Powerlifting Gym-Stepping Stone to Fastlane?

[Ronr3914]

Hi all,

I am one of three part "owners" of a powerlifting gym. The idea was to be able to rent a place and eventually get enough members where we could work out for free. Although we do have some members, it hasn't really materialized into anything. We do not market the brand at all. (I could change this).

Anyway, my question is this: can this be an outlet to financial freedom so I can pursue a fastlane?...(meaning, being able to ditch the 8-5). We have much equipment geared towards our niche and we have some really great trainers (myself included). So, to all of you accomplished entrepreneurs' out there: should I go balls to the wall on this as a stepping stone or pursue my other fastlane ideas? Thanks in advance.

 

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[parkerscott]

Yes you can make money with it, but thats dependent on how many people in your area are interested in a powerlifting type gym, and are willing to pay. It can be done, but I see the money in scale. You can target more powerlifters with products rather than targeting location dependent powerlifters. Thats just my two cents though

 

[Ronr3914]

Yes, I have a program (possibly in an ebook format) that I was going to sell to compliment the gym. I was thinking: create some revenue at the gym, create a video series/blog and then market my program. Thanks for the reply.

 

[ZCP]

Put up a sign, post to Facebook, and mail out some flyers to local apartment complexes....... All this goes to a landing page or a phone number....... Free ebook or free training session with a local powerlifting coach....... Setup 3 consecutive Saturdays..... Book 1 hr sessions with 1/2 hr in between......... Only24 spots available..... $20 to hold your spot..... Not happy with session, get your $20 back..... Happy,it covers your first month dues....... Set up additional sessions for $xx per session..... Only a few available each week.....

That should determine local interest and give you some numbers to crunch to see if it is viable.....

 

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[codo3500]

Most gym's make money by the people that sign up to lengthy contracts and never keep coming back. If everyone actually went, it would be too packed, and they couldn't all fit. It's sad, but it's true. Powerlifters are a different demographic, you'll never make serious money as it's just too niched. In saying that, the equipment you need is cheaper, and there's way less you need (at least you don't need expensive treadmills .etc). It'll be hard to make it fastlane; the only way to do that is to scale, and to scale there needs to be a *need* you're filling.

Are there powerlifters everywhere in the country that want a specialised gym? Maybe, but enough to make a profitable gym in lots of locations? Probably not.

If you can build it up enough, you can sell it. That's where it can give you the capital you need to then focus on a market with more scalability.

 

[Ronr3914]

Thanks ZCP and codo3500 for the responses. You are right it is definitely not scalable but I'm just hoping to make enough money to quit my job and free up more time. I think that it might be possible. I'm just trying to figure out if it's worth it or not. Thanks again.

 

[jazb]

In my city there are a few backstreet, powerlifting style gyms. They are in rough areas, but people respect the place a lot. They get a lot of customers, this would not work in a middle class area.
One thing people never talk about gyms...is the size/location. Gyms are such a tough business in places like the USA because of size. Size is nothing out there. I've seen huge warehouses stacked full of equipment and they only charge $10 a month...crazy. Like they would of had to put down a few 100k on equipment alone.

Niche gyms can be lucrative but you will need to have it in the right location, right demographic etc.

If you want to enter fastlane however, you would need to get one successful gym going....the build another...and another. Its a hard business, because the entry barrier is low and the demand is high. Make your gym stand out.

 

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[ZCP]

Depending on numbers..... Maybe you make it a co-op......charge for training and different levels of equipment......and run meets for additional revenue....... Sell ebooks and supplements....... Replace the j-o-b with something you enjoy...... WHILE also working on your fastlane......which can be speeded up with the connections you make via the gym...... Do it!!

 

[Bigguns50]

Lots of good advice guys.

Here in MI, near Detroit, there is ONE gym that has a section devoted to powerlifting. I've been there a handfull of times. It's very sweet. Everyone who's into competitive powerlifting trains there. Many have gym memberships elsewhere and go there to just powerlift.

Most of the gym is designed for the general public. It's been there 20 yrs, has expanded several times and I don't think they'll go out of business unless they want to. The owner owns the building and land.

That being said....the gym business is very, very tough here. 24hr Fitness, LifeTime Fitness, Powerhouse Gym, Planet Fitness,...I'm probably forgetting some, are all trying to get a slice of the same pie. Oh...cross training gyms have opened up also. The one I visited charges $169/month. They must charge that because membership is no where near 5,000 members. It's more personalized training in small groups.

Most gym's make money by the people that sign up to lengthy contracts and never keep coming back.

^He's correct. A friend of mine manages a Planet Fitness in Livonia, MI. At their peak, they have over 8,000 paying members / month ! They NEVER dip below 5,000 members. No where near those numbers show up to train.

My bottom line perspective:
You might be able to create a job from opening a powerlifting gym...then of course work on your fastlane business. I'm doubting you can do this with 2 other partners though. It depends on the arrangement and how much of the pie they get.

Like the others have said, it depends on several things like location and demographics.
How many gyms in your area and what type are they ?
Are there any powerlifting events near you ?
Can you find powerlifters in you area ? (Facebook, etc)

Just some thoughts off the top of my head.

Keep us posted

 

[TJPB]

Where is the closest Crossfit box? If there aren't any around, convert your gym to Crossfit. 1000x the potential market.

 

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[Ronr3914]

The input has been awesome everybody. I love the different perspectives, thanks for that. I'm going to meet with my partners and see if this is something they want to do. @Bigguns50: you kind of hit on it... the need for another gym really isn't there. Very interesting info on this thread. Thanks again everybody.