Nowadays many people are worried about their fitness, so they want to maintain their body and many people are going to the gym for making a good body. If you are a fitness freak and knowing the gym then you can start your gym it will be a profitable business.
Even if you don’t have any knowledge about the gym, then you can also begin to a gym and earn good money. The process of starting a gym is easy and you have to follow some rules and regulation of local authorities and have to register your business as a business entity. This article talks about the process of starting a Gym Center in India.
How to Start GYM centre in India
Market Research is a Primary step for starting any business, if you want to open your gym centre, then the first thing you have to do is market research. Market Research will give you an idea about the prices charging by other gym centres, and you can decide your gym prices, and it will give you an idea about the other things like where you can start your gym, how much you can ask for services and how many equipments requires so Market Research is very important you should Research about the Market.
After Market Research, you have to plan everything for your business because planning is important for your gym centre. Market Research will help you in the preparation of incorporation of your gym centre, and you have to plan about the place, equipment, capital, profit generation, and other things. You have to make a basic plan, and you have to make a list of services you want to provide.
Then you have to decide a location where you can start your gym, and you have to search a location where you can provide your services, you should choose a location which should be convenient for people, so they came to your gym conveniently.
When you find a location for your gym, you have to register your place with the local authority, and you have to take permission from the local authorities so in future they cannot make any objection. You should get your shop act license which is required document for running a shop so you should acquire a shop act license.
You have to purchase required gym equipment, without gym equipment you cannot start your gym, so you have to buy required gym equipment, and gym equipment is very costly if don’t have much capital then you can apply for a loan, or you can invite investor for investing capital in your gym.
Business Registration in India is important for any business because it will give you legal protection under the laws. You have to register your business as a legal entity for which you have to apply before the concerned authority. You can start your gym business as a Partnership Firm/Private Limited Company/LLP/OPC or others.
If you want to get a loan from the bank, then you have to register your business with concerned authority. And you can also register your business with Udyog Aadhar. This will give you many benefits from the government. In case of failure of business registration of your gym centre, you may have to face legal consequences.
Then you have to promote your business, and you can give your advertisement on social media, television, or Newspapers. Promotion is important for generating customers.
GST Registration is also important for any business which has the turnover of 20 lakh rupees, and in some state, this limit is only 10 lakh rupees, and you have to mention your GST number in your invoice so you should be done your GST registration as you have to file your GST in a prescribed period.
If you are thinking of starting a gym centre, then you should consider the above-given points, this will help you and gives an idea about the incorporation of your gym centre.
As above mentioned Business Registration is very important, if you are two or more than two partners in your business then you can start your gym center as Partnership Firm for which you have to apply for Partnership Registration before the Registrar of Firms and if you want to start your own private limited company then you have to register your business as a Private limited company, for which you have to apply under the Ministry of Corporate Affairs.
As you can see above that if you plan everything, then you will get a good result, and you should be done with all legal registration so in future you don’t have to face any legal consequences.