CrossFit Gyms have gained tremendous popularity over the past few years, and today, many entrepreneurs are excited to launch their own box gym. A CrossFit Gym aims to cover the maximum number of activities in the least possible time.
The good news is fitness and health enthusiasts would die for such a comprehensive fitness center, thus providing entrepreneurs to boost the growth of their CrossFit gym business.
If you are starting out and confused about the best business strategies to improve your gym’s profitability, here is a brief guide about certain aspects of a CrossFit Box.
What is CrossFit?
CrossFit is a popular fitness regimen brand founded by Greg Glassman in 2000. It is known for both its competitive fitness sport and its unique physical exercise philosophy. The activities at a CrossFit are done by people who complete their daily WODs (“workouts of the day”.
A typical CrossFit Gym comprises an intense workout routine combining aerobics, Olympic weightlifting, rowing, gymnastics, interval training, powerlifting, plyometrics, and many others. This is why there are higher subscription charges in a CrossFit Box as compared to a traditional gym.
Most of the CrossFit Gym workouts use barbells, dumbbells, rowers, climbing ropes, pull-up bars, and rings. To manage a CrossFit Box efficiently, managers and owners need to do regular recordkeeping, which is an essential part of the fitness program.
Many CrossFit Box businesses use whiteboards for keeping their day-to-day records, whereas clocks or time tracking apps are used to monitor time, a vital element in a fitness center.
Moreover, CrossFit Gym owners must gather the necessary clients’ data to enhance their experiences and improve their services. Besides, collecting the required data is important to motivate the individuals and measure the results achieved towards a specific fitness goal.
The best thing about CrossFit Gyms is that you don’t need to invest in a large amount of equipment while starting off. But you must ensure that each and every member or employee is abiding by the strict fitness goals and philosophy and is committed to the exercise regime, thus requiring high dedication and motivation on one’s part!
How is a CrossFit Gym Different from a Traditional Gym?
CrossFit focuses more on the community and is more training-focused than a traditional gym. The former aims to enhance the users’ experience than the latter by bringing more competition among the members. This motivates each of them to complete their daily workout tasks.
Also, the CrossFit Gym members receive hands-on coaching and instructions, unlike basic gym membership in which one won’t usually get a personal trainer. Additionally, the CrossFit exercise equipment looks quite different from that seen in traditional gyms. Because you won’t normally find treadmills, pools, stair climbers, and saunas in a CrossFit box.
Tips for Starting a CrossFit Box
● Find the Right Funding Options
To fund your CrossFit Gym, you might need to look beyond the mainstream bank loans, and most of them won’t readily approve your loan requests for opening a CrossFit Gym. This is because banks don’t provide loans to businesses being in operation for less than 2 years, and because they don’t approve business loan applications for less than $100,000.
Furthermore, all the owners are required to maintain a strong personal credit score of a minimum of 680. And the harsh truth is, this is often not possible to have for startup owners. So, you need to try the following options for raising your business funds –
- Getting microloans – a small load generally under $50,000, which are offered by community lenders.
- Business credit card – it is an excellent option for funding your CrossFit business, if the interest rates are reasonable for you to pay every month.
- Personal loan – while applying for a personal loan for your business funding, remember that if your business fails and doesn’t give you the desired turnover, your personal credit score will be badly affected.
- Traditional small business loans – these might be quite difficult to get, but if you have a good credit score and valid collateral, you can improve your loan approval chances.
- Loans from family and friends – but before going for this option, ensure to have some legal contracts to prevent future disputes.
- Online and alternative lenders – these lenders would usually have much lower credit qualifications, requirements, and eligibility criteria.
● Choose the Right Location
Every business largely depends upon the location it is serving and the geographic area of the target market. Location can make or break your business, depending on how well you understand your customers’ requirements, the market competition, and the latest trends over a specific area.
So, before you open your door and become just another gym center, work on turning it into a destination. Try to understand the unique client behaviors and the potential buyers in and around your location. In this way, you can also understand your clients better and offer them more value-added and personalized services, thus creating a community.
● Hire the Best Trainers
Your clients visit you for the expert coaching services your CrossFit Gym business has promised to offer. So, focus on the quality of your training and coaching sessions by hiring the best professionals and well-trained employees. Ensure that they guide your clients thoroughly and motivate them to complete their WODs. In other words, you must justify the membership fees you are charging.
● Think Long-Term
While starting off, ensure that whatever step you are taking is well-thought-out considering both the short-and long-term goals. Each of your activities must be delivering you good outcomes in the long run so that your efforts become fruitful.
Plan out your CrossFit box business strategies and ensure you are on the right path on the way towards accomplishing your goals. Also, think about the opportunities and possibilities of growth and consider these factors while strategizing a plan.
Last but not least, give your business the required flexibility and scope for adapting to changes and the latest trends. For example, in the face of rising intelligent technologies and devices, you must leave enough space to incorporate those resources in the future. Because, today’s fitness enthusiasts look for more modernized and customized services and gym equipment.