Episode 11: Fitness Gyms with Jim Thomas

Have you ever wondered what it's like to own a gym? For all the fitness gurus, and people passionate about helping others improve their fitness, owning a gym or a fitness studio could actually be a good fit.  Our guest, Jim Thomas, tells us what it takes to open up your own gym.  Jim has been in the fitness industry for many years and now helps others start their gym business.  While competing with household gyms such as 24 Hour Fitness, LA Fitness, Lifetime Fitness, etc. may not be an easy battle to fight, there is still plenty of opportunity to go around by niching down.

In this episode, you will learn about:

• The three biggest costs to a launching gym business
• Typical operating expenditures (some are even negotiable!)
• What to expect to pay on payroll
• Biggest risk in the business and how to hedge it
• Why you should always be recruiting and developing staff
• Why competing with price is a losing proposition
• Best advice: Know your why
• Best resource: Club Industry, Wayne Dyer books, Think & Grow Rich

Learn more about Jim and his gym consulting business on his website