Who owns a gym?

[ToTheBuckeT21]

So i was talking the other day with a guy that works at my gym.. He said they have alittle over 1,000 members... and a membership is $20 a month. Plus they also sell protein shakes, drinks, sups, they do classes and have personal training. So they are bringing in close to $30,000 a month. I was just wondering does anyone own a gym? what kinda money does it take to open a gym and keep one running.. I mean you will need insurance, pay employes and like pay for water and electric.. But if someone were to get a small business grant and open a gym what else could they expect while trying to run it?

[SVTMuscle*]

I have been talking to the owner of the gym I work at, and he was saying it costs nearly $60,000 a month to keep the place going with everything, rent, insurance, payroll, etc etc.

4,000 members @ $500 a year rough = $2,000,000

[SVTMuscle*]

that is for a smaller 15,000 sq foot gym btw... no hot tub, no sauna...

[elite2kr]

I have been talking to the owner of the gym I work at, and he was saying it costs nearly $60,000 a month to keep the place going with everything, rent, insurance, payroll, etc etc.

4,000 members @ $500 a year rough = $2,000,000

500 a year thats pretty steep?, i dont pay anywhere near that, or is that just the initial sign up fee?

[rar1015]

I couldnt imagine how much it costs to keep the gym going that i go to. Its huge....its got to different floors for lifting, another section for cardio, two hot tubs, a sauna, a pool.............you name it, it has it.

[PROTEINSHAKE]

a 15,000sf gym couldnt possibly have 4000 members. there is money in it,but not BIG money...

[heavyrotation92]

500 a year thats pretty steep?, i dont pay anywhere near that, or is that just the initial sign up fee?

that comes to 42 bucks a month. thats not bad at all imo.

[Anabolios]

my gym is 20 and its huge...they have 5 branches around the east coast....this place is hugeeeee

[heavyrotation92]

heres my list of recurring expenses so far...
rent
insurance, both for the buidling/equipment and for injury liability
electric
gas
water
payroll
equipment maintenance
cleaning/janitorial
phone
cable (so they got shit to watch)
if you are going to lease your equipment, then that too

here is your source of revenue
member dues
selling shakes, etc.
personal training
locker rental

estimate the numbers above, figure out what your startup costs are going to be (equipment, furniture, etc.), then decide for yourself if it's a good investment. got any investors that might be interested?

[elite2kr]

heres my list of recurring expenses so far...
rent
insurance, both for the buidling/equipment and for injury liability
electric
gas
water
payroll
equipment maintenance
cleaning/janitorial
phone
cable (so they got shit to watch)
if you are going to lease your equipment, then that too

here is your source of revenue
member dues
selling shakes, etc.
personal training
locker rental

estimate the numbers above, figure out what your startup costs are going to be (equipment, furniture, etc.), then decide for yourself if it's a good investment. got any investors that might be interested?

Thats a pretty big risk, and that usually scares investors away. I was thinking about starting a gym geared towared the bodybuilding crowed as oposed to just people trying to lose weight. More of a grunge heavey atmosphere, but i dont know if that would go over well here.

[Timm1704]

i worked in gyms for afew years, and its more upkeep than you would imagine from a management perspective. still, one gym i train at, is just in like a warehouse, no TV's, a cd player, lots of mirrors, a shit load of weights, afew low-key cardio machines and plenty of hardcore-esque machines. surely wouldnt cost a great deal to start up if you got a business loan, hardcore bodybuilding gyms are so great!

[ToTheBuckeT21]

I have been talking to the owner of the gym I work at, and he was saying it costs nearly $60,000 a month to keep the place going with everything, rent, insurance, payroll, etc etc.

4,000 members @ $500 a year rough = $2,000,000

$60,000 a month?!?! thats crazy... How could it come to $60,000 a month? Rent would be like $3,000 tops for a smaller gym.. Water, Eletric, Cable, and whatever couldn't be more then $2,000 and if you get highschool kids to work there for $7.50 an hr thats like $8,000 a month for all ur employees and i would own end opperate anyways.. I mean i don't know what Insurance would run a month on the building and for coverage so no asshole could sue you.. but i couldn't imagine it being that much a month could it?

[heavyrotation92]

$60,000 a month?!?! thats crazy... How could it come to $60,000 a month? Rent would be like $3,000 tops for a smaller gym.. Water, Eletric, Cable, and whatever couldn't be more then $2,000 and if you get highschool kids to work there for $7.50 an hr thats like $8,000 a month for all ur employees and i would own end opperate anyways.. I mean i don't know what Insurance would run a month on the building and for coverage so no asshole could sue you.. but i couldn't imagine it being that much a month could it?

3000 rent is gonna be a small place. you'd be suprised how fast all the little shit piles up...

[PROTEINSHAKE]

$60,000 a month?!?! thats crazy... How could it come to $60,000 a month? Rent would be like $3,000 tops for a smaller gym.. Water, Eletric, Cable, and whatever couldn't be more then $2,000 and if you get highschool kids to work there for $7.50 an hr thats like $8,000 a month for all ur employees and i would own end opperate anyways.. I mean i don't know what Insurance would run a month on the building and for coverage so no asshole could sue you.. but i couldn't imagine it being that much a month could it?

I dunno where you live but that 3000 a month doesnt get you crap here. High schoolers running a gym??? how about equipment??? the list goes on & on ..for a GOOD gym that people actually WANT to go to I could see LARGE overhead every month. I have a business WITHOUT a storefront(no rent) & the bills are A LOT more than people think..

[Ejuicer]

$60,000 a month?!?! thats crazy... and if you get highschool kids to work there for $7.50 an hr thats like $8,000 a month for all ur employees and i would own end opperate anyways

I'd believe it could be that much and a lot more. At my gym, there's approximately 40 staff members not including fitness instructors. You can only have highschool kids that work for pretty much nothing do so much in a gym. All they're really good for is floor staff, fitness consultants and csr's. Now you have to take into account membership co-ordinators whom can make a pretty decent living since everything is commission based. Some of the top ones in the company make a 6 figure income. Then you have to pay club managers, assistant managers etc. a lot of whom have 6 figure incomes as well and that just covers the front end.
On the back end where I work in the health centre there's about 20 personal trainers who make a minimum of 17 per hour and up to 28. Then health centre management makes commission off of 100,000 per month quota. Health centre manger, who makes a 6 figure income and then assistant health centre manager(my position) who makes a pretty decent living as well. Then add in the fitness instructors who make 30 dollars per class and fit consultants who make commission as well.
That's just wages now add up everything else plus money into promotions and you're looking at a hell of a lot of money paid out per month.

[Anabolios]

a good size place would cost at least 15 grand a month with a 30 year lease probably maybe 15 year?

[ToTheBuckeT21]

well for example... My gym is very small but is an amazing gym just the same i'm not talking like globo gym style more of average joe's lol.. For real tho my gym is maybe 2,000 sf.. they only charge 19.99 a month and it does very well.. its called Retrofitness.. check it out

[J.S.N.]

i would think it's really hard ot make alot of money owning a gym. there's a powerhouse by my ma's house that gets sold about nce every 2 years and has since it opened. it
s th eonly gym in town too, so it's not like gold's lifetime and world's gym are eating all it's customers.

[goodcents]

Figure about $1 to $1.50 per sq. ft. per month. Example= 10,000 sq. ft.-$10,000 mo. lease alone at cheap rate. You won't make money on a mom and pop gym, even Bally's is losing money. The market is flooded.

[SVTMuscle*]

$60,000 a month?!?! thats crazy... How could it come to $60,000 a month? Rent would be like $3,000 tops for a smaller gym.. Water, Eletric, Cable, and whatever couldn't be more then $2,000 and if you get highschool kids to work there for $7.50 an hr thats like $8,000 a month for all ur employees and i would own end opperate anyways.. I mean i don't know what Insurance would run a month on the building and for coverage so no asshole could sue you.. but i couldn't imagine it being that much a month could it?

There are 35 people on pay roll there. I'd believe its 60,000