It includes numerous customization workout options led by Gold's Gym coaches and thousands of music mixes. In July 2020, new parent company RSG Group reported that Gold's Gym had 61 company-owned gyms and over 600 franchise-owned gyms.
How much do Golds gym franchise owners earn?
The average Gold's Gym Salary for Manager Owners is $123,230 per year. Subsequently, question is, what is the fees of Gold Gym? Business Alliance, Inc. $5.00 per month per Gold's AMP member. Not currently charged, but if implemented, approximately $99 per month (subject to increase). In this manner, how much do gym franchise owners make?
How expensive is Golds Gym membership?
The average price of Gold’s gym membership fees ranges from $49-$59 per month, but some locations may charge more or less than this depending on what type of amenities they offer with your package deal (e.g., personal trainer).
How much does Gold's Gym pay in US?
Tell us about you and get an estimated calculation of how much you should be earning and insight into your career options. How much does Gold's Gym in the United States pay? Average Gold's Gym hourly pay ranges from approximately $7.25 per hour for Trainer to $27.43 per hour for Fitness Instructor.
What are the benefits of a gold's gym membership?
A list of Gold's gym membership benefits:
- Personal training sessions
- Group exercise classes
- Shower and locker facilities
- Child care services
- Sauna and steam room
- Fitness equipment [which varies by location]
- Free guest passes [which also varies by location]
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What gym has the most franchises?
With more than 4,000 franchise locations on all seven continents – more than half outside the U.S. in more than 30 countries – Anytime Fitness is the #1 fitness franchise in the world.
How many Gold gym locations are there?
Gold's GymTypePrivateFoundedAugust 25, 1965 in Venice Beach, California, U.S.FounderJoe GoldHeadquartersDallas, Texas , U.S.Number of locationsNearly 700 worldwide (May 2020)6 more rows
How much does it cost to open a Gold's gym franchise?
If franchisees participate in one or both optional studio programs, additional training will be required....Rumble Boxing.Name of FeeLowHighInitial Franchise Fee$40,000$40,000Travel and Living Expenses During Training$4,000$7,0003 Months' Rent$30,000$255,000Security Deposit for Lease$12,000$150,00010 more rows
How many gold gyms are in US?
Number of Gold's Gym locations in the United States in 2022 There are 237 Gold's Gym locations in the United States as of September 22, 2022. The state with the most number of Gold's Gym locations in the US is Texas, with 62 locations, which is about 26% of all Gold's Gym locations in the US.
What gym does Arnold Schwarzenegger own?
Since he could not use "Gold" in its name, he opened a new gym in Santa Monica under the name of World Gym.
Which gym has the most locations in the US?
24 Hour Fitness is the largest privately held fitness chain. Its 400+ clubs can be found in 17 states (as well as Asia as “California Fitness” clubs). The first in the market to offer 24/7 access, 24 Hour offers the gambit of fitness classes and a range of clubs covering high-end offerings to just the basics.
How much does it cost to open a gym franchise?
between $30,000 and $300,000The total upfront investment for a gym franchise can fall anywhere between $30,000 and $300,000, including the one-time franchise name fee (ranging from $15,000 to $30,000). Of course, some brands are less expensive than others. Ditto for some locations.
Is LA Fitness a franchise?
No, LA Fitness is not a franchise. Each location is corporate owned and operated.
Is Gold Gym franchise?
Gold's Gym has been franchising since 1980. In addition to running the health club facilities, franchisees sell Gold's Gym licensed apparel through their Pro Shops.
Who bought Golds gym?
RSG Group GmbHRSG Group GmbH, Berlin, Germany, finalized its $100 million purchase of Gold's Gym International, Dallas, on Aug. 24. The next day, which was the 55th anniversary of the company's founding, RSG Group let go Gold's Gym President and CEO Adam Zeitsiff and more than 40 other executives and team members.
Why is Gold's gym so famous?
The original Gold's Gym was founded by Joe Gold in 1965 in Venice, California. Known as the 'mecca of bodybuilding', it was made famous by bodybuilding champion Arnold Schwarzenegger and the filming of "Pumping Iron", the iconic docudrama that launched the sport into mainstream America.
Where did Arnold Schwarzenegger train?
Gold's GymSchwarzenegger still works out at Gold's Gym (the first gym he went to when he came to America in 1968) at 7 a.m. every day. He also does another workout in the afternoon (a 45-minute bike ride) followed by an evening workout at home.
Does gold gym membership work all locations?
Yes, if it is included in your membership. You can also use a Travel Pass which allows you to train in any Gold's Gym for up to 14 days within one calendar year with no added fee.
How many 24 Hour fitness locations are there?
28724 Hour FitnessTypePrivateHeadquartersCarlsbad, California , United StatesNumber of locations287Area served11 U.S. statesKey peopleKarl Sanft, CEO7 more rows
Who owns Gold's gym now?
RSG Group GmbHGold's Gym / Parent organization
Why is Gold's gym so famous?
The original Gold's Gym was founded by Joe Gold in 1965 in Venice, California. Known as the 'mecca of bodybuilding', it was made famous by bodybuilding champion Arnold Schwarzenegger and the filming of "Pumping Iron", the iconic docudrama that launched the sport into mainstream America.
How many locations does Gold's Gym have?
Over the last 55 years, Gold’s Gym has developed into a global brand with over 600 locations spanning 6 continents. Bodybuilding greats such as Arnold Schwarzenegger, Lou Ferrigno and Franco Columbu worked out at the original Gold’s Gym, which went on to become the most legendary gym in the world.
Who worked at Gold's Gym?
Bodybuilding greats such as Arnold Schwarzenegger, Lou Ferrigno and Franco Columbu worked out at the original Gold’s Gym, which went on to become the most legendary gym in the world. In the fitness industry, the brand enjoys cult status and universal appeal with 96% aided brand awareness.
Who owns Gold's Fitness?
In August 2020, Gold's was acquired by European fitness giant, RSG Group GmbH, which also owns the McFit fitness brand.
Who bought Gold's Gym?
Another private equity firm, TRT Holdings, bought Gold's Gym in 2004. German fitness company RSG Group acquired Gold's in August 2020. Gold's Gym was one of the first companies in the health and fitness industry to franchise, starting in 1980. The company licenses its name to products such as fitness equipment and clothing.
Why was Gold's Gym sued?
Numerous customers have reported Gold's Gym franchises for acting in dishonest and unscrupulous ways. They have reported advertised deals' not being honored, billing irregularities, contract terms' being fraudulently altered by sales staff after signing, and problems canceling accounts or relocating. A Gold's Gym in Provo, Utah was successfully sued for fraud in 2006, for changing a contract after it was signed in 1999.
When did Gold's Gym become famous?
By 1979 , when Sprague had sold Gold's Gym, it was the most famous gym in the world. To this day, Gold's Gym is considered a landmark in bodybuilding culture and has achieved cult status.
Where is Gold's Gym located?
Each gym offers a variety of cardio and strength training equipment as well as group exercise programs. Its headquarters have since relocated to Dallas .
When did Gold's Gym file bankruptcy?
On May 4, 2020, GGI Holdings, LLC (Gold's Gym) and 14 affiliated debtors filed Chapter 11 bankruptcy in the United States District Court for the Northern District of Texas. The debtors have requested joint administration of the cases under Case No. 20-31318.
Where was the first gold gym?
Gold's Gym in Round Rock, Texas. Joe Gold opened the first Gold's Gym in August 1965, in Venice Beach, California, long before the modern day health club existed. Featuring homemade equipment and dubbed "the Mecca of bodybuilding ", it was frequented by Arnold Schwarzenegger and Dave Draper.
Background
The fitness industry is a booming business that allows franchise owners to help people reach their fitness goals, and make a good living simultaneously. The Gold's Gym franchise is one of the industry's leader's with a 96% brand recognition. It was founded in 1965 and began franchising in 1980.
Support and Training Offered By Gold's Gym
In terms of support and training, the franchise owner can expect help from the franchise in terms of site construction and design, national marketing and PR campaigns, and more. In terms of ongoing support, the franchise's Field Business Consultants will there for you when you need it.
Franchises Similar to Gold's Gym
The International Franchise Professionals Group (IFPG) is an internationally recognized membership-based franchise organization. IFPG Franchise Consultants guide aspiring business owners through the process of identifying and investing in franchise businesses. The IFPG represents more than 550 franchises.
How much does a Gold's Gym franchise make?
Typically, franchise profits are proportionate to the size of investment. We can help you figure out how much money you can make by reviewing your personal situation. Please unlock this franchise for more information.
How many franchise locations do they have?
As of the 2016 Franchise Disclosure Document, there are 191 franchised Gold's Gym locations in the USA.
Do they use public figures to promote their franchise?
Yes, unlock to find out which public figure s are used to promote this franchise.
When did Gold's Gym open?
Bodybuilders training outside on Muscle Beach were the first customers for the original Gold's Gym when it opened in Venice, California, in 1965 . Arnold Schwarznegger's movie "Pumping Iron" focused on Gold's Gym, propelling it into the spotlight in 1975. Gold's Gym has been franchising since 1980.
What is franchise fee?
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor.
How long is a franchise agreement?
10 years. Definition: The length of time your franchise agreement will last. What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease.
Do franchisors have in-house financing?
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
What is a Gold Gym franchise?
Franchise Description: The franchisor is Gold’s Gym Franchise LLC. The franchisor’s parent company is RSG Group USA Inc. The franchisor grants franchises for health clubs which are primarily identified by the marks and use the franchise system. Gold’s Gym facilities will offer a full array of amenities, products and services to members. Currently, all new Gold’s Gym facilities must offer cardio training equipment, resistance training equipment, group fitness, personal training and locker room services, a kids’ club, and must have a “pro shop” including sales of clothing, accessories, drinks, bars, supplements, nutritional products and other items. (However, the franchisor may elect to waive some of these requirements if the Gold Gym facility is to be located in certain large, urban locations, such as Manhattan, New York.) New Gold’s Gym facilities also may offer other optional amenities, products and services that the franchisor currently authorizes, like cardio cinema, basketball, racquet and other courts, smoothie bars and juice bars.
How long is franchise training?
Currently, initial training consists of approximately 30 hours of classroom training and five hours of on-the-job training at the franchisor’s location in Dallas, Texas. If franchisees participate in one or more optional studio programs, additional training will be required. During the Franchise Agreement’s term, the franchisor may require franchisees and/or their personnel, including newly-hired managers and previously-trained and experienced employees at the facility, to attend and satisfactorily complete various training courses and programs that the franchisor chooses to provide periodically at the times and locations it designates. The franchisor also may require franchisees to conduct periodic training for facility personnel using the formats and procedures that it periodically specifies. Franchisees (or, if they are a business entity, one of their owners) or the facility’s general manager must attend each annual convention that the franchisor (at its sole option) organizes for Gold’s Gym facility operators.
What are the obligations of a franchisor?
Obligations and Restrictions: The franchisor does not require, but does recommend, that franchisees (if they are an individual) or the managing owner (if the franchisee is an entity) participate personally in the direct operation of the facility. Franchisees must at all times retain and exercise direct management control over all aspects of the facility’s business and all amenities and other products and services it offers. Only an individual who devotes his or her full working time and best efforts to the day-to-day, on-premises operation of the facility, has satisfactorily completed our management training program, and is not engaged in any other business endeavor except passive investments which do not interfere with the performance of his or her duties as manager may manage the facility. Franchisees must offer all amenities and other products and services that the franchisor periodically specifies as being mandatory. Franchisees may not offer, sell, provide or otherwise distribute at the facility, the site or any other location any amenities or other products or services the franchisor has not authorized, and they must discontinue selling and offering any amenities and other products or services that the franchisor at any time disapproves in writing.
What is a territory granted in a franchise agreement?
Territory Granted: Franchisees will operate the facility at a specific site that the franchisor first must accept. If franchisees have not yet located an accepted site when they sign the Franchise Agreement, the franchisor will designate a “site selection area” when they sign that agreement. The franchisor typically identifies site selection areas either using city boundaries or as a circle with a radius of a specified distance that it determines from a specified intersection. There is no minimum size for a site selection area. Except as provided in the FDD, if franchisees are complying with the Franchise Agreement, then neither the franchisor nor its affiliates will, during the term of the Franchise Agreement, operate or authorize any other party to operate a Gold’s Gym facility the physical premises of which are located within (i) the site selection area (until the franchisor designates the territory) or (ii) the territory (once the franchisor has designated the territory). The territory is a circle with a radius of a specified distance that the franchisor determines from the facility’s main front entrance. The franchisor will determine that distance based on the factors that it deems relevant, which might include demographics, the character of the site and nearby businesses and residences. The minimum territory may be as small as one-eighth of a mile in a densely populated area, or in some rural areas, up to three miles.
How far is a franchisor's territory?
The minimum territory may be as small as one-eighth of a mile in a densely populated area, or in some rural areas, up to three miles.
How many hours of training is required for a franchise?
Currently, initial training consists of approximately 30 hours of classroom training and five hours of on-the-job training at the franchisor’s location in Dallas, Texas. If franchisees participate in one or more optional studio programs, additional training will be required.
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Overview
Criticism
Numerous customers have reported that Gold's Gym franchises have acted in dishonest and unscrupulous ways. They cite advertised deals not being honored, billing irregularities, contract terms being fraudulently altered by sales staff after signing, and problems canceling accounts or relocating. In 1999, a Gold's Gym in Provo, Utah was successfully sued for fraud in 2006, for changing a contract after it was signed.
Corporate history
Joe Gold opened the first Gold's Gym in August 1965, in Venice Beach, California, long before the modern day health club existed. Featuring homemade equipment and dubbed "the Mecca of bodybuilding", it was frequented by Arnold Schwarzenegger and Dave Draper.
In 1970, Gold sold the gym which was failing at the time to Bud Danits, most c…
Corporate information
Gold's Gym is privately owned. It was acquired from its previous owner, private equity firm Brockway Moran & Partners, by Robert Rowling's TRT Holdings in 2004 for approximately $158 million. Brockway Moran had acquired the company in 1999 for more than $50 million. Corporate headquarters are in the Dallas metropolitan area.
Current operations
Gold's Gym has locations across six continents. In 2015 and 2016, Gold's Gym topped the J.D. Power Health and Fitness Center Satisfaction Report.
In 2017, Gold's Gym launched GOLD'S AMP, a fitness app that is meant to serve as a digital personal trainer for people to use anytime and anywhere. It includes numerous customization workout options led by Gold's Gym coaches and thousands of music mixes.
External links
• Official website
• GOLD'S AMP