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another gym ownership thread-different questions

Superbeast668

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Jun 22, 2012
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168
Hey gym owners. I've been presented with the opportunity to buy out an already operational gym with almost 2500 clients already. im just trying to factor in costs of running a gym.

biggest two i can come up with are what are the standard operating costs- paying employees, trainers, front desk clerks, sales, and marketing and even washing towels for that matter.

the other question i come up with, is what is the average cost of insurance to you owners?


im trying to weigh out pros and cons of ownership and such right now and those are the two biggest questions i can come up with after reading through all of the old gym ownership threads in here.

thanks in advance for answers.
 

monopoly

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May 14, 2008
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It is a never ending list.

Rent/mortgage
Payroll
Utilities
Insurance
Supplies
Maintenance/breakdowns (they will happen, probably every month)
phone/fax/email/internet
advertising
lots of other small stuff I am forgetting
last but not least, taxes

I have not owned a gym. I have ran a very profitably "chain" style gym for 2 years and have worked with people who own gyms for close to 10 years. It is a hard business.

The guys who make the most money do their own personal training, and they do it in cash. Report 10% of p/t income.

If you have good trainers, make them pay you. 200-500/mo in rent but then they keep 100% of their income. They will be happier and if you have 10 trainers, that's 2,000-5,000 month EVERY month.

If you are looking to buy the business, look at the books. Look at full returns for 2012, proforma's for 2013 and business bank statements. If they won't show you this stuff there is a reason, and it's not good. If the numbers are bad that does not mean you shouldn't buy it, but it does mean you should adjust your asking price accordingly.
 

Superbeast668

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Jun 22, 2012
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168
hey dude, i appreciate the answer. as much as id love to spend all day in a gym i think i've read enough to convince me its probably a bad idea! definitely thank you for the feedback though. theres a few costs that i didnt figure in that you mentioned. it was very helpful
 

andrewuser

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Jun 10, 2020
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I can't tell that i'm a gym owner because my gym isn't used for business purposes but only for private. Several years ago I refinished my basement and changed it to a gym. To finish a basement I took professional services https://ikhomepros.com/basement-finishing-and-remodeling/ but as it occured services like that are justified.
I'm not paying any fee for using my gym i'm not paying for petrol to get to a gym by a car. It's cool to go in for sport while pandemia. I invite some of my friends too to keep themselves in a good form in my gym.
 

taz

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Jan 5, 2004
Messages
218
I owned a gym for 4 years. We had some VERY profitable times, and some desperately bad times (ie why i only owned it 4 years). It is possible to own a small boutique gym and make a serious fortune if you do it right. If you want to know how hit me up and I can tell you. I made simply mistakes that ruined my business due to personal reasons. I was dealing with a divorce and a custody issue and that ended up killing my business because I couldnt focus. But had I kept it going at the pace it was I would easily have been making upwards of $100,000/yr by now without a question. It can be done.
 

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