Beginner’s Guide on Starting a Fitness Centre Business in the United Kingdom
Starting a fitness center business can be very rewarding, especially if it turns out to be successful. However, just because you created something doesn’t mean you should give up on other opportunities. You should look at alternatives that may be available to you if you are willing to take a different route – maybe your current passion is better served by another avenue of operation.
Fitness clubs are appearing all over the world, and it’s no surprise. The popularity of personal training, or personal training companies as they are more commonly known, has increased dramatically over the last ten years. More than 1,600 gyms, fitness centers, or personal trainers with more than 2 million clients in the United States alone. Fitness business owners can profit by offering their services online and drawing in new clients from all over the world.
Fitness Clubs are such hot property right now that there is plenty of competition for your business. Trying to decide which one to target can be overwhelming. There are hundreds of them, each with their strategy and offering different things. Choosing the right one won’t be easy. Fitness Clubs require a bit of research, but they can lead to significant growth for your business when done correctly. So grab a cup of coffee, set an appointment for 2 hours, and read on for details on how to pick the best fitness club for your business.
What is a Fitness Centre Business?
Fitness businesses often bring a change to the way people approach their health. It provides people with a place to connect with others who share the same interest, helping them develop a sense of community. This doesn’t only help members bond together but can also lead to more powerful effects on health. It doesn’t matter if you’re trying to lose a few pounds or get your exercise routine back on track. Fitness businesses publicly display their memberships and affiliate sales on their websites. This allows people to see what other people are purchasing and use the gym identification to establish their brand further.
Types of Fitness Business
To find the right fitness business for your business, you need to look at the services available and decide which ones will best serve your needs. The first step is to ask yourself what benefits do you bring to the fitness industry. Is it the focus of your attention? Do you create a space for others to thrive in? If the answer to either of these questions is yes, then work with that type of business. If the focus is less important to you, look for a different kind of business opportunity.
If you need inspiration for starting your fitness business, here are some popular options to consider:
- Zumba studio
- Physical therapy
- Spin classes
- Powerlifting gym
- Yoga studio
- Pilates studio
You may also use corporate service provider platforms to know more about this matter.
How to Start a Fitness Centre Business?
There are several excellent fitness startups in the UK, but if you’re thinking about starting your own, there are a few things you may not have known. One of them is that there are specific steps you need to take to get yourself established as a fitness leader in your local area. If you want your business to have a chance at survival and success, you must understand the steps necessary to establish a thriving fitness centre in your area.
Step 1: Get Qualified
Qualification is a crucial requirement to start a fitness business. Whether you’re running an empty or experienced and/or chain fitness studio, to get the legal and financial green light to create your business, you need to meet Level 3 requirements. This means that you’re supervised by a qualified personal trainer and have passed an evaluation of your fitness level by an independent assessor. Achieving this qualification is relatively easy – it only takes five minutes to get it. Once you have, you’ll be able to search for trainers who offer level 3 training and contact them directly.
Becoming qualified as a Level three (3) Personal Trainer is a highly rigorous qualification that will allow you to offer personal training in the UK once achieved. To achieve this qualification, you’ll need to have taken at least 25 hours of activity in the previous three months and passed an exam. It must cover both fundamental and advanced aspects of personal training. To set up a business as a trainer, you need to complete a full-time training position. This means that you’ll need training space available and someone in your company who can ensure that clients are appropriately insured. By using UK company incorporation services platforms, getting qualified would be a piece of cake with the help of the professionals.
Step 2: Register With REPS or CIMSPA
Registering with REPs or CIMSPA is excellent because it helps establish your credentials as a trainer. Having down-to-earth, friendly service providers like CIMSPA is invaluable when working out, mainly since some gyms and home training businesses will not allow you to advertise on their premises. These bodies are essential for conducting research work, ensuring that the equipment is up to scratch, maintaining records of your clients, and creating system integrations to make sure all systems are working together smoothly.
Getting registered with CIMSPA and REPs shows your potential clients that are fit to work as their trainers.
- How to Register With REPs & CIMSPA
Registering with REPs and CIMSPA is a simple process. You don’t need to book previous qualification courses. Once you have sent an application, REPs will contact you to let you know whether they have received your application and grant you access to the qualification. If they do not give you access, then they will contact you again and explain why. Once you’ve received your qualifications, you need to fill in the online registration form through the REPs website. To do this, you need:
- A copy of your insurance policy
- Scanned copies of Level 2 and Level 3 certificates
- Payment details
Step 3: Business Registration
When you register a business, there are many different things that you need to consider. Firstly there is the legal paperwork, filing for corporation, and personal income tax documentation. Each step has its own set of submitted documents listed on the back of your registration certificate. After all, you establish your business name and address for the sake of records and tax reporting. After all this, low-cost services like QuickBooks start making a dent in the amount of paperwork required to run a small business.
The second part of your registration involves setting up your business bank account. Most banks require you to maintain an account with them to lend money to your business. This is sufficient to temporarily take over a business bank account (and any other associated paperwork).
However, for long-term banking operations (as opposed to starting a new business), getting an independent bank account is highly recommended. Banks offer lower interest rates on customer accounts and reduce or eliminate fees if you meet specific criteria. For instance, Collin County Business Bank offers lower interest rates on customer accounts “regardless of when you opened your account.”
This may be overwhelming for you, which is why a guide to company registration platforms exists. You may visit the link to ask for assistance.
Step 4: Obtain Necessary Permits and Insurance
A gym or fitness center is a business that provides exercise equipment and/or services. Whether you’re building a new gym or revamping an old one, it’s essential to understand the proper permits and insurance requirements to operate in your particular community. A gym should have a valid business license, meet health codes in your location, and be committed to providing only legal services under the supervision of a licensed doctor. If you’re planning on renting out space in your home for workout purposes, it’s also important to note that it’s legal in your location to rent out equipment for fitness purposes.
Before you start working out, you should obtain all the necessary permits and insurance required for your gym’s operation. Getting these essential documents is not something you should assume but should be done by a team of professionals dedicated to doing so. Before starting your fitness business, you should do your homework and research what’s involved in starting a fitness centre business in your area. Health care reform is affecting the healthcare industry, and many gym owners plan to close down due to this new law.
Step 5: Get an EIN
There are several benefits when you obtain an EIN. Tax fraud is rampant, and it’s an easy way to get around the tax laws. Employers don’t like getting hit with huge tax bills, so having an EIN helps them get around those pesky payroll taxes. An EIN also makes it easier for you to open a business bank account in most states. Most banks will not give out business accounts without an EIN. Creating one also gives you the ability to file your taxes online. If this overwhelms you, don’t worry. You don’t have to be talented or spend hours researching ways to get an EIN. You may contact 3E Accounting for assistance.
Step 6: Funding
There are many popular sources of funding for early-stage startups. A personal loan is one option; another is a business line of credit. The SBA has become popular because it can be used for both small businesses and large corporations. For both loans, you’ll need to make regular payments over a set period (usually one year), with the money going towards whatever business needs funding (usually related to the product or service you’re developing).