Getbig Bodybuilding Boards > Gym/Stores/Industry Business Board

Gym Owners Talk

<< < (4/9) > >>

wes mantooth:

--- Quote from: littleguns on June 15, 2006, 12:00:40 PM ---Best bet is to lease the equipment where you are always getting new stuff evry 2-3 yrs then you can tell the members you just invested millions of dollars in all new equipment!

--- End quote ---

best bet is to buy refurbs. 30-60% lower cost...and you own it at the end of the day. that way you have something to liquidate if the business fails.

then budget for 3-6 new pieces a year.....keeping all the douches happy.

onlyme:

--- Quote from: wes mantooth on September 13, 2006, 10:56:38 PM ---best bet is to buy refurbs. 30-60% lower cost...and you own it at the end of the day. that way you have something to liquidate if the business fails.

then budget for 3-6 new pieces a year.....keeping all the douches happy.

--- End quote ---

Not to sure about that.  Depends on the size of the gym.  If you have a gym of 12,000 sq. ft. or bigger and plan on putting some good used equipment in, buying it will cost at least $100,000+ easy.  That is a big hunk of change to fork over in a business that has many other costs.  Your locker rooms alone will cost you at least $80,000 for a gym that size.  When you lease you get a very good warranty and no matter what you need that warranty.  I am opening two 13,000 sq. ft. facilities and I am putting in about $400,000 in equipment in each club.  The cardio alone was $100,000 with my discount of close to 50%.  Flooring alone is close to $50,000.  Lease payments are just under $8,000 a month.  No up front costs for leasing either.  That is due to our credit rating though and reputation.  The number one thing you have toworry about is rent.  you have to negotiate the best rent possible to make sure you are at the numbers you want.

Matt4Muscle:
I own a 2000 sq ft personal training studio/gym in Tarpon Springs FL. I have been open since January of this year. I'll tell you right now it is not easy but I also would not trade it for anything. I bought some equipment used, leased some and bought a couple pieces new. I would reccomend keeping overhead to a minimum especially at first. I was able to secure an equity line from my bank but this also can be tough depending on your credit rating. It's like anything else... some days you love it some days you hate it but every day you are tied to it. It's not as glamorous as it might seem. It's difficult to get your own workouts in etc and the bottom line is always the bottom line. We have made money since our first month but not enough to cover my house note etc. I have a downtown store front with a lot of traffic and this definately helps. I have also been forced to rely on my personal training to carry us as the hard core bodybuilder is really the dinasour nowadays and you will not make money if you plan on appealing to them. Also it is tough to compete with the Golds, Lifestyles etc so find your niche and go for it if you have a love for it, time, patience and some money to live off while you get started. You might want to stick to websight designing. I'd be glad to speak to you abot it if you have any questions.

Wink:o):
as a gym owner, how would you best be approached by vendors trying to submit their prouducts to you? 

ARMZ:
Is it worth it?  Yes, good money if you're the only gym around..

Was it hard to get a loan?  I used all my own money.. But it is hard to get a loan if you don't have a business plan made of gold..


Where did you get your equipment, and did you buy new or used?  I bought it new and I got the best money can buy..  NEBULA BABY!!!


Are you glad you did it?  Ask me again in a year or so..


If you could go back 5 or 10 years, what would you do differently?  I was just a kid then.. 


Other than that....... COME TO MY GRAND OPENING DEC 9TH!!!! POWERHOUSE GYM YUCAIPA CA...    ;D

Navigation

[0] Message Index

[#] Next page

[*] Previous page