Things to consider before starting your own fitness business 

Thinking of starting a boutique fitness studio?

The fitness industry is continuing to grow and evolve steadily post-pandemic. The global health and fitness industry is projected to expand by more than 7% annually through 2028.

Starting your own fitness venture is an exciting journey, but before you embark on it, it is important to remember that a new studio is nothing more than a new business start-up. It’ll come with the same problems and challenges you’d face in any other entrepreneurial venture.

In this article, we share 4 things you would need to consider before turning this dream into a reality.

1. Research and plan!

Do your research! Information is king, and it’s a good idea to hone your concept in preparation to enter a competitive market. Look up fitness businesses in your area to examine their services, price points, and customer reviews, as well as what sells best. Identify an opportunity, you’re looking for a market gap to fill.

• Know your competition: SWOT or competitor analyses will help you come up with your business’s Unique Selling Point (USP), that differentiates your studio from the rest. 

• Know your clients: Find your niche by specialising in a workout or demographic.
  • Ritual Gym’s innovative concept of a 30-minute gym, offers only half-hour sessions, allowing busy working individuals to squeeze a quick and convenient workout into their hectic schedules.

• Know how much people are willing to pay: Consider the cost of your gym and funding options, determine the right pricing strategy for your studio, and adjust accordingly to achieve the desired profit margin.
• Know where to go: Your studio’s location will set your business’s tone. It will determine your competition, pricing, and peak hours.
  • In general, when choosing a commercial space, you may want to consider:
    • Central location accessible via public transport
    • Ventilated and spacious, with good natural light
    • Flexible lease that can be extended as your business grows
    • Ready-to-use space with no major renovations or repairs needed

Here are some venue rental platforms you can explore! Rent a space hourly, daily, or monthly:

• • GetSpaces
  • tagvenue
  • we are spaces 
  • Core Collective 

After you’ve done your research, work on crafting a business plan next. A business plan is the backbone of a company. They are not only prepared to raise capital or financing but are also used as a management tool. It is a guide to evaluate the achievement of the company’s goals. Download our free Boutique Fitness Studio Playbook Template to kickstart your journey!

2. Get tech-savvy

When starting a fitness business, be prepared to wear many hats. From admin work to accounting to sales, it can get overwhelming with a lean team. Fortunately, many software and digital tools are available to help simplify these business tasks.

• Automated booking systems. Industry-specific software to manage bookings, payment, memberships, and CRM – e.g. vibefam, PushPress, GloFox and Gymdesk
• Accounting – e.g. Quickbooks, Freshbooks, and Xero
• Automate marketing campaigns – e.g. Mailchimp, Moosend, Hootsuite and Hubspot

3. Market yourself

Leverage on social media 

Social Media is an affordable tool for promoting your business because you can create engaging posts that advertise your services.

Create your own website
Create an online presence and convey expertise and professionalism to prospective clients. Leverage on Search Engine Optimization (SEO) to rank higher in the results of top search engines like Google. Consider website-building platforms like WordPress, Wix, and Squarespace. This route is wallet-friendly, but figuring out how to build a website can be time-consuming.

Client success stories
One of the most effective and inexpensive ways to increase awareness of your business is through word-of-mouth. Client transformation stories and referrals can be powerful decision factors for new prospects. Encourage current clients to spread the word by incentivising gym referral and review processes.
Utilise user-generated content to establish trust between your studio and clients. Organic content like this is authentic and adds credibility as it’s based on real people with real experiences.

4. Create a tribe

Cultivate an environment that keeps people coming back for more by creating a sense of community within classes and your company culture.

• Having a clear mission is key to attracting like-minded individuals
• Create FOMO on social media
• Be inclusive, make newcomers feel welcomed
• Do other activities than workout – plan non-fitness events e.g. charity events, celebrate holidays, social media challenges

The bottom line

This is definitely not a checklist or definitive list of how to start a business, but it should give you some things to consider and work towards. The long list of factors to consider continues and it can get intimidating, most importantly you need to hold on to the passion that inspired you to take the first step.

This article was written by Liza Wee.