Any ideas on how to start your own fitness gym or consignment second hand store?

Question

Any ideas on how to start your own fitness gym or consignment second hand store?

Answer 1

It all starts with location and surrounding competition. Second hand shops can do quite well in young/hip areas with a lot of foot traffic. Gyms are more flexible location wise, but require considerable more room.

Create a business plan. Find out what buildings you are interested in lease for. Gym equipment can be leased, this might be a good idea for your first two years while you build up your customer base.

Find out what gym memberships go for in near-by areas. What makes your place more desirable. One thing you can do is appeal to a specific group of people. For example, you could go after the young demographic, women, or even the g*y community. This last one often goes overlooked by many business people, but can prove to be a lucrative and loyal customer base. If you can settle on a customer base, you will be able to do smart, focused, advertising.

Add up what you think it will cost to rent and run your new business, then multiply by 1.6. Now figure out how much business you will have to do to pay your bills and how long you can stay afloat until you get established. You will need all this data for bank financing.

Good luck.