How Much Does It Cost To Open A Gym Franchise
- #1 – GymGuyz Image Source: GymGuyz Initial Investment required: $56,000 - $123,000 Locations: 194 ...
- #2 - Planet Fitness Initial Investment required: $970,000 to $4,300,000 Locations: 1600+ ...
- #3 - 9Round Image source: 9Round Initial investment required: $91,600 to $134,000 ...
- #4 – UFC Gym Initial investment required: $1 Million Locations: 135 ...
- #6 – Gold's Gym Initial investment required: : $2,218,250 to $5,000,500 ...
Full Answer
How much does it cost to open a gym franchise?
The 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.
How to open up a gym franchise?
Start a gym by following these 10 steps:
- Plan your Gym
- Form your Gym into a Legal Entity
- Register your Gym for Taxes
- Open a Business Bank Account & Credit Card
- Set up Accounting for your Gym
- Get the Necessary Permits & Licenses for your Gym
- Get Gym Insurance
- Define your Gym Brand
- Create your Gym Website
- Set up your Business Phone System
What makes a successful gym franchise?
Good franchises have systems in place to receive feedback from members as well as do extensive research to help identify opportunities for delighting customers. This is makes a fitness club a true personalized experience.
Is running a gym a profitable business?
To be profitable, a gym model typically revolves around several key revenue streams. The most basic is the gym membership. However, membership dues or fees are typically not enough to make gym owners rich.
How much does it cost to start a gym franchise?
Besides the initial fee you'll pay to join the franchise, a gym requires a great deal of equipment, as well as a large commercial space.
How much does it cost to franchise a gym?
The 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).
What are the pros and cons of owning a gym?
Pros of owning a gym franchise 1 Brand recognition: Franchises are well-known brands with a history of success. This makes finding members a cinch—there's already a built-in customer base. Plus, the franchisor will likely handle marketing for the entire franchise. 2 Training and ongoing support: If you've never owned a business before, there will be lots of things to learn. With a franchise, you'll have the ongoing support of your franchisor to walk you through every step of the process. 3 Higher profits: Franchises typically see higher profits than non-franchise businesses, as there is a loyal customer base and formula for success. While the initial investment to open a gym franchise can be high, you'll likely turn a profit more quickly.
What is a FDD in franchising?
If you move along in the application process, the franchisor will share their franchise agreement, which includes the franchise disclosure document (FDD). Both you and your business attorney should review this document carefully, as it will lay out exactly what both you and the franchisor are responsible for over the course of your business relationship. If all looks good, you're ready to sign and officially join the franchise family.
What should be included in a gym franchise plan?
There are some key points you want to make sure your business plan hits, including a market analysis of competition in the area and the need that your gym franchise will fill that's currently not being filled by competitors. You should also include other information like expected costs, how many people you expect to hire, what your role in the franchise will be, financial projections about how long until you expect to turn a profit and more.
How many hours does a gym open?
Remember, gyms typically have long hours—some are open 24 hours a day—so they're open when their customers want to work out.
What is the best location for a gym?
An easily accessible and convenient location for your gym is crucial. For most gym-goers, close to home or work is best. As to figuring out what constitutes “convenient” for your target membership, it all starts with studying the data available to you.
How much does it cost to start a gym franchise?
On the other extreme, startup costs for a Planet Fitness franchise run between $857,080 and $4,234,750.
How to ask a franchisee about their experience?
Ask the business for referrals to franchisees who would be willing to speak with you about their experiences. Ask them about both the good and the bad . What’s the day-to-day experience like? Are the franchisor’s policies fair and the staff responsive? How long did it take to break even? What are some of the biggest challenges?
Is Planet Fitness a franchise?
Planet Fitness is the third-fastest growing franchise in 2018; Orangetheory Fitness, Any time Fitness and Club Pilates are also among the top 50 fastest-growing franchises. Challenges of owning a gym franchise. Gyms are large, complex investments, especially the bigger establishments.
Do gyms need to be rented?
Gyms are large, complex investments, especially the bigger establishments. You’ll need to rent and outfit a large space and obtain a wide array of expensive equipment. Finding and hiring the right trainers can be difficult; you need to ensure they’ll inspire users to want to return again and again.
Do you need to hire staff to open a franchise?
You’ll need to hire all the staffyou need to open your company. Franchisors will give training to the franchisee and at least one other manager who can then train the employees properly in company procedures and policies.
Do gyms work for franchising?
Gyms work well for franchising — they are in demand around the country and expanding aggressively. Learn how to successfully open a gym franchise. Gyms work well for franchising — they are in demand around the country and expanding aggressively. Learn how to successfully open a gym franchise. You are using an outdatedbrowser.
How much does it cost to franchise Gold's Gym?
Gold’s Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets.
How much did gym franchises contribute to the fitness industry?
And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry.
How many locations does Anytime Fitness have?
Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. Their popularity mostly comes down to their unique business model: All Anytime Fitness locations are open 24 hours a day, seven days a week, and members can access any of those 4,000+ locations no matter where they are in the world. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness.
How much does it cost to open a Planet Fitness franchise?
With that in mind, Planet Fitness franchisees will need to pay for that international brand recognition—opening a Planet Fitness franchise may cost over $4 million. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Initial term lengths last 10 years.
What is the judgment free zone at Planet Fitness?
Planet Fitness trademarked the phrase “judgment free zone,” so that alone should give you a sense of this gym’s major value: inclusivity for all people, regardless of their fitness levels. With that accessible attitude in mind, Planet Fitness tries particularly to target the 80% of the American and Canadian population who don’t have gym memberships.
How many Orangetheory studios are there?
Currently, the Orangetheory franchise has over 1,100 studios in 49 U.S. states and 22 countries internationally (they started in 2010, for some context about just how quickly they’re growing). As an Orangetheory franchisee, you’ll be responsible for a monthly royalty fee of 8% of gross sales.
What is the UFC gym?
Owning a UFC Gym means owning a portion of the fastest growing sport in the world—a truly future-proofed business proposition.
