Limit your gym’s risk
I have no doubt you are more than aware of your competitors. From small gyms specializing in yoga, martial arts along with personal training studios to various large corporations offering 20,000 square foot facilities with every activity imaginable. With these activities it creates increased competition for the same client base thus creating a challenging proposition to be successful. However with that being said the biggest threats to your success as a gym owner aren’t likely to come from competitors or other external factors but rather from things taking place within your own facility.
Risk Mitigation needs to be addressed in every Health and Fitness Club by taking actions to eliminate or reduce the probability of injury, theft, fire or compromising valued information. With that being said as a business owner we need to identify the risk, accept that there is a risk, transfer the risk, limit the risk then learn how to avoid the risk.
By identifying and understanding you do in fact have a risk, you have to ask you self, how do I limit this risk? One way of limiting the risk is transferring it to a third party, such as purchasing an insurance policy, thus transferring the risk. However when placing an insurance policy you need to be sure you are working with an insurance provider who specifically works in your industry and understands the operations of your business.