When did you last think about establishing a gym or any fitness center? It can be a franchise if you find a brand with multiple branches in your area. Yes, it’s a big question what is a franchise? Most newbies in the fitness business are unaware of this term. They heard but never implemented such a strategy to get a franchise.
Having a franchise has numerous advantages. It’s pretty more beneficial when a gym owner is up for opening a gym franchise. Always go for the most profitable franchise because they rarely fail. To step into the world of the gym business, you should have all the knowledge about the franchise.
Let’s have a look at what this franchise says to you.
What is a Franchise?
Have you ever used someone else name for an activity? A franchise is a business in which every business person has the right to use some more prominent firm’s brand name and logo. Here comes the franchisor, the owner of a few larger firms and responsible for selling all the rights and licenses. A business can’t survive without a franchisee.
Want to operate a TV without a remote? It’s not possible same as no business will get a franchise without a franchisee. That’s why every smaller or larger franchise will need a third party called a franchisee to operate its locations.
All these facts are ok, but still, there is a question why do you need a gym franchise? Its answer is not “yes” or “no”; you must specify its reasons.
Why You Need a Gym Franchise?
Are you in search of challenges? Starting a new business is no less than a challenge. Every up has a down. Similarly, every startup has some risks. That’s what you have to face for your gym. If you are still at the point of opening a gym, then a gym franchise is a suitable option for you. Let’s have a look at the following reasons you need a gym franchise:
- Perfect and Easy Business Model
- Multiple options for Income
- You are the Boss
- Less Seasonal Changes
- Balancing Work and Life
- Fewer Entry Barriers
Just have less knowledge about fitness? Don’t worry; the gym is a business in which no extra homework is necessary. Its business model is so understandable that anyone from you will get it. Are you dreaming of being the boss of any project? Here’s a gym franchise that can help you sit on the boss’s chair.
Never put yourself away from difficulties. Gym franchise has fewer risks in the startup phase. Therefore, a gym franchise will suit you if you are a newbie confused about investing your money. Fitness is for all seasons. You can’t stop breathing, whether it’s summer or winter. Similarly, exercise is a part of a healthy routine you can’t skip.
How to Judge a Franchise Opportunity?
No one is perfect; everyone has some faults. To open a franchise, you should evaluate its budget constraints. Here are some points to consider in the criteria for choosing a suitable franchise:
1- Franchise Market
Are you stepping into a business without knowing its market? Just check the demand of your business in the local area. How can you satisfy an audience in your business if they never want it? That’s why market knowledge is necessary before buying a gym franchise.
Moreover, find your area competitors with the same business. Buying a franchise seems comfy, but it’s not that much easy. Show all your detective abilities in researching the franchise. Can a small survey help? Yes, it is helpful to judge how many people favor this business.
2- Recognize the Brand
Franchising is not a game for children. Do you have to struggle to search for whether people recognize your brand? If your franchise brand is small, what was its growth in past years? Are high-standard brands always ideal? Not at all, because their upfront fee matters.
Yes, a smaller brand is an easy target for the franchise. It has only one condition higher revenue. Choosing a brand for franchising requires experience and higher calculation skills. Check the growth of the brand you decide to franchise.
Now you are eligible to evaluate a business franchise. It would be best to consider some branding tips before buying franchises.
3- Franchise Fee
Are you worried about the upfront fee? It’s an adequate amount that every entrepreneur has to spend on their business. If you put a coin in well, you can make a wish. Similarly, if you pay an upfront fee for your franchise, it will pay back in case of your business reputation.
Are you waiting for a miracle to support your franchise? No benefit will occur without any effort. You have to pay the upfront fee for your franchise, which can be from a hundred to a thousand dollars. The minimum fee every entrepreneur should invest is $10000.
4- Profit Rate
Want to make money in days? Every person opens or buys any business only for the sake of money. Yes, some of them will also get fame with it. Therefore, before investing in a business, you should know its profit rate. Here are some points to consider while checking the profitability of a franchise:
- Unit Worth of a Franchise
- New Franchise Profit Rate
- Franchisers Banking Statement
All of the above will explain the money-making worth of your franchise opportunity. Every franchise has some branches. You have to evaluate all the units of your franchise in past years. Further, finance management is necessary for all new franchises of the current year. Never rely on any franchise till knowing everything about its annual sales.
5- Industrial Support
Are you having no experience in any business? No problem, as many professionals are in the market for your support. If buying a franchise is a game, then never choose any franchise without considering an expert. The market experts with more than ten years of experience are the light you are looking for.
The professionals in the market will guide you on whether this franchise is helpful or not. Are you looking for resources? The experienced industrialist will be a massive support system for choosing a franchise. They are effective in training you on how to judge an ideal franchise.
6- Time Contract
Have you ever heard someone left a store the next day of its opening? No, because it’s impossible, as every franchise has a contract. Franchises are for long-term commitments. The average franchise will take at least ten years of the contract.
Are you planning to leave a franchise for ten years? Just choose a franchisor who doesn’t have that long time commitment. It’s all on you and your selection abilities in terms of franchises. Go for a brand whose franchise is easier to sell in the future.
7- Enclave Management
Who says area doesn’t matter? Every small restaurant to a gym depends on the location. Franchisors are in search of a particular site. For example, opening a gym in which there is no demand is a stupid act. Business sense is to research all about the franchise and brand.
Are you still confused about the location of your franchise? Talk to your franchisor first all about different places in your area. If they are unwilling to open a franchise in your area, consider relocating it.
8- Exit Gate
Every entry has an exit. What if, at some point, your franchise gets a considerable loss? Never rely on any business for all time, as every sunrise has a sunset. It would be best if you always had a plan B for a smooth exit in the crisis stage. Take your time and discuss this point with your franchisor before buying it.
Don’t go for an early exit without consulting with an expert. Thinking about an exit strategy before investing in a franchise is adequate. This will protect you from a shock while getting a loss in a franchise. It’s the homework you have to do to invest in a franchise.
Best Gym Franchise Opportunities to Go:
Seeking to own a gym franchise? You are on the right page where there are the top gym franchises of this year. All of them are franchises with a low chance of an investment jerk. Let’s see the most popular gym franchise in which everyone desires to invest:
1- Planet Fitness
Are you looking for a judgment-free workout gym? It’s the right platform where locations are open to provide space to every client. Planet Fitness has 1800+ locations in all 50 states of the US. Here comes the game of initial investment. If anyone of you wants to get the franchise of Planet Fitness, arrange an amount of $969,600 to $4,242,500.
What about the franchise upfront fee? It was almost $20,000. Now, you can check the units of this franchise in 2021. It has had a total of 2174 units in the past three years. As you already read, units of any franchise are worth it. Moreover, it offers two weeks of training in its headquarters unit. You can’t go anyTrainingfore reading its contract of at least ten years.
2- Anytime Fitness
Is there a gym franchise having 4000 units on all continents? Yes, it is not a rumor, as anytime fitness is a gym franchise with many units worldwide. No need to have extra staff if the gym is anytime fitness. Do your members ever access the gym during unstaffed hours? Of course not, as it is not possible.
Anytime Fitness makes it possible by operating such a system. You have to invest an initial amount of $114,950 to $677,800 in enjoying its benefits. Does advertisement of franchise charges? Anytime fitness has to pay for a local and national advertisements of about 2 %. The initial agreement of this franchise is almost six years.
3- Crunch Fitness
One of the hottest and trendy gym franchises is crunch fitness. Want to get personalized gym training? How can some fitness franchises provide customized training? Yes, it’s a source called the personal trainer; fotraininga a qualified fitness instructor is necessary. Just meet your fitness goals by taking the franchise of crunch fitness.
Lose your pocket for an initial investment of $304,500 and $2,129,500. No, you can’t stop only on the initial investment. It requires a royalty fee of 5% and an advert fee of 2 %. This gym was founded and inaugurated franchised in the same year, 2010. It’s a gym having 300+ locations in 29 states. Never forget about its franchise fee of $25,000.
4- F45 Training
Are gyms existing without classes? Not at all. ThuTrainingraining is here to offer a bunch of classes. It’s a big training field of health and industry. Have you ever seen a TV in a workout studio? No, it’s not a TV; it’s a bunch of televisions. These TVs are to flash individual detail of a person. What do you think about your current heart rate?
No worries, as F45 training, has TVs on which you can see a heartbeat and totTrainingies burned. It requires an investment of $100,000 to $300,000 by a rough survey. What do you think about its renewal period? Its initial agreement is for five years, with a two-year renewal period. This franchise has a total of 985 locations. Wait, as its franchise fee is $50,000.
5- Orangetheory Fitness
You are guessing it right. Its name Orangetheory Fitness comes from its orange theme. Ever seen an orange studio? Yes, this studio has an orange theme containing all equipment, like a treadmill and rowing machine. The fame of this fitness center is from the cardio exercise training. Isn’t it refreshing to see an orange theme studio?
This fitness hub has almost 1100 studios in 49 states of the US. To get this gym, you must spend $60,000 as a franchise fee. That’s not all; it further demands an initial investment of $560,000 to $1,000,000. After that, some advert and royalty fees are also necessary to start the franchise of this gym. Just fill your boring life with an orange theme of fitness.
Weight loss or corporate fitness session? If you are an athlete or are interested in kickboxing, choose this franchise. GymGuyz is a one-on-one fitness franchise that needs $56,072 and $222,672 of the initial investment. Desire to have a convenient and customized workout? Go for the GymGuyz, having 125 franchise units.
Don’t compromise on your athletic career. Select a franchise of GymGuyz founded in 2008. Yes, its initial investment is less as compared to other franchises. If you have a low budget, you can be a franchisee of this gym. You have to place an agreement of at least ten years to invest in this franchise.
It’s figure 9 is the presenter of fitness challenges. Don’t get shocked, as it’s a gym franchise offering nine workout stations. The founder of this 9Round franchise was a world-champion kickboxer. Yes, you are going in a direction that it’s the hub of kickboxing. Is it correct that franchise location is the thing you can’t miss while having a franchise?
Arrange a budget of $99,675 to $143,075 if you desire to invest in owning this franchise. This is an initial investment that everyone has to put in to get this franchise. Moreover, the agreement period of this franchise is at least ten years.
8- Club Pilates
Are you looking for a club having unique equipment? Here’s a Club Pilates having a Trigger Point to EXO-chair. It’s a club offering classes from cardio to suspension training. Open up your pocket for investing an amount of $167,967 to $280,446 into such a franchise.
Ten years of contract time to 5 years of renewal time is the point after having the franchise of Club Pilates. It’s a rapidly growing franchise having 349 franchises in just two years. Just go for a starting fee of $60,000 to buy the franchise of such a business.
Fitness is an industry on a vast level. If you are dreaming of investing in this industry, then there are many points you need to consider. It’s a field in which you have to search for business opportunities. Above are all the top gym franchises you may invest in this year.