​Opening a small gym in a city with zero gyms

Hi

I’m living in a Gulf country and considering opening a small basic gym in a city that currently has no gyms.

I’m at university and have limited experience, and I’m still in the research phase. My estimated budget is around $120,000 (unless I bring in an investor or partner).

For anyone with experience:

What advice would you give for opening a small gym (costs, common mistakes, partnerships, etc.)? what should the first practical step be after researching the market?