Turning Passion into Pounds with a Home Gym Business

Home Business Magazine Online

As the world moves and groans with market fluctuation and global uncertainty, some who were unhappy in their jobs or who have just lost them are thinking about the next steps. If you love fitness, you may already have the perfect business for you at home.

In this article, we look at how fitness enthusiasts are turning passion into pounds, what you need to consider, how to go about the next steps and why this could be the best decision you ever make.

Have you considered making your passion a business?

They say to do what you love — So if you’ve ever mulled this over even just once, then it could be the career path for you. As a fitness enthusiast, you may have most of the equipment required at home already. Typical equipment might include a weight bench, squat rack and set of kettlebells, mats, ropes and dumbbells. Have you set up a space at home for your gym?

You must dedicate some space to operate a home gym, ideally a spare room or Garage. Some choose to build a shed or garden room.

If you want to start a successful home gym business, it’s important to share success stories of people who have turned their lives around; showing transformations is powerful. Moreover, it motivates and inspires readers to take the same path by getting in touch with you.

Choose the right items for your space

By selecting multifunction equipment and attachments, you can maximise your small space and compete with the larger gym spaces. Racks can take up space, but they will also allow you to attach equipment that will provide a natural variation to your offering — rope attachments, pegboards, pullup bars and cable systems, for example. Using storage systems for kettlebells and dumbbells will give you more floor space as the equipment is stored vertically, optimising space.

But what do you need to set up a home gym business?

Gain qualifications 

In the UK, you need two qualifications to operate as a professional business.

Both are required. 

• Level 2 Certificate in Fitness Instructing
• Level 3 Diploma in Personal Training

Generally, these qualifications are packaged together and can be from £1,399.00 to £2,375.00. 

Register your business

Register your business and set up a bank account. Consider your company name and domain name. Get your ducks in a row and make sure everything is official.

Liability insurance 

To protect yourself and your clients, you must consider liability insurance. This is important as you might cause an injury or an accident that may result from using the equipment or performing an exercise.

Gym equipment

If you want to work from home, then you might already have equipment that is sufficient for a home gym you can use with clients. However, if you are looking for gym packages, companies like Mirafit can help.

Seek financial advice

Most new businesses fail because of poor planning. Unless you are an accountant or know one, it is worth engaging good financial advice. Your accountant will help guide your decisions and help you to better understand your cash flow. Cash is king. Although a home business has a smaller financial footprint, your accountant will know how to offset tax against wear and tear on equipment and heating bills.

Marketing, a website & social presence

Marketing yourself is essential and will be very important as a small business. Consider building a website; costs can range from £600 to £1,500. Shop around and make sure you choose a platform that will work for you now and in the future. Some websites will include booking systems and payment gateways. It is worth speaking to other PTs to see what they use and have found works. Remember the audience you are marketing to. This could be time-poor professionals, those who lack the confidence to join a gym, or people who feel they would benefit more from 1-2-1 sessions. Sometimes it’s post-natal mums.

Are there benefits and drawbacks to making the leap?

Yes, as with most things, there are both positive and negative aspects of this decision. You must judge this based on your life goals and current situation. If you have been made redundant, then the timing is perfect. If you have a good job, you could build a small business before you choose to go it alone.

Four benefits of a home gym business

• Your passion realised
• Low overheads compared to other business ideas
• Being your own boss
• Great earning potential

Four drawbacks of a home gym business

• Potentially unsocial hours
• Long days as clients will be early mornings, at lunch and then evenings, with potential downtime in between
• No holiday pay
• Potentially affecting mortgage rates

Tips for starting your home gym business

Promote taster sessions to get those who are nearly ready to start and will feel inspired by your transformation examples and sign up. Use social media and your friends and family to help share your presence and encourage others. Ask your clients to share their successes; referrals from others are much more powerful.

Final thoughts

If you have a passion and want to consider making that step forward, then considering some of the points in this article should help you go into it with your eye’s open. The step into self-employment is a big one, but it can also be advantageous if you are motivated. Keep yourself connected with other PTs and business owners. Although it might feel like the competition, they are in the same boat as you, and you will find that everyone benefits from talking out and sharing information. As a new business owner, you will need to learn fast and absorb information to make strategic decisions.

Lastly, we’ve addressed potential challenges and obstacles, like legal considerations, safety regulations, and financial planning, so you can make informed decisions and prepare for the realities of running a thriving home gym business. By including these key elements, you can confidently pursue your passion for fitness and build a successful home gym business.

Consider wearing your brand, promoting your business on t-shirts and water bottles etc. Why not provide your clients with a free t-shirt or bottle? They will travel to you and advertise for you, so make sure it looks good, and consider working with quality sportswear suppliers.

The post Turning Passion into Pounds with a Home Gym Business appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/businesses/business-spotlights/turning-passion-into-pounds-home-gym-business/