The number of gyms and fitness centres is increasing in the UK, with the number rising to 3,720 in 2022 from 3,060 in 2021, highlighting the opportunity to set up a fitness studio.
If you’re interested in setting up your own fitness studio, you might be wondering what costs are associated with this before you commit to the idea.
There are many initial costs associated with setting up a fitness studio that you will need to budget for.
The costs of setting up a fitness studio include, but are not limited to:
- Location
- Equipment
- Insurance
- Staff
1. Location
One of the largest expenses to consider when setting up a fitness studio is the location.
The cost of the physical premises for your fitness studio will largely depend on where the building is located, as well as whether you decide to rent or purchase the building.
That said, if you intend to buy somewhere to set up your studio, it’s worth noting that the building is just the starting point, and you’ll still need a lot of cash to cover your other expenses.
When looking for the right location for your studio, be sure to carry out comparative research on other commercial buildings in the area to determine whether you’re getting a good deal.
In addition to this, you’ll want to compare prices once you have a list of potential options to see what you can get for your money.
2. Equipment
Regardless of whether you purchase or rent your gym equipment for your fitness studio, it’s still a large investment.
The cost of gym equipment can vary significantly depending on the type of equipment that you purchase. However, you should expect to ‘budget at least £35,000 for a fully-equipped inventory’ if you intend to purchase your gym equipment.
The type of equipment you’ll need to buy for your fitness studio ranges from dumbbells to treadmills, cross trainers to kettlebells, so there’s a lot to think about.
That said, if you’re considering renting your gym equipment, then be sure to consult with gym rental companies to see if this is a better option for you.
Once you have the price comparisons in front of you, you’ll be able to see which option makes the most financial sense for you.
3. Insurance
There are various types of insurance that you will need to consider when setting up your own fitness centre.
For instance, considering you will be interacting with members of the public day in and day out, it’s a good idea to get public liability insurance.
Alongside this, when it comes to employing staff members at your fitness studio, it is a legal requirement for you to get Employer’s Liability Insurance. This insurance, in short, ‘safeguards businesses against legal and compensation expenses from employee claims’.
The cost of an Employer’s Liability Insurance policy will depend on a number of factors, including the number of staff members, the type of business that you run, as well as the level of coverage you take out.
That said, make sure that you do your research to find the best insurance deals. While you don’t want to be paying through the nose, you also don’t want to be cutting any corners when it comes to finding the right insurance policy for your business.
4. Staff
Another cost to consider when setting up a fitness studio is hiring permanent staff members.
Staff wages will vary depending on the number of staff you hire, their experience, and their role. From qualified personal trainers to health coaches, staff that manage administrative tasks to cleaners, there are many roles that go into the day-to-day running of a fitness studio.
While it might seem like a large cost, it’s also important to remember that the more variety you can offer in terms of the staff you hire, the more people you will attract to your fitness studio. As such, it’s a good idea to think ahead by hiring a variety of different staff members that offer a range of marketable skills.
Although the initial plans might be just to hire personal trainers, you should also consider the costs of hiring yoga instructors or CrossFit trainers to set your fitness studio apart from your competitors.
We hope that this article has given you a better understanding of some of the costs associated with setting up your own fitness studio.
