You have landed in the very right place if you are looking for how to start a gym business in Canada, and yes, starting a business gym in Canada is a very wise decision.
If you are living in Canada and looking for how to open a gym business in Canada, you should not skip a single word of this article to read.
If you are a gym enthusiast expert, and you are having knowledge of exercise, diets, and other aspects of building and maintaining the physical business of the body with a gym, you can convert your knowledge into a money generator business by starting a gym business.
There are many ways to open a gym in Canada, moreover, you can open a gym with different business sizes as you can opt for opening a gym on a small scale or huge scale in Canada according to your business plan.
Making a proper business plan is very important before you start any business, and this article will take you on the whole journey of opening a business gym in Canada with ease of budget.
Quick Question: How Much Does It Cost To Open A Gym In Canada?
Well, it depends upon which size of gym you want to start with your estimated budget, however, generally, it costs around between $15,000 to $80,000 according to the size of your Canadian gym business.
So, if you are planning to open a gym in Canada, you should have prepared for this amount according to your business plan, and the rest information is going to be served later on in this article, so keep reading.
How to Open a Gym Business in Canada
Well, in fact, opening the business of a gym in Canada is as easy a deal as one seems, but if one follows the process and strategies which I am going to share with you, you will be easily able to do so.
You will need some investment, some equipment, a dedicated space, registration of business, some trainers & experts, and some other stuff that all are going to be explored in this article, so stick with this article till the last line of it.
Select The Location and Land First
The selection of location and the land area is one of the most important factors to start a gym business in Canada because it will decide how many students you will be able to train.
Whether you want to start it on a first floor or a ground floor, how much area there should be are the affecting factors to the size of your gym business.
The location should be in a proper way where you need to make sure that your students can get proper parking space and easy to reach there as well.
The area of exercising area must be more enough and the students are supposed to be able to maintain the social distancing as well.
One more thing you should consider is that there should not be another gym or a fitness center very near to your gym so that your customer base can not be divided.
You will require a lot of equipment for establishing a gym, whether you want to start a small gym or a bigger gym center, equipment is a must.
For that, you will have to purchase different required equipment from very trusted sources, either you can go to the shop for purchase or else you can buy it online as well.
Moreover, you should know that the expense of equipment is another biggest expense that can consume about 50% of your total one-time expense.
Well, you have three options to arrange the equipment very wisely.
Purchase Fresh New Equipment
As we knew that the expense of equipment consumes a big part of the total one-time investment, so if you are having much investment, you should not think twice before purchasing the new equipment.
It will feel your customers good and they will be retained without any extra offers and efforts because customers like to be treated as special.
Used Gym Equipment
Purchasing the used gym equipment is also a very good option for you if you want to save your money to use it some otherwhere.
But here you will have to take extra care while choosing the used equipment for the gym as it can compromise the quality, and yes, should not forget that used equipment may not give the feel good to the customers as well.
It’s not necessary that it would happen as mentioned above, if you pay more attention, you can get the long lasting and slightly used equipment as well by searching more.
Lease The Exercise Equipment For Your Gym
If you are not able to or don’t want to opt in for the above mentioned two options, still the third way is still open for you to start a small gym in Canada.
You can lease the exercise equipment for your exercise center that will save many costs of yours, that you can use in other stuff and grow up your business.
As long as your business becomes stronger, stable, and profitable, you can replace the leased equipment with new ones.
Hire Trainers and Coaches
Starting a gym business means providing health tips and taking responsibility for the health of the other people who are ready to trust you.
So, a person who will be guiding about maintaining the health of your customer must be an expert and have enough knowledge and experience about the same.
One more tip I would like to share with you is that instead of hiring one person with multi skills on a high salary, you should hire two or three trainers who are experts in one skill very much dedicatedly.
It may cause more expense for your gym business, but after a certain time, you will feel that the cost of the salary of an expert is nothing against what you would be earning at that time because expertise pays you.
Registration of your business becomes a must when you want to run your business for a very long time in a legal way.
As long as you register your business with the government and other related authorities, you become a taxpayer and your business becomes legal, which can help you get a business loan in the future as well.
So, you should not forget or avoid or overlook registering your business before you get started.
Choose The Business Structure
While registering the business, you will have to choose the structure of your gym business, and you will have to choose from the five legal business structures.
- Sole Proprietorship
- Limited Liability Company
- Joint Ventures
Now, you might be thinking about which one you should choose and which one is beneficial for you at this time, right?
For that it is advisable to consult with the CA or an expert accountant or lawyer — these are supposed to give you the exact perfect advice for your business.
Get The Tax ID Number For Your Canada Gym Business
As you will register your gym business with the Canadian government, you will become the tax payable and you will have to obtain the tax id number by which you will be able to pay the tax.
You are having two ways to do so, either you can obtain the tax id number yourself by following the process, or else you can get it by contacting the lawyer or CA.
The recommended way is to get the tax id by hiring a lawyer or CA as they are experts in it, and can get the same in the first attempt — you will have to pay some amount for that as well which will be the one-time amount as a fee of a lawyer or CA.
Get Insurance For gym Business
Insurance is one of the most required aspects to secure your business from any possible future unwanted incident.
Along with that, it will recover the compensation amount for your employee if he gets injured during the job performance, you will not have to pay the amount from your pocket.
There may be different kinds of packages from the different insurance companies from which you will have to choose one accordingly.
Arrange The Investment
As you have come to know how much money you will need to open a gym in Canada, so you need to arrange the money according to your budget and business plan for gym opening.
Arrangement of investment could be challenging for you, as it’s not a little amount that would be reserved in your bank account.
In this case, if you are having more than enough savings, you can use it, or if you don’t have enough money, you can borrow the rest money from friends or family members.
Another way is to convenience a person to become a partner in your business if he is interested in your business idea by investing some sort of money.
The other ways, either you can apply for a business loan with having a proper business plan, or else you can go to the angel investors as well, who will be reviewing your business plan and then approve or reject for funding.
Marketing For Your Canadian Gym Business
You will not be alone to run the gym business in your territory, there will be plenty of rivals who may become challenges for your business.
Moreover, as a newbie, no one will be knowing you that you have started the gym center for health lovers.
In this case, the marketing strategy of your business will be able to bring more customers to the gym center business.
You need to do marketing in a very proper way where only interested people can interact with your ads so that you will be saving the cost of marketing as well.
For that you should run online marketing for your Canadian gym business and attract more customers — in the starting, just focus on branding only, you will get new customers automatically.
You can explicitly run the Google ads and Facebook ads by which you can reach out only to the targeted audiences instead of targeting the customers randomly.
Carry Your Business Online
Online presence works as a catalyst for your business and drives unexpected customers for you within a very short time.
The main benefit of making a website for your business is that you can explain all the information about your business to the customers in one go.
You don’t have to hire a dedicated person for the same work and don’t have to pay him extra money, as your business website will do all the stuff.
Convert Your Business into Brand
If you are an ordinary business owner, then you will be focusing on generating more and more sales and generating more and more profits soon.
But if you are a long visionary business owner, then you will be focusing on creating the brand instead of earning more profit quickly.
For that, you need to define certain required elements for your business like logo, business name, slogan, marketing campaigns, and signature products.
Give Offer to The Customers For Your Canada Gym Business
Offers always attract the customers as customers like to feel special from the vendors, so you should offer the different schemes to the customers.
For example, you can offer monthly, half-yearly, and yearly subscription packages, and within them, the half-yearly and yearly packages should contain a discounted amount.
This is just an example of a way to offer the offers to the customers to attract them, you can also provide them some free kits to engage them as well.
Final Words For Starting a Gym Business in Canada
Starting a gym business in Canada is very profitable because the people of Canada are very health conscious and they don’t want to compromise with health.
In order to start a gym business in Canada, there are many checkpoints that you have to take extra care of that are mentioned in this article such as your trainer must be well experienced and if possible, hire the certified trainers.
Never forget or overlook the business registration as it will secure your business and will be helpful to get a business loan in the future for the business expansion purpose.