Health they say is wealth and in Nigeria, people are beginning to take the saying seriously. For most people, the gym is the ultimate go-to when they finally decide to live healthy. Before starting a business, it is necessary to consider whether it’s profitable. This article highlights how gyms in Nigeria make profits.
A major way of living healthy is via regular fitness and exercise. Many organizations in Nigeria have created and are still creating awareness about fitness, good health, and all its benefits. Consequently, many people are on the lookout for standard gyms.
The gym business, though relatively new in Nigeria, is quite a lucrative one. So if you are looking for something gainful with fewer competitors, you should consider opening a gym in Nigeria. Here are the reasons why.
How Gyms in Nigeria Make Profits
1. The gym business is booming
The gym business in Nigeria has been growing and doesn’t appear to slow down anytime soon. In fact, it’s accelerating every day! This means, it’s quite stable and of course, booming. When a business is said to be booming, it means it’s very profitable. That alone is an incentive to start a gym business.
It’s well known that healthy people don’t frequent the hospital as much as sick ones. Because of this, many people prefer to go to a gym and keep fit than spend huge amounts on hospital bills. This is how gyms in Nigeria make profits.
2. You would always have customers
This aspect though depends on two factors: the standard and location of your gym. So long as your gym is a standard one, people who are fitness conscious will always come around. If it’s also located in a place where the people believe in fitness, you would not lack customers.
3. You can make money through gym membership fees
A gym membership fee is normally paid monthly or annually depending on the gym’s terms and conditions of membership. The more members you have in your gym, the more revenues you get. This is the first of many numerous reasons why your gym business is bound to be profitable. You could also increase gym membership fees to get more profit.
As an alternative, you could introduce premium membership for existing members. You should be careful with the increments though so members don’t run away.
4. You can make money by being or employing a personal trainer for the gym
The idea of personal trainers appeals to many. This is because they won’t have to leave their homes. Most times, they get the same benefits, if not more, than those who go to the gym get. Many people prefer to get personal trainers who are associated with a gym rather than a random person. In the Nigerian lingo, it’s a sort of ‘home service’ thingy. The pay is also very good for personal trainers.
If you’re just the owner of the gym and not necessarily the personal trainer, you still get a cut. This is because the personal trainer is affiliated with you.
5. You can have a sport shop at your gym
Some people wish to do their exercises at home and alone. This means they do not require personal trainers or go to gyms. Such people make use of fitness apps on their phones. However, they usually require one sports equipment or the other. This can range from sporty outfits to dumbbells and then treadmills.
If you have a sports shop at your gym, then it definitely will be another source of income. Again, there’s the added bonus of people coming to buy from you simply because you own a gym.
The above business tips shows you how gyms in Nigeria make profits. However, it’s not a get-rich-quick business. In conclusion, starting a gym business requires hard work, and reaping its benefits requires patience.