Complete Guide To Opening A Boxing Studio
oxing is a sport practiced and exhibited worldwide. Popularly known as ‘sweet science’, the sport is along with soccer, probably the most generally popular of all sports across the world. The game originated in America and since then though its popularity in the United States has risen and fallen throughout its long and illustrious history, the characters, dramatic fights, mythical feats of endurance and strength, and megastars like Muhammad Ali have ensured that boxing remains a constant presence in American culture.
From the days of Frazier to the historic fight between Mayweather Jr. And Pacquiao, the sport has enthralled and captivated fans since forever. Whether someone is looking to work out their aggression or boost their fitness or confidence, the sport provides an ideal deal. The game is gaining renewed popularity among the younger population, making Elle magazine declare it to be the ‘hottest fitness trend’ in America. A recent survey by Yahoo Sports found that 33% of Americans consider boxing to be a sport they enjoy. According to another market research firm IBIS World, nearly 4,000 boxing gyms opened in the United States between 2013 and 2018.
All statistics point to the abundance of opportunities in the sector. If you are a boxer and want to train people or just an entrepreneur who wants to make a careful investment in the fitness sector, we reassure you that there has never been a better time in the history of America to open a boxing gym. It is the perfect business idea! But setting up a boxing gym can be a challenging task and involves a great deal of research. Hence, we have made it easier for you and put together this simple 8 step guide to starting your boxing gym. These steps will ensure that your new business is well planned out, registered properly, and legally compliant.
How to Start Your Own Modern Boxing Gym in 8 Easy Steps
A big business starts small. Don't be overwhelmed by the number of boxing gyms or competition in the fitness industry. If you are passionate and make right decision, success is meant to be yours. Here is the list of 8 things that you need to do before you open your own boxing gym -
01. Examine the Market
For your success as an entrepreneur, it's critical to have a thorough understanding of the market you're in. Boxing clubs in the United States have a market share of nearly $1.2 billion so there are a lot of opportunities in the market at the moment. All you have to do now is identify these possibilities. Determine who your target audience is and what might motivate them to join your boxing gym. You can research and analyze the business journeys of existing boxing clubs in your area, the problems they experienced, and the methods they implemented.
02. Plan your Business
Before you get started, it’s wise to chalk out a clear-cut plan and ponder over certain questions like the costs involved in opening a boxing gym, promotion, and marketing strategy, investment acquisition, name of your boxing gym, and other small but significant things. A business plan will help you map out the specifics of your business and discover some unknowns. It will lay out a road map for how your gym will evolve shortly.
A detailed business plan is important for the success of your business – here is an 8-Step Easy Guide to Building a Lucrative Gym Business Plan
03. Legal Identity and Insurance
Boxing is a combat sport and though its legal risk of injury runs high. So, before you open your boxing gym establishing a legal business entity is important. A legal tag like LLC or corporation protects you from being held personally liable if your boxing club. Additionally, your business will be taxed depending on which business structure you choose.
Insurance is another costly but vital aspect of your business plan because boxing is a fighting sport and there can be injuries or liabilities to equipment and setup. To avoid future liability and potential lawsuits, boxing businesses should be suggested to have their clients sign waivers from all sorts of injuries.
04. Get Accreditation
Accreditation from authentic and reliable agencies can help build the reputation of your boxing gym and win the trust of clients. If you want to train people at your boxing studio, you can apply for a coaching certificate from agencies like USA Boxing, AIBA, and Team USA, etc. You can consider joining associations for martial arts, such as Member Solutions and the National Association of Professional Martial Artists. These organizations can provide you with contacts, equipment discounts, and advice on how to make the most of a restricted budget while keeping your curriculum current. Thus, before you open your boxing club get credentialed by authentic agencies.
It’s also important that your instructors are top-notch, and your facility should be well cared for. Workshops should never feel repetitive, and they should teach skills that can be carried outside the boxing club. It’s best to hire staff who have proper credentials and training.
05. Location of your Boxing Gym
Look for a location with high ceilings and plenty of open space. It might be tough to find such space at reasonable costs but you need to search extensively. Industrial parks are a wonderful place to start a boxing club since they combine large spaces with lower rentals than a shopping mall.
While deciding on the location of your boxing gym, keep your target audience in mind. Don’t open your boxing gym at the palace where there are already enough such setups.
06. Types of equipment
Boxing clubs will need gym space, gloves, and at least two boxing rings so people aren't constantly waiting for their match. Consider what equipment is necessary for your school or gym, and then look into how and where you can purchase it. Examine popular boxing gyms for the types and quality of equipment they provide. If your budget isn't quite enough, look into equipment financing. While purchasing equipment, it’s important to keep the budget in mind. A ring can cost $5,000 or more depending on the quality of your equipment, and a single pair of gloves might cost $100 (you'll need at least 20 pairs). You'll also require a variety of training tools, such as weights, jump ropes, punching bags, and helmets.
07. Promote your Business
Marketing strategy is how you win the game, it’s important to reach people so they can make a sound choice. For this, you can either take the help of conventional modes of advertising like local radio, pamphlets and TV ads to promote your boxing gym or use relatively new techniques like social media marketing. Before you open your boxing studio, you can also contact schools and clubs that offer complimentary martial arts programs. This could be one of the most effective methods for attracting new students. These are a few of the many ways you can employ to promote your business or penetrate the market.
08. Build A System and Create your Brand
Your company's brand is what it stands for, as well as how the general public perceives it. Treat your boxing gym like a franchise. Build some system that forces you to address things like bookkeeping, training, marketing, etc.
A strong brand will set your company out from the competition. Having a proper website, active social media handles, and good business management software can help you build your brand.
Business management software will make things convenient for both you and your clients. It will help you schedule your classes, billing, and promotion. The fitness industry is highly competitive and it’s essential to be equipped with good software with industry-best features so you can expand and grow your business.
Frequently Asked Questions about Opening a Boxing Studio
What is the estimated cost of opening a boxing gym?
It depends on your vision and business concept. It depends on area you choose, venue, interior you decide for your boxing gym and type and quality of your equipment. Overall, the venue is your biggest expenditure and after that equipment and insurance. Lawsuits with gyms are common due to the nature of the sport, so you might have to allocate some money on insurance and in acquiring legal entity (like sole proprietorship, partnership, limited liability company (LLC), and corporation.) for your boxing club though charges for it are often minimal.
Is there a profit in setting up a boxing gym?
Boxing is gaining renewed popularity among American youngsters, even a few Collège federations are encouraging participation in it. Boxing clubs can make a lot of money from membership fees and boxing classes. If 50 people join up for $30-40 monthly memberships (even if no classes are offered), that's $1,500 per month minus the rental fees. So, once you are able to acquire good number of members, your business will eventually stabilize.
How to ensure stable revenue?
Boxing clubs frequently sell boxing equipment or accessories at a profit, which is a wonderful method to supplement your income. People may prefer to buy exclusively at your club rather than elsewhere (e.g., online) since the staff can provide personalized advice on the ideal equipment for each type of fighter. You may also explore providing mobile boxing sessions, where you go to a community center or a school to teach novice boxing.
What are the ongoing expenses once I open a boxing gym?
There will surely be ongoing expenses once you open a boxing studio. You need to spare some money for – equipment replacement/maintenance, renewing Insurance, advertising costs, administrative supplies, employee salaries, etc.
Do I need to learn boxing before starting a boxing gym?
Well, it’s not necessary but try to gain basic knowledge of the sport as it will help you deal better with clients and challenges which lie ahead, once you are in the arena. If you don't have much experience, we strongly advise you to have an open mind and experiment with various tactics and techniques. Try to learn basic craft of the game. You can also, read about history of the sport and use online resources, watch matches and discuss with industry professionals.
Should you join a Boxing Franchise?
There are several advantages and disadvantages of doing so. One of the most obvious advantages is that you will receive assistance with branding and marketing. Another good thing is that the franchise will already have equipment agreements in place.
However, joining a gym franchise is neither cheap nor simple. A franchise has a reputation to uphold and, as a result, quality criteria to meet. If your branch fails to meet these requirements, it will reflect poorly on the entire chain. Expect rigorous guidelines on how much to invest and how to run your gym.
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