Living healthy is a goal that many people have today. For Americans especially, where one-third of the population is struggling with their weight, finding the right way to live healthy can be a struggle. Going to a traditional gym, running on a treadmill, or lifting a few weights can be uncomfortable, expensive, and inconvenient. This is why knowing how to start a boxing gym could be both beneficial and profitable.
Unfortunately a boxing gym is not one of the cheapest types of businesses that an entrepreneur could choose to start. Many new businesses may choose instead to partner with an existing club or gym to provide boxing instruction at first until enough capital is present to open up an individualized facility. If you are ready to start your own location up, however, here are the steps that will help you make that happen.
1. Make Sure Your Business Is In Complete Compliance.
A boxing gym will need to follow all local laws and regulations regarding its business structure. This typically goes beyond licenses and permits because of the fitness nature of the facility. If there is workout equipment available at the gym, then it may need to be regularly inspected. You may need to comply with specific sanitation laws. Permits that allow for personal fitness instruction may be required. Make sure you get into complete compliance with your business plan before following the next step.
2. Work With Your Local Boxing Regulatory Agency.
There are boxing commissions that govern all regions within the United States. To teach boxing as a sport, you will need to speak with your local commission or regulatory agency about what you’ll need to do to become certified. States like Nevada and New Jersey that see a lot of fights are typically regulated tighter than others, so be aware of this as you start. If you don’t want to go through this process, consider structuring your boxing gym as a place for fitness classes instead of actual skill development.
3. Secure Your Capital.
One of the first and most fatal mistakes a new business owner makes is to inflate their profit and loss numbers. Without accurate numbers, however, you’ll never know how much capital you’re going to need to get your boxing gym up and running. Take a realistic look at what revenues could be and then speak with lenders about securing financing for any funding gaps you may have. Consider working with government agencies, such as the Small Business Administration, for options as well.
4. Look For Ways To Expand Your Presence.
There will be a natural market for your boxing gym, but there is also a potential market in your community as well. Don’t just focus on your primary customers and try to clone them. Reach out to the people who are thinking about the benefits of a boxing gym and show them why it could be profitable to them to join. Offer free memberships, give public demonstrations, or offer different classes like meditation or cycling to attract a wider consumer base.
5. Your Staff Matter.
A boxing gym is only as good as the people who are staffing it. These folks are the heart and soul of your local identity. You’ll want to invest a fair amount of capital into the people you bring in as instructors. Coaches and trainers who are known in the boxing world already can lend instant credibility to your boxing gym.
6. Find A Central Location.
For every boxer that takes the sport seriously and wants to become a professional, you’re going to have 20-30 boxing enthusiasts who join your gym because it’s fun or a good workout. Although it would be tempting to place the gym in a convenient location for your highest paying customers, the bread and butter of your business is going to be those who come to have fun. A central location for the majority percentage of your membership base will help you keep consistent revenues coming in month-to-month.
7. Build Your Reputation.
People will choose your boxing gym because you have a reputation for being the best. You might need to get involved with some organized fights, prepare folks for Golden Gloves events, or work as a trainer for a prize fighter to show that you’ve got boxing expertise to share. Your reputation is where a majority of your profits are going to be.
Knowing how to start a boxing gym means combining your love for the sport with your skills in other areas of fitness. Create a well-rounded program with these steps and you’ll be able to create a potentially profitable business venture.