Florida is one of the top states for health and fitness. There are an estimated 2,296 health clubs, and the market size is projected to grow further. The increased marketing efforts to improve health and fitness trends will continue to contribute to this industry. As a result, the fitness and recreational sports centers’ revenue in the Sunshine State will amount to approximately $2 billion by 2024.
If you want to join this booming industry and launch your fitness center, follow these simple steps to fast-track your success.
Write a Business Plan
A good business plan should guide you through the stages of starting and managing your fitness business. It can also help you get funding or bring business partners. Down the road, a business plan will help you stay on track and reach new milestones.
When writing a business plan, you should do a market and competitor analysis, define your target audience, and create a marketing and sales strategy. Moreover, you should add information about your initial capital and financial projections. It’s crucial to affirm there’s a solid demand for your business and that you’ll be able to generate enough business to keep going.
Understand Your Insurance Needs
Insurance is a critical part of a fitness center as operating a gym comes with some unique risks. People will use equipment, work out, and engage in potentially hazardous activities so you must protect your business and finances.
You’ll want to get commercial insurance for Florida based businesses. This type of insurance is specifically designed to protect the company, its employees, and its ownership. Investing in proper insurance coverage will also give your future clients peace of mind. In addition, remember that you will have to purchase workers’ compensation if you hire more than four employees.
Get Certified
Ensuring you have the proper training, experience, and certification is critical when starting a fitness center. Professional fitness accreditation from groups like the National Strength and Conditioning Association or the American Council on Exercise will ascertain your credibility, knowledge, and dedication.
Additionally, if you plan to work as a trainer at your fitness center, you should get a personal trainer or fitness certification. This also presents an excellent opportunity for networking and developing a client base for your new venture.
Get Necessary Permits
Florida requires each business to have a business or occupational license to give the legal ability to conduct business in the Sunshine State. Moreover, the local authorities may require specific permits. While each municipality has its regulations, the most common permits are the following:
- Occupational Permit;
- Building Permit;
- Zoning Permit;
- Business License and Tax Permit;
- Health Permit;
- Alarm Permit.
Register Your Business
The next step is to register your business. LLC, sole proprietorship, partnership, and corporation are the most popular types of business formations available. Each has its pros and cons, so take time to study these ownership structures in-depth before deciding. Given the nature of a fitness business, you might be best off with an LLC as this formation type offers a solid level of liability protection.
Obtain Financing
The costs of opening a fitness center start at $50,000 but can skyrocket to $500,000. If you’re looking for funding, you can consider an SBA loan, a personal loan, or a business line of credit. An SBA loan is a popular opinion for small business owners as it has low-interest rates and flexible terms.
A business line of credit will grant you access to money that you will be able to withdraw as needed. The benefit of this type of financing over a personal loan is that you’ll only pay interest on the funds you draw on. You can also check the gym equipment financing. In this case, the equipment will be the collateral for the finance loan.
Get the Right Location and Equipment
Location is one of the critical factors determining your fitness center’s success. Do market research about your target client base and what location would be most suitable. Keep in mind that accessibility and convenience are of high priority to gym members.
Next, decide whether you’ll buy or lease equipment. You’ll need some basic free-weight equipment such as squat racks, bench presses, dumbbells, and racks. Additionally, you should invest in some cardio equipment such as treadmills. Isolation equipment like tricep extension and leg press is also popular among fitness lovers.
Final Words
Starting a fitness center in Florida requires a lot of hard work. But, by following these steps you can set yourself up for success. Starting a fitness business can be rewarding work. After all, you’ll be working on something you truly care about and helping people live their best life.
