Opening a gym is a significant investment, but it can be a very rewarding business venture. The average cost of opening a gym can be anywhere from £50,000 to over £1 million. The cost will vary based on the gym’s size, necessary equipment, and other factors. To get a general idea of how much it would cost to open your gym, you can speak with an experienced professional or look through some online estimates.
Breakdown of Gym fit-out cost
| Location and space ||£30,000 – £100,000|
|Gym equipment ||£80,000 – £500,000|
|Marketing and advertising ||£10,000 -£30,000|
|Equipment maintenance and repairs ||£50,000 – £200,000|
The expense of opening a gym might vary significantly depending on the space size and the equipment you desire. The above table is a rough estimate of some of the expenses you may incur when opening a gym. The highest costs will be for the location and equipment. Costs associated with marketing and advertising should also be taken into account.
Factors that affect how much it costs to open a gym
1. The size of the gym
A smaller gym will cost less to open than a larger one. The size of the gym will determine how much space you need and how many pieces of equipment you need to purchase. Larger gyms can sometimes allow you to optimize your use of available space better. Many gymgoers enjoy a more open layout nowadays.
2. The equipment you need
One of the most significant expenses when opening a gym is equipment cost. Gym equipment can be costly, so you need to factor that into your budget.
The location of your gym will also affect how much it costs to open. If you are opening a gym in a prime location, it will cost more than if you are opening in a less desirable location. However, you will also be able to benefit from having access to a wider range of professional services in a more expensive area.
4. Equipment maintenance and repairs:
Another cost to consider is maintaining and repairing your gym equipment. Over time, your machines will need to be repaired or replaced, so you need to factor that into your budget.
Insurance is important for any gym. You must ensure your gym is covered against liability if someone is injured while using your equipment. This is something that needs to be factored into the fit-out cost.
6. Licenses and permits
You will need various licenses and permits to open a gym. Considering that those are initial costs associated with establishing the gym in the first place, you should factor those into your fit-out costs.
7. Franchise fees
If you are opening a franchise gym, you need to factor in the cost of the franchise fee. Keep in mind that there is usually very little room for negotiation here.