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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
What is a franchise gym?
Just like most franchises, a gym franchise has an established system for the franchisee to follow. The brand is already built and market-ready, making it easier for the franchisee to get started compared to starting a fitness business from scratch.
Is my Gold's gym membership good at 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.
What type of organization is Gold's gym?
Gold's GymTypePrivateGenreFitnessFoundedAugust 25, 1965 in Venice Beach, California, U.S.FounderJoe GoldHeadquartersDallas, Texas , U.S.6 more rows
Is it worth buying a gym franchise?
A gym franchise gets most of its revenue from membership fees, but it can also provide plenty of other ways to earn extra income. Personal training, classes, selling gym apparel, consumables and health and weight-loss products are just some of these ways.
What is the most profitable fitness franchise?
TOP FITNESS FRANCHISESWEEK OF OCTOBER 30, 2022#1 RANKED FRANCHISE. StretchLab. ... #2 RANKED FRANCHISE. The Exercise Coach. ... #3 RANKED FRANCHISE. Alloy Personal Training. ... #4 RANKED FRANCHISE. Soccer Stars. ... #5 RANKED FRANCHISE. BFT. ... #6 RANKED FRANCHISE. Yoga Six. ... #7 RANKED FRANCHISE. CycleBar. ... #8 RANKED FRANCHISE. 9Round Fitness.More items...
How do I quit Gold's Gym?
Individuals who are looking to cancel their memberships must do so in writing. Therefore, this can be done through a letter you drop at the gym personally or mail to the location. You cannot cancel via email or phone. Similarly, you cannot cancel using social media websites like Twitter and Facebook.
How can I get out of my Gold's Gym contract?
How can I cancel my membership? You must cancel 30 days prior to your billing date. Cancellations must be done by email or in person.
Is Gold's Gym good for beginners?
While I think Gold's Gym is an excellent gym and I was impressed by the one I visited, I don't think it's the right gym for everyone. Beginners will likely find Gold's Gym too intimidating, while competitive weightlifters and powerlifters will be disappointed in the limited amount of squat racks and deadlift platforms.
Is Arnold Schwarzenegger the owner of Gold gym?
Joe Gold is also the founder of Gold's Gym, another gym chain, which he sold in 1973. The gym was often frequented by celebrities and famous bodybuilders such as Arnold Schwarzenegger, Lou Ferrigno, Dave Draper and Franco Columbu....World Gym.TypePrivateNumber of locations200 (2015)Websitewww.worldgym.com5 more rows
What company owns Gold's gym?
RSG Group GmbHGold's Gym / Parent organization
Why is Golds gym so famous?
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.
How much does it cost to start a franchise gym?
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.
Are Planet Fitness franchises?
Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets.
Is it profitable to own a gym?
Market research across the USA shows that a gym owner of a medium-sized gym could earn around $150,000 per year. The general setup costs for a medium-sized gym is around $100,000. But your profits for the first financial year could be as little as $50,000.
Is Barry's Bootcamp a franchise?
Despite it being a franchise, the people running it are all totally immersed in what Barry's is. Is it ever difficult not being the founder? No, not at all. Barry is a pioneer; he created the concept 20 years ago.
How to Implement a Gold's Gym Corporate Membership Plan?
Contact Omar Torres at 813-935-2639 or [email protected] to discuss your needs and develop a plan that best fits your organization.
What is corporate wellness?
Research has shown that corporate wellness programs offer positive proof that when employees are empowered to take control of their health , the benefits are extraordinary, both personally and professionally.
Does Gold's Gym Tampa have attendance reports?
For these options, Gold's Gym Tampa will provide attendance reports to allow your team to monitor staff participation and manage reimbur sements and/or payroll deductions.
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.
Does Franchise Direct sell your information?
Franchise Direct's reputation for integrity in the franchise industry has been established over our 20+ years in business. We NEVER sell your information or share it with anyone other than the companies from which you have requested information. Please view our privacy policy.
How much of Gold's Gym franchisees need assistance?
McHaney estimates that about 25 percent of Gold's Gym franchisees need some sort of assistance in areas such as marketing and working to get a better price point. That assistance can come from the corporate office and other franchisees.
Who bought Gold's Gym?
The company was later sold to bodybuilder and fitness expert Ken Sprague in 1977. Two years later, Pete Grymkowski, Tim Kimber and Ed Connors bought Gold's Gym, and in 1980 began licensing clubs all over the country.
How much did Grossi pay Gold's gym?
Grossi's clubs last year generated more than $10 million. Had Grossi still been with Gold's Gym and paid the 5 percent fees, he would have paid around $500,000 to Gold's Gym, compared to about $24,000 under the original arrangement.
When was Gold's Gym opened?
Gold's Gym started as a single club opened by Joe Gold in 1965 in Venice, CA. That club still brings warm fuzzies to those who remember the popularity of Gold's Gym in the 1970s, highlighted by appearances by Arnold Schwarzenegger and Lou Ferrigno, and the club's appearance in the cult classic documentary film “Pumping Iron.”
How many clubs does Grossi run?
Grossi runs four clubs and is building a fifth club, all in the state of Massachusetts. Grossi says that the Gold's Gym brand was not moving fast enough to keep up with his clubs. Grossi's clubs had more amenities, employees and overhead than most Gold's Gyms, he says.
How many countries does Gold's Gym have?
Gold's Gym has become the largest co-ed gym chain in the world with over 700+ clubs in 27 countries, across 6 continents serving more than 2 million customers.. Gold’s Gym India started in the year 2002 in Mumbai. The Year 2019 marked the 17th Anniversary of Gold’s Gym India.
What is Gold's Gym?
Gold’s Gym is the most recognized name in fitness & the largest co-ed gym chain in the world. We’ve got 50 years of history behind us and a very bright future ahead of us. No other gym concept can rival the global brand strength of Gold’s Gym.
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.