local payment methods like PayNow, will also allow you to enjoy lower subscription fees beginning from only $59 per month. 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:
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.
This article was written by Joshua Kek.
Leave a Reply