Are you ready to turn your fitness dreams into reality? With the booming boutique fitness industry, now could be the perfect time to venture into opening your own strength training gym. However, before you take the plunge, it’s essential to understand what your journey will entail, particularly when it comes to costs. Starting a strength training gym in Singapore is no small feat, with estimated startup costs around $22,819.
From gym equipment and studio space to other operational expenses, this article will break down the equipment cost, studio cost, and other factors that influence your studio revenue. Let’s dive into the numbers and help you plan your fitness venture wisely!
Curious about how much it costs to start a Reformer Pilates Studio or a Martial Arts Gym instead? Click on them to find out more!
*Average cost, (exact cost may vary)
Studio Rental
Selecting the right location for your strength training gym in Singapore is crucial to its long-term success. In our previous article, we highlighted several venue booking platforms like GetSpaces, that can help you find the ideal spot for your strength training gym.
Most boutique fitness studios in Singapore are situated in the Central Business District (CBD) areas like Tanjong Pagar, Orchard, and Marina Bay. The CBD offers high foot traffic, a dense commercial environment, and excellent public transport access, making it a prime location for opening a fitness studio.
However, this also means rental costs are significantly higher. For instance, renting a 450 sq ft space near Tanjong Pagar MRT could cost around $4,000 per month.
Studio rental is one of the largest operational expenses, and in a land-scarce country like Singapore, it plays a major role in determining your overall studio cost and eventual studio revenue.
Facilities and Amenities
Once you’ve secured an ideal location for your strength training gym, it’s time to consider the costs of outfitting and maintaining the facility, along with providing essential amenities for your members. These expenses are a key part of your overall studio cost.
Below is a sample breakdown of facility and amenities expenses, which will help you plan your gym setup effectively and ensure a comfortable experience for your members.
*Average cost based on IKEA
Gym Equipment
A strength training gym is incomplete without the right gym equipment. Investing in high-quality training equipment is crucial to ensure your members can maximise their workout experience, and this will account for a substantial portion of your startup costs.
Fortunately, there are several reputable local gym equipment suppliers in Singapore, such as Gymsportz, HF Lifestyle, Sole Fitness, and Decathlon, offering a wide range of options to suit your gym’s needs.
Here is a list of essential fitness equipment found in strength training gyms:
Employee Salaries
When launching your strength training gym, hiring staff is an essential step. Assuming you bring on a fitness instructor to assist with daily operations, you’ll need to budget for their salary.
According to Indeed, the average base salary for a fitness instructor in Singapore is approximately $3,186 per month.
Beyond the base pay, consider additional costs such as meal and transportation allowances, performance bonuses, and other variable compensation. Staffing costs will form a critical part of your operational expenses and will impact your overall studio revenue.
Miscellaneous Expenses
There are numerous additional costs to account for when opening your strength training gym. First, you will need to register your business and secure the necessary permits and insurance coverage to operate legally.
Furthermore, managing client bookings and data effectively is key to smooth operations, so implementing a reliable booking system is essential. Popular US-based platforms like Mindbody, Glofox, and Zingfit often come with hefty price tag, costing upwards of $200 USD per month. This can be particularly burdensome when you’re just starting out.
A much more cost-effective and tailored solution is vibefam, a local platform designed specifically for Singapore fitness studios. vibefam not only supports local payment methods like PayNow and GrabPay, but also offers subscription plans starting from just $89 SGD per month, providing a more affordable and efficient way to manage your studio’s bookings and payments.
Curious about the differences between the popular fitness management softwares available in the market? Check out our blog here!
Marketing your gym through social media and online campaigns is another essential expense to attract members, along with utilities such as electricity and water for the facility. Below is a sample breakdown of common miscellaneous expenses you’ll encounter while running your strength training gym:
Conclusion
Starting your own strength training gym in Singapore can come with significant costs, but careful financial planning and foresight will set you on the path to success. It’s essential to account for all potential expenses, from gym equipment to operational costs, and ensure you have a solid business strategy in place. With a well-executed plan, you can build and sustain a profitable strength training gym, turning your passion into a thriving business.
To help you get started, here’s a free business plan template designed to guide you in launching your boutique fitness studio.
This article was written by Joshua Kek.