Matt Velker, the CEO of OpenWrench, shares tips for managing one of your fitness facility’s most expensive assets: equipment.
At the heart of every gym is the equipment members use to work out.
Whether you’re running a boutique fitness studio or a sprawling community athletic center, cardio and strength are a core part of the member experience and often the single largest financial investment needed to open a new location.
And yet, surprisingly, many overlook the crucial aspect of management post-installation.
Owners often don’t have a comprehensive picture of the assets they’ve invested so much money to buy or the energy to keep that list updated as they grow and evolve their business.
So what should you track, and why does it matter?
Here’s the information we recommend you capture on your equipment:
What is it? Where is it?
This should at minimum include the type — e.g. treadmill, stepmill, elliptical — brand and model information. If you’re a multi-site operator, you’ll also need to record which location the equipment is deployed at. If possible, capturing serial numbers is also very helpful, as this information will be required when submitting warranty claims to the manufacturer.
Is it under warranty?
Most major fitness equipment manufacturers offer warranties of two to five years on equipment. The terms on these warranties can be complex — different parts may have different warranty period — but simply capturing whether a warranty is still active on equipment can be the difference between paying hundreds of dollars for a service call or getting it fixed for free.
When was it purchased and installed?
Knowing when a piece of equipment was purchased or installed is critical to knowing when it will fall off warranty. It’s also critical to understanding when equipment you’ve purchased will likely need to be replaced.
How long are you expecting it to last?
All major manufacturers will be able to provide you an estimated useful life for the equipment you buy. You should make sure to capture this information as while good maintenance or lighter use may extend an asset’s life, all things eventually break down. Holding onto too long can lead to expensive repair bills or even injured members.
When was it last maintained?
Keeping track of maintenance work you do is more than good housekeeping. It can help protect you if a member gets hurt using that piece and wants to sue you. While the liability waivers most gyms use provide some protection, gym owners can still be held liable in cases of gross negligence. Having good maintenance logs for your equipment can be the difference in getting those cases dismissed, or better yet, not ever filed.
Which one is it?
Most gyms have several pieces of the same equipment. Rows of treadmills, ellipticals and other cardio equipment are often a centerpiece of the facility. That can often lead to confusion when it comes to reporting issues with equipment. We recommend every gym owner spend the time to number their equipment — e.g treadmill one, treadmill two, treadmill three — and physically label their equipment with these numbers so members, staff and repair technicians know which piece of equipment is which.
Capturing and managing equipment data might seem daunting at first, but it’s an investment that pays dividends in the long run. Often, vendors can provide you with a list of what they’ve sold you by location.
By making smarter decisions about your gym’s most significant assets, you’re not just saving money — you’re enhancing the entire gym experience for your members. What’s stopping you?
