If you are thinking of starting a gym center then you have to take care of some important things like market research, business planning, business registration and other things. This article talks about the incorporation of gym and business registration of gym as an LLP and income tax filing of your gym center so you will get an idea about these things.
How to start your own gym
- Don’t skip the market research phase because it is most important thing for a startup because you will get to know many things about your gym training business. You should talk with gym owners so you will find that who their business are running and you should do a research on market prices of services provided by gym training centers so you will get to know about the competition.
- After conducting a market research you have to find a good location in the city so you can start your gym in that location. Finding a good location is very important because if it is not convenient for people then less people will join your gym so it should be convenient.
- Then you have to figure out that what type of equipment you want for your gym center and how many employee you want for your gym center so you have to hire employee and have to purchase the equipment according to requirement.
- After purchasing equipment and hiring trainer you can start your gym but before starting your gym center you should register your business under recognized authority so in future you don’t have to face any legal problem.
- Business registration is most important thing for your business because without business registration you may have to face some legal problems and business registration will give you benefits under the government schemes. If you are single owner of your gym then you can register your business as sole proprietorship firm and it is very easy to form a sole proprietorship firm but it does not have much benefits as compare to Limited Liability Partnership (LLP) firm. In sole proprietorship firm owner has full liability of the firm and in case of LLP a partner will not be liable personally and partner has limited liability.
- If you have partners then you can start your business as an LLP firm as it requires 2 or more person for incorporation of an LLP. LLP is a separate legal entity which can sue or can be sued and partners will not liable personally for other partner’s negligence. Incorporation of an LLP is very easy you can register your business as LLP under Ministry of corporate affairs. LLP registration can be done through online mode for which you have to visit the official website of Ministry of corporate affairs and process of online LLP registration is very easy you have to reserve a name first on the website then you have to fill your incorporation form and after successful submission of your incorporation form along with documents you will get your incorporation certificate.
- Most important thing after opening of gym is you have to file your income tax in every assessment year because in case of failure of income tax filing you have to pay huge fine or you may get punishment so you should consider this. You can file income tax of your gym through online mode, you can file your income tax through income tax efiling. Income tax e filing can be done online for which you have to visit official website of Income tax e filing and you can file your income tax there.
As you can see in above article that you should not skip the market research because after conducting market research you will get an idea about the prices of services provided by other gym centers, and you will get to know about the competitor and customers so you can set your prices of services according to competition. Business registration of your gym center is also important thing for you and if you have partners with you in your gym center then you can incorporate your business as an LLP and you can done your LLP registration through online mode and it is very easy to get your registration done through online mode and after starting your business you should file your income tax every year in prescribed time so if you are thinking of starting your own gym center then you should consider the above given points.