How to open a gym franchise
- 1. Weigh the pros and cons of owning a franchise gym As is the case with any business venture, there are advantages and disadvantages of franchising. ...
- 2. Consider your options ...
- 3. Contact franchises ...
- 4. Write a business plan ...
- 5. Secure financing ...
- 6. Choose a location ...
- 7. Get permits ...
- 8. Start hiring ...
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.
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.
What to consider before buying a franchise?
What to Consider Before Buying a Franchise
- Make Sure Your Family is On Board. Owning a franchise—or a business of any kind—is truly a family affair. ...
- Count Your Cash. ...
- Reach Out to Other Franchisees. ...
- Do Some Soul Searching. ...
- Test the Product. ...
- Understand What You’re Getting Into. ...
- Talk to a Franchise Consultant. ...
- Come Up With an Exit Strategy. ...
- Consult With Franchise Experts. ...
- Do Your Due Diligence. ...
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
How much does it cost to start a gym franchise?
How much does it cost to franchise a gym?
What are the pros and cons of owning a gym?
What is a FDD in franchising?
What should be included in a gym franchise plan?
How many hours does a gym open?
What is the best location for a gym?
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About this website
How much does it cost to start 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 owning a gym franchise profitable?
Yes, fitness franchises offer great profits but not as much as you might think. According to Investopedia, most franchise owners take home around $50,000 per year, but about 7% of franchise owners earn more than $250,000 per year.
How can I open a gym franchise with no money?
10 Steps for Starting a Fitness Business With No MoneyDevelop a Concept and Find Your Niche. ... Conduct Market Research and Analyze the Competition. ... Create a Thorough Business Plan. ... Decide on a Business Model. ... Write a Marketing Strategy. ... Get Your Qualifications. ... Obtain Permits and Insurance. ... Create a Sales System.More items...•
How much money can you make opening a gym?
According to a report by ZipRecruiter, a Gym Owner in the USA can make anywhere from $17,000 to $187,500 per year depending on the above-mentioned factors. A good average would be $69,794 per year which makes $5,816 per month. These figures can also vary due to the area or state in which the gym is operating in.
Do gyms make a lot of money?
A well-run gym with a good mix of members can generate a lot of revenue. For example, a gym with 1,000 members paying $50 per month could generate $50,000 per month in revenue. If the gym has expenses of $20,000 per month, then it would have a profit of $30,000 per month.
Is it hard to own a gym?
The fitness industry has become hyper-competitive and becoming a successful gym owner is getting harder and harder. In fact, while there is massive potential in owning a fitness business, 8 out of 10 of them will fail in their first year.
How do I start a small private gym?
A Concise Guide To Opening And Securing A Gym In 2022Find Your Niche! ... Get Training And Become Accredited. ... Find Out About Gym Licenses And Permits. ... Become Versed In Post-COVID Best Practices. ... Secure Financing For Your Venture. ... Find A Good Location. ... Invest In Quality Equipment. ... Interview And Hire Staff.More items...
What is minimum investment for gym?
To start a gym in India, you have to have a capital of about 5 to 10 lakh rupees. No investor will pay you money if you are not ready with a solid business plan beforehand.
How do I start a low budget gym?
Follow these steps and understand about gym business plan in India.Step 1- Finalise An Area/Locality. ... Step 2- Have A Solid Business Plan. ... Step 3- Obtain All Licenses. ... Step 4- Hire Certified Trainers. ... Step 5- Get The Right Equipments. ... Step 6- Invest In Interiors. ... Step 7- Offer Member-Friendly Incentives.More items...•
What is the toughest thing about being a gym owner?
Revenue is the main concern for gym owners. After all, it is what keeps your business running. Revenue pays your employees, the light bill, heat & air, new equipment, and just about anything you can think of that is important to maintain your gym.
Is starting a gym a good business?
After a year, a successful gym will generate at least $20,000 per month. According to the AFS 2016 Marketing Best Practices Research Report, a typical small fitness center in the U.S. makes $63 per SqFt., or up to $200,000 to $300,000 per year. Larger gyms can make up to 10 times as much money.
What do gym owners do?
Gym owners are responsible for the day-to-day operations of their business. They oversee all aspects of management, including staffing decisions, marketing initiatives, and financial planning. Gym owners may also be involved in the actual physical construction of their facility.
Is franchising a gym a good idea?
If you're going to invest your hard-earned money, you might as well secure it in a gym franchise. Later on, when you are financially stable, you can have the freedom to start your own business or continue expanding your franchise as it will most likely be a success. The bottom line is, gym franchises are profitable.
How much do small gym owners make?
ZipRecruiter, an American jobs marketplace, reports that as of June 2022, the average annual pay for a gym owner in the United States is $69,472 a year.
How do gym owners make money?
Gyms make most of their money through recurring membership fees. However, smart owners will implement new revenue streams like personal training, branded merchandise, premium amenities, and more to make owning a gym more profitable.
Is starting a gym a good business?
After a year, a successful gym will generate at least $20,000 per month. According to the AFS 2016 Marketing Best Practices Research Report, a typical small fitness center in the U.S. makes $63 per SqFt., or up to $200,000 to $300,000 per year. Larger gyms can make up to 10 times as much money.
Why gym franchise might be a good option for you?
You have greater access to all the support you would need when starting a business because the foundation has been laid. All the underground work h...
What are some advantages of owning a gym franchise?
Some of the highlighted advantages of owning a gym franchise are: 1. Provided support system: An ongoing support system and training have been made...
What kind of support do you get in owning a gym franchise?
The support you get when owning a gym franchise includes financial assistance because you won't be going into business alone. So, if you have alway...
Does a franchise business gets higher profits than a non-franchise business?
When compared, a franchise business gets higher profits than a non-franchise business. The reason behind this is obvious. A Franchise business alre...
What are some disadvantages of owning a gym franchise?
Below are some disadvantages of owning a gym franchise: 1. High Initial Investment and Ongoing Cost: Starting a gym franchise comes at a high price...
How to start a gym franchise in 8 steps?
Here are 8 steps to start a gym franchise: 1. Research 2. Go Through Franchise Requirements 3. Make Contact with Your Choice of Gym Franchise 4. Pu...
How to research gym franchise options to invest in?
Research on different gym establishments so you can find potential opportunities. There are numerous gym franchises to choose from, and so you have...
What is a Franchise Disclosure Document (FDD)
The Franchise Disclosure Document (FDD) is a document that states, in clear terms, the responsibilities of you and your franchisor throughout the b...
Why you need to write a business plan when going for a gym franchise?
Even though most of the business details would be prescribed and finalized by your franchisor, you will still need to write a business plan. This h...
How should you write a business plan for your gym franchise?
When writing a business plan, it is necessary to go through a marketing analysis. This analysis is concerned with the general fitness market and th...
How Much Does Anytime Fitness Franchise Cost In 2022?
Expect to spend around $4,900 to $5,900 for a standard center and $3,000 to $5,000 for an express unit. Other Opening Costs. The initial investment for an Anytime Fitness franchise also includes the following:
Pros and Cons of Gym Franchise | The Atwood Group
Type “Start your own gym” into Google, and an overwhelming amount of business start-up information and advice pops up. However, you’re likely to see a plethora of franchise opportunities as well. Buying into a fitness club or boutique fitness studio franchise can be seen as ashortcut to getting your fitness facility up and running. But […]
How much does it cost to start a gym franchise?
The total cost of a gym franchise varies by brand, but you should expect to pay anywhere from $45,000 to $330,000 to get started. Common starting costs include:
What to do before investing in a franchise?
Before you invest in a franchise, do some research on the company. What are the opinions of people in online forums? There’s no point buying into a franchise that has a terrible reputation among consumers and former employees.
What gym equipment does my fitness center need?
As a gym owner, you’ll no doubt be well aware of the equipment needs of your business. The good news is that there are finance options available to help you purchase all the essential items that any successful gym needs, including:
How much does a gym need to be for a security deposit?
Most commercial spaces require a security deposit of three months’ rent.
Is gym a franchise?
Bottom line. Gyms are a booming business across the US and can be a solid franchise option for people looking to get into the industry or expand their current options. The total investment cost vary, but you have a range of loan options available to help you fund your venture.
Is gym membership increasing during recession?
Gyms have seen a steady increase in membership — even during the recession. American’s interest in a healthy lifestyle has only continued to grow, resulting in a search for the place to work out. If you’re interested in starting your own business but aren’t sure how to find financing, a franchise can be a great place to start.
Can a lender extend a gym loan?
A lender wants to know that you’re capable of running a gym before extending a loan. You’ll have to meet a few basic qualifications in order to apply.
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.
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.
How are royalties calculated for Anytime Fitness?
Royalty fees and advertising fees are generally calculated as a percentage of gross sales in franchise agreements, but Anytime Fitness’ rates are flat from month to month, which makes it easier for you to plan and organize your expenses. They’ll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreement’s six-year term (or 10, if you’re in California).
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.
Who is the founder of Planet Fitness?
Michael Grondahl founded Planet Fitness in 1992. The franchise clubs offer free weights training, professional trainers, exercise machines, and other related services, auxiliary goods daily for 24 hours. Every Planet Fitness location holds special events for members, for example, bagel morning. Entrepreneurs have two options: they can open new franchise locations or convert existing training centers.
Why do people choose Workout Anytime 24/7?
There are many reasons why clients choose Workout Anytime 24/7, and value-priced memberships, one-on-one personal training, and state-of-the-art equipment are among them. Members have access to the club 24 hours, seven days a week, 365 days per year. The franchisor helps with real estate selection and design and construction assistance, in addition to training and ongoing guidance.
What is Xist Fitness?
Xist Fitness is a unique concept in the health and fitness industry. The state of-the-art club offers the latest fitness equipment, personal training, massage beds, anti-aging red light therapy, and a full service tanning salon including UV-Free tanning! Each revenue stream is a compliment to another providing each member multiple services under one roof.
How many Figurella locations are there?
In 2012, Figurella introduced its method to the United States. With over 350 locations in 20 countries worldwide, it is the largest womens only fitness center and spa.
Is title boxing a franchise?
Using the fundamentals of a real boxer’s workout, Title Boxing Club offers proprietary workouts led by professional trainers. The franchise business is membership-based fitness clubs. For entrepreneurs, there is no requirement to have fitness experience, but it will be helpful to be a small business owner or have management experience.
Who is the founder of Get In Shape for Women?
Each session includes weight training, cardio and nutrition coaching. Founder Brian Cook started the Needham, Massachusetts-based company in 2006 and began franchising in 2007.
How much money did gyms make in 2018?
Franchises take up a significant part of that market, with 9,582 of those 38,000 clubs. They accounted for $4 billion of gym, health, and fitness clubs’ $34 billion revenues in 2018. These franchises were doing so well that we had to expand our list from 25 to 33 of the best fitness franchises.
How many gyms will be there in 2020?
Going into 2020, there were over 38,000 clubs across the country and the industry had an annual growth rate of 6.7%.
How much did the fitness industry lose in 2020?
As a result, the gym, health, and fitness clubs industry has survived the pandemic, though its revenues fell by an estimated 13.2% in 2020. Franchised gyms and fitness clubs saw a slightly slower decline of 11.2% in 2020. The industry hasn’t suffered as much as arts and entertainment, but it has seen tough times.
What is crunch fitness?
Crunch Fitness is the place to go for people who want edgy, off-the-wall offerings that include Electro Stretch, Twerkout, Badass Bootcamp, Hip-Hop Aerobics, Co-Ed Action Wrestling, and Cyked Yoga Cycling. Their workouts fuse fitness and entertainment in order to make serious exercise fun. Keeping up a constant flow of new “wow” workouts isn’t easy, but Crunch manages to keep it going. And it was recently sold to TPG Growth, the middle market and growth platform of alternative asset firm TPG.
What is the name of the company that owns Basecamp Fitness?
2. Anytime Fitness. Anytime Fitness is a subsidiary of Self Esteem Brands, its parent company which owns a variety of related franchises such as Basecamp Fitness, Pumpone, Waxing the City, and Healthy Contributions. Anytime’s claim to fame is how members get 24/7 access to any of its 4,000+ locations around the world.
What is Gold's gym?
Gold’s is a full-service gym with all kinds of training equipment, group fitness, personal training, locker room services, a kids’ club, and a pro shop with clothing, accessories, drinks, bars, supplements, nutritional products, and other items.
Where is F45 training?
F45 Training was started in Australia as the brainchild of CEO Rob Deutsch, who wanted to create the ultimate fitness program that offers a personalized approach without the personal training price tag. And the name of the company explains the concept: The “F” stands for “functional” (the types of exercises) and the “45” is how long each and every class lasts in minutes. The chain has created 27 different workouts based on a high-intensity circuit training model and database of more than 3,000 exercises. New workouts and new exercises are constantly being developed.
How much money do you need to open a Planet Fitness franchise?
In order to open a Planet Fitness franchise, you must have a net worth of more than $3,000,000. Appreciate the investment required for a fitness club franchise. You will need to consider building and real estate costs, the cost of equipment and signs, the costs of licenses and permits, the cost of uniforms, the cost of insurance, etc.
How much does Planet Fitness franchise cost?
Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600.
What is a planet fitness franchise?
Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. They provide an affordable, high-quality fitness experience in a welcoming environment. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. If you are thinking about how to open a Planet Fitness ...
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.
