10 steps to starting a gym franchise
- 1. Assess your interest Before you begin, make sure you’re getting into this business for the right reasons. ...
- 2. Do your research Once you’re committed to the concept, research your options. ...
- 3. Contact your top choices ...
- 4. Call franchisees ...
- 5. Find a location ...
- 6. Obtain financing ...
- 7. Sign an agreement ...
- 8. Get permits and insurance ...
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?
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?
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.
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.
What do I need to start my own gym?
A Guide on How to Open a GymOpening a Gym: A Checklist.Setting Up a Gym – The First Few Steps. Being Qualified and Having All the Licenses and Insurances You Need. Your Business Plan. Determine Your Pricing Strategy. Choose the Right Gym Management Software. Find Your Ideal Location. Invest in the Necessary Equipment.
Is owning a gym easy?
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.
Do small gyms make money?
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 gym a good investment?
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.
Do gyms make 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.
How much money do gyms make?
So, how much does a gym owner make? 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.
How can I start a fitness business with no money?
Steps To Opening A Gym With No MoneyStart small and allow your business to grow later on.Marketing should be free - by using social media you can cross-promote with other businesses (this can also include free trials or passes for your some or all of your services)More items...
What problems do gyms face?
Keeping A Consistent Income: Keeping a consistent income is important. ... Staff Hiring: ... Identify Problems in Gym: ... Managing Employee: ... Maintain Important Assets: ... Cost of Opening a Gym: ... Maintain a Strong Community: ... Developing a Business Plan:More items...•
What are the threats of a gym?
What are the possible weaknesses of a gym? Various gym clubs may report different weaknesses depending on their location, quality of services, and customer service strategy. The most common examples of personal complaints by customers are a lack of staff, maintenance issues, and outdated types of equipment.
How do gym owners make money?
Gym owners bring in revenue from a variety of sources, including membership fees, class fees, and personal training fees. The amount of money gym owners make varies depending on how successful they are in attracting new members and retaining current members.
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.
What does the average gym owner make?
$73,905 a yearHow much does a Gym Owner make in California? As of Sep 24, 2022, the average annual pay for a Gym Owner in California is $73,905 a year. Just in case you need a simple salary calculator, that works out to be approximately $35.53 an hour. This is the equivalent of $1,421/week or $6,158/month.
What is the most profitable franchise?
Most Profitable FranchisesDunkin'7-Eleven.Planet Fitness.JAN-PRO.Taco Bell.Orangetheory Fitness.Great Clips.Mac Tools.More items...•
How much do Planet fitness franchise owners make?
How Much Do Planet Fitness Franchise Owners Make?FRANCHISED ONLYBOTTOM THIRDUPPER THIRDAverage Annual EFT Revenue-$1,022,241$2,210,892Median Annual EFT Revenue-$1,050,049$2,098,704High Annual EFT Revenue-$1,316,182$4,370,9401 more row•Jul 19, 2022
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?
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.
What does it mean to open a gym and come in under budget?
Every gym needs gym equipment. Learning how to open a gym and come in under budget means learning how to shop frugally. It may mean starting slow with limited equipment and slowly building up your facility.
Why do gym owners use management software?
A lot of gym owners are already using gym management software to streamline their processes and enable them to focus more on improving and marketing their services to old and new customers.
How does gym management software help?
For instance, it streamlines and automates all the administrative tasks that require hours to accomplish when done manually. With the software’s help, more time can be diverted on improving customer retention and driving sales from new members and potential customers. Moreover, to have a mobile application these days where almost everyone is on their mobile phones gives an edge over the competition as membership application is just right at the people’s fingertips. And with email marketing services in place, automatic send-out of emails and SMS to customers and prospective customers who have signed up for newsletter about new gym offerings keeps that engagement and bond. This tells your customers that they have indeed chosen the right gym.
Why is it important to keep gym members?
Keeping your current gym members is vital if you want to sustain your revenue, keep your costs low, and grow your gym business. Retention is only a product of having a strong relationship with your members and this area is what the software aims to fill. It enables easy monitoring of your members’ whereabouts and behaviors so you can get to know them and their likes and dislikes better which is important so that you can target your marketing efforts towards trust-building.
What is manual gym management?
The manual gym management approach is full of inefficiency, paperwork, and time-consuming check-in processes and billing. The software is primarily designed to replace these with a fast, easy, and streamlined method to organize and manage a gym smoothly.
Is a gym app good?
A gym goer always opts to visit a fitness center that can let him experience a different kind of awesome gym experience. While investing in top of the line workout tools and equipment plays a huge role to achieve this, having a gym app with awesome interface and functionalities can also make a good customer impression.
Can gym management software be used for employees?
The same is true for employees who will get to appreciate the help that gym management software can provide to ease their jobs. To create work schedules that can turn out pleasing to everyone and ensure that all employees are still keeping their morale is hard but with the software, it can get done.
When opening a gym, is it important to do everything?
When opening a gym, it’s not important to do everything. Instead, figure out what you need in order to succeed.
How long does it take for a gym to make profit?
In the fitness industry, it can take large gyms several years before they generate a profit simply because they started in too big a space.
What is Jake's favorite fitness brand?
Because of its high quality, Jake’s favorite equipment brand is Rogue Fitness . And because Jake saved money on rent, he was able to invest in top-level equipment.
Why is repetition important in gyms?
Since repetition is the key to results in fitness, creating ways to remind your clients to stay consistent should be part of your gym’s services.
Is fitness instructor in demand?
The U.S. Bureau of Labor Statistics notes that fitness instructors are in high demand, with jobs expected to increase by 13% over the next eight years. If you’re thinking seriously about opening a gym, you should apply for a job as a fitness instructor at a local facility.
Did Jake start a gym?
Best of all, Jake opened his gym business using nothing more than a credit card. Not only was his launch a success, but he was able to pay off his debt without paying any interest. Following steps taken by Jake, you can learn how to start a gym from scratch.
What requirements do I need to set up a gym?
When we are clear about what your business plan will be, the next thing to do is see what requirements you will need to open your new gym.
Set up my own gym and fitness or franchise?
It is a very interesting question when you are on the verge of opening a new gym franchise business in USA, and knowing if it is a good idea to join a franchise or directly set it all up on your own.
7 reasons to open a gym franchise
We have already taught you what business plan you can follow or what requirements you need to open your gym franchise in USA.
The 5 best gym franchises in USA
To set up a gym franchise in USA , you first have to know what the sector is like, what types of franchises there are, what they can offer you or not, always within your possibilities and your business plan.
Conclusion of Gym Franchise Business Plan
As we have shown you throughout the article, setting up a gym, either on your own or under a franchise, can be an excellent business idea.
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 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 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).
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.
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.
Opening your own gym franchise has never been easier when you choose to invest in Workout Anytime
If you’re looking into investing in the health and wellness industry, Workout Anytime has a great opportunity for you. Opening a fitness franchise with Workout Anytime is an excellent way to get involved in the booming fitness industry while also helping your community get healthier and build a business for yourself.
Franchise-Partner Spotlight
I wanted to take a moment to thank you both for the opportunity you’ve given me to own and run gyms.You may or may not know that my plan to use Workout Anytime as an exit strategy from a corporate job which I grew to hate has in fact taken place. I formally retired in September after 36 years managing a printing company.
THE JOURNEY TO OWNERSHIP
Reach out to us by completing our simple online form with your information. Next, we’ll arrange a time to meet via phone.
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.
