how to start a gym franchise

How To Start a Gym Franchise in 8 Steps

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 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 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 do I start a small gym business?

A Guide on How to Open a GymBeing 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 it a good investment to open a gym?

In fact, while there is massive potential in owning a fitness business, 8 out of 10 of them will fail in their first year. However, if you manage to clear the first-year hurdles, you will come out the other side a stronger person and better entrepreneur, way more able to handle whatever gym ownership throws at you.

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.

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.

How do I start a low cost gym?

Here are the 6 Steps to Start a Gym BusinessChoose the type of Gym Business. ... Get Trained. ... Understand the Local Demand. ... Plan your Finances. ... Fix Location. ... Use Low-Cost Marketing Ways to Find Customers.

How can I start a fitness business 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 can I make my own gym?

How To Start Your Own Gym#1 – Define Your Vision. If you're like most trainers, you want to get started. ... #2 – Build Your Client Base. ... #3 – Put Together A Realistic Plan. ... #4 – Take Necessary Legal Steps. ... #5 – Build Sufficient Funds. ... Conclusion.

What certifications do you need to open a gym?

Local Government Furthermore, a gym or fitness business also requires a Shop & Establishment Licence as well as a Trade Licence in order to commence activities. However, do consider that while the S&E Licence can also be obtained on residential premises, the Trade Licence will only be issued for commercial properties.

How can I make my gym successful?

8 Ways to be a Successful Gym Owner and Grow Your BusinessKnow Who You Are. ... Engage with Members and Build Relationships. ... Create a Strong Community. ... Use Technology. ... Seamless Member Experience. ... Expand Your Online Presence. ... Add Value. ... Have a Member Management System.

How many members does an average gym have?

How many members do most gyms have? The average number of gym members is between 1,000 and 10,000, while boutique gyms (under 4,000 square feet) have 100–500 members. Be that as it may, the gyms usually have 300–500 people on a daily basis due to the facility's capacity.

Which gym franchise is most profitable?

If you want to research the top fitness franchises, here's who made the Top 10 list in Entrepreneur's Franchise 500 for 2022:Crunch. ... Anytime Fitness. ... Burn Boot Camp. ... Club Pilates. ... The Exercise Coach. ... Pure Barre. ... 30 Minute Hit. Entrepreneur Franchise 500 Rank: 351st ... SPENGA. Entrepreneur Franchise 500 Rank: 380thMore items...•

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?

Top 14 Most Profitable FranchisesMcDonald's. Units in operation: 39,360. ... Dunkin Donuts. Units in operation: 12,800. ... Taco Bell. Units in operation 12,800. ... Subway Franchise. Offers Financing: Yes. ... Anytime Fitness Franchise. Units in operation: 4,904. ... Sonic. Royalty: 2.5% - 5.0% ... Planet Fitness. Royalty 7.0% ... Orangetheory Fitness.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

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...