The Lab Gym

The Lab Gym is is a premier, privately owned bodybuilding gym, selling memberships to the public for access to our facility. Our memberships will allow access for our members ranging from daily to yearly access. Along with our general memberships, we will be offering a personal trainer membership, which will allow personal trainers to bring and train their clients at our facility, for a higher fee.  While providing a sanitary, state of the art fitness facility to the public is a goal of The Lab Gym, our primary focus at is to provide a home gym/facility to train out of for private personal trainers who are in need of such. Unlike many commercial gyms which requires a trainer to be employed by them, to utilize their facility to grow a personal training business, we’ve converted this relationship to a membership service.

 

Like fitness facilities similar to The Lab Gym, we will be in operation and open to our members year round. Although that allows for us to yield a greater amount of revenue, these same facilities experience a down season during the summer months, as membership sales and usage typically takes a dive. To be proactive with this common issue, the summer months will be the months where we increase marketing and host member appreciation events, as well as events opening our doors to the public. Our personal trainer membership also assists in countering this as it has been shown that consumers typically purchase memberships to facilities where they train, if it is offered. Lastly, our membership is charged as a continuous monthly charge, unless stopped by the member this charge will continue regardless of how many times the member enters our facility.

 

Our facility will feature state of the art bodybuilding equipment manufactured by Arsenal Strength. Boasting a host of equipment, The Lab Gym will give members access to the top of the line Plate Loaded and Selectorized equipment.  Along with our huge selection of free weight and barbell equipment, The Lab Gym will be the primer location in Southeastern Queens for all your bodybuilding and training needs. Access to this quality and variety of equipment, paired with the strict sanitary guidelines followed by our professional staff will be what keeps our members happy with their memberships and promoters of our facility. While this is a surely a key to the success of The Lab Gym, there are a few other things that are important contributors to our success; they are, 1. Marketing to personal trainers and sales of PTM. 2. Marketing Strategy 3. Networking and maintaining business relationships. With these factors in site and the focus of The Lab Gym, we will not fall short of success.

 

The Lab Gym is formed as a business S-corporation. Owned by John Adams III. John Adams II has contributed $5,000  to establishing the business entity and developing the product and brand. He has also invested $5,000 for growing The Lab Gym to its fullest potential. 

Like any other business/industry, fitness facilities face their fair share of issues. Of these issues there are three that can end up being detrimental to the success of the facility, they are, equipment maintenance, cleanliness, and member engagement. With the issue of equipment maintenance, it is quite simple, if the equipment does not work members cannot use it, if they cannot use it, they will go somewhere else where they can. To address this The Lab will have a maintenance reporting system in place for members and employees alike to be able to report equipment issues to management. Along with this, management will be trained to handle minor maintenance issues to have equipment working speedily, larger issues will be handled by equipment manufacturers. To tackle the issue of facility cleanliness, The Lab will train employees to conduct an hourly facility walkthroughs and cleanings. These walkthroughs will include employees spraying down unused equipment with anti-bacterial and anti-viral cleaning agents, as well as weight re-racking to insure a safe and clean environment for all members at all times. Lastly, member engagement is an important one because, the member is the most important piece to our success. To keep members engaged and having a sense of belonging to our community, we will host member appreciation events, as well as events opening our doors to the public. These events will range from giveaways, membership contests, appreciation days, and free trial days where memberships will be free for the day to welcome the nonmembers of the public to our facility. With these guidelines in place The Lab gym shall be prepared to face all issues and be able to rise to be a widely successful fitness facility.

 

The main focus of fitness facilities is to gain a membership. While like all of its competitors, this is the focus of The Lab Gym, we have created a membership segment, unique to our facility. We have noticed that in NYC there is a huge number of personal trainers that have no physical facility to train their clients out of, so they result to outdoor training. Now although that is a viable solution to that problem it doesn’t come without its setbacks, these trainers now lose access to equipment that would only enhance their ability to be a top trainer, enhance their training businesses, and weather protect their businesses. In order for them to gain access to an indoor facility they typically have to be an employee of the facility, which cuts into their personal profits and independence as entrepreneurs. Or on the other hand they have to pay huge fees to gain access to other facilities. The Lab Gym has converted this business relationship to a specialized membership, our PTM, or Personal Trainer Membership. This membership will allow trainers access to our facility for not only themselves but also their clients while they are present. Upon showing proof of certification as a personal trainer by an accepted accredited school, a trainer may purchase a personal trainer membership which will grant them access to our facility and grant them the ability to bring a guest with them every time they use our facility. This “guest privilege” will only be extended to certified personal trainers as it’s purpose it to provide facility-less trainers a facility to call home for their businesses. 

 

Turning a profit within four months of operation, The Lab Gym stands to generate $634,320 in revenue in our first year of business. Following in our second and third years with $672,379 and $716,083 in revenue, respectively. Giving us a gross profit margin of 64% year over year. This is due to our variety of membership offerings and the low operating expenses of the business.

With emphasis on health and fitness recognized everywhere we look today, all of the major cities in the United States are within the fitness industry. The paring of this factor along with our business model gives The Lab Gym the ability to become a fitness facility from Queens, NY, recognized nationwide.