Cost Breakdown for Opening a Gym
Typically, the most expensive type of gym to open is a medical fitness and wellness center. The cost is high because the salaries of medical professionals are high, you will need more certifications, licenses, and more space for treatment rooms and supplies.
The average cost to open a gym can range from $130,700 to $205,000 for the first year, but the type of gym will affect how much it costs to open a gym.
Location also affects cost. Large cities, high-end suburbs, and places with built-in traffic are more expensive than more rural areas or smaller cities.
Startup Costs Overview
Startup Costs Breakdown:
- Gym equipment costs: $90,000 – $150,000
- Legal fees, Licenses & permits
Rent and Lease Fees will likely be your biggest expense when opening a gym.
Profitability of Owning a Gym
The amount of money you can make owning a gym can vary greatly depending on a number of factors, including the size and location of your gym, the type of gym you own, and your marketing and management skills.
How to Achieve Profitability
To determine if owning a gym is actually profitable, it’s important to understand the potential profits and losses that come with such a venture.
Factors Affecting Gym Profits
Here are some other factors that can affect your profits:
- The number of members you have
- The type of gym you own
Ultimately, with proper planning and execution, owning a gym can be an excellent financial decision.