Starting a gym business requires passion, dedication, hard work and commitment. However, some people believe that it is also a risky venture that may break your bank. Thankfully, there are ways to start a gym business without much investment.

The first step in starting a gym business is to consider the type of facility you want. Determine whether you want to offer a specific type of activity, such as yoga, cycling or boxing, or whether you want to offer multiple types of exercise. Once you have decided, research the type of equipment and facilities that are available in your area. This will help you plan the costs of your gym business.

It is important to take a financial inventory, knowing exactly what your personal expenses are and the predicted costs of operating your business. You should also review your current income to figure out how much you need to make a profit and break even.

Another key component is to decide on a legal structure for your business. There are several options, including a sole proprietorship, partnership, limited liability company (LLC) or corporation. You should consult with a lawyer or accountant to choose the best structure for your business, based on your needs, liabilities and tax considerations. You will also need to choose a location for your gym, considering parking, access and other factors. It is a good idea to choose a place that is convenient for your target market.