Thinking about opening a boxing gym? Maybe you got in shape by boxing and want to help others, encouraging a healthy lifestyle through fitness and fun. You might be searching for a more meaningful career. You’re ready to leave the executive office behind and start on a new path, one that improves your life and your community.
Perhaps you’re looking for the next smart investment and see potential in the fast-growing fitness industry. Maybe you just love to throw on some gloves and punch away the pounds! Curious about the costs and the steps of opening a boxing gym? Learn what it takes to open your own boxing gym here.
Key Steps to Open a Boxing Gym
A lot goes into opening a new business and opening a boxing gym is no different. You may have questions like: How much does it cost to open a boxing gym? How much money could I make as the owner of a gym? What equipment do I need? How do I turn my passion for boxing into a viable business?
Let’s explore how to open your own boxing gym.
1. Form a Business Plan
All new businesses need a business plan. Think of it as your roadmap to success. You’ll want to research the market, see how others are doing what you want to do, and figure out a way to stand out. What will your niche be? What will you offer that other gyms are not? What clientele are you aiming to attract? What kind of qualified professionals will you need to employ?
Part of your business plan should include defining your brand. What makes your boxing gym stand out from the rest? Who is your client? What is your message? Your look? Your goal for your business, your employees, your customers? All of this should be researched so you can hit your target market. There’s competition in the fitness industry so creating a standout brand will be important to your success.
2. Get Organized
Forming a limited liability company (LLC) can be a smart move. Forming an LLC, a legal business entity, will protect you as the owner of your gym from being personally responsible for any debts or liabilities in case of lawsuits. An LLC protects your privacy, has potential tax advantages, and can be cheap and easy to set up but rules vary from state to state so be sure to research your state’s guidelines.
It's also wise to establish a bank account dedicated to your business. Invest in accounting software or hire an accounting professional to help you keep track of your business’s financial obligations like state and local taxes, and payroll for your employees.
3. Calculate Your Costs to Open the Business
When asking yourself how much it costs to open a boxing gym, consider that the bigger your idea, the higher the price tag. For a basic boxing gym, start-up costs for equipment alone can be tens of thousands of dollars or more depending on your needs. Having a realistic idea about what it will take to finance your boxing gym is informed by your location, local rental prices, local wage requirements, state and local taxes, among other important considerations. Your business plan should include a realistic budget for start-up costs so you can obtain the necessary financing.
4. Find Affordable Financing
Financing a business can be done through traditional loans with banks and credit unions, through the Small Business Administration (SBA), backing from friends and family, partners, or investors. For traditional loans, you’ll need a good credit score, a history of business experience, minimum annual revenue, and collateral or personal guarantee in case you default on the loan. SBA loans can be the easier way of obtaining funding for many new businesses because the federal government backs the loan, making a private lender more willing to participate.
Many aspiring business owners find they’re able to secure a better loan more quickly and with less complications by partnering with a franchise. Banks view independent businesses as a greater risk, because there’s no history of success if you’re starting from scratch. A great franchise has a proven history of success at other locations, so lenders often view franchise loan applications more favorably.
5. Pick the Perfect Location
Choosing the right location is a huge factor in determining the success of your business. Great business locations are in desirable communities with heavy traffic and they’re visible from busy streets or anchored by attractive retail shops. A great location will help drive members to your gym. You will want your boxing gym far away from any competing fitness outlets but surrounded by compatible businesses. Being located in high profile and desirable areas that are easy to access will entice customers to keep coming back, ensuring repeat business. Locations like these tend to have higher rents so this expense will need to be factored into your budget.
6. Consider Permits and Licenses Needed for the Buildout
To build out and work in your new gym space, you’ll need to apply for permits and licenses. Check on state and local building permits, health department requirements, professional certifications, and insurance requirements. Having comprehensive insurance coverage will protect you, your business, your employees, and customers.
7. Purchase Needed Equipment
Once you’ve found the perfect site, you’ll need equipment. A key component in how to open your own boxing gym is investing in the right gear. A boxing gym needs heavy bags, speed bags, gloves, head gear, jump ropes, bell timers, strength training equipment, and more. You’ll want to purchase high quality equipment and maintain it to ensure durability and the safety of your employees and clients.
8. Breakdown Recurring Expenses Before Setting Prices
To maximize your profits once you open, consider factors like the cost of your location, the cost to buy and maintain your equipment, the cost to employ qualified boxing trainers and other staff, as well as other ongoing expenses. These factors will dictate the prices you set for workouts, monthly memberships, and other products or services.
Boxing gyms make money by charging clients for classes and memberships. Private lessons and special workshops can also be lucrative sources of revenue. Selling the equipment your clients need to box, as well as clothing and accessories like branded water bottles can also increase revenue. See what your competition is charging and set your prices appropriately.
Eliminate the Guesswork by Franchising
As you can see, there’s much to plan for when you consider how to open a boxing gym that might leave you feeling on the ropes. But there’s a better way – one that removes the guesswork listed above by giving gym owners a proven playbook. All you have to do as the aspiring business owner is find the right boxing franchise for you.
Why is a franchise a good move? Because a franchise like RockBox Fitness has proven systems. You won’t be building your business from the ground up all by yourself hoping for the best. A boxing franchise has already created and tested the business plan. You will benefit from an industry leading marketing program, designed to reach a variety of untapped customers. Your ongoing support includes complete operational and sales training and tools, so you’re never left on the ropes wondering how to make your business a winner.
RockBox Fitness Franchise: A Knockout Idea
Unlike starting a boxing gym from scratch, with a RockBox Fitness franchise you can evaluate the company’s performance and understand your potential revenue before deciding to open your business. You will meet the RockBox team, visit the corporate studio in Huntsville, North Carolina, and even experience a workout. Once your franchise is awarded, the RockBox Fitness family guides you to opening day and beyond. With a franchise, you’re part of a tribe.
A boxing franchise is a knockout choice for anyone looking to transform their lives and better their community. As the only franchise to offer boxing, kickboxing, and functional fitness, RockBox Fitness is unlike any other boutique fitness studio. Members never do the same workout twice, they never get bored, and they crush their personal goals. As a boxing franchise owner, you’ll be inspiring others to live healthier and more satisfying lives.
Fill out a submission form and join the unrivaled RockBox Fitness community.