Benefits of Owning a Fitness Franchise
Owning a fitness franchise can be quite profitable when you establish a productive, working relationship with your franchisor throughout the process. Generally speaking, most franchisees earn around $50,000 each year, while about 7% of franchisees take home more than $250,000 a year.
So owning a fitness franchise means you have a gym that’s yours, but you’re following someone else’s business system. Franchising is a lucrative business opportunity in the fitness market – if you can do it right. Opening or buying a fitness franchise involves a lot of paperwork. You first have to sign a Franchise Disclosure Document (FDD) that outlines all the points of agreement on how the business relationship will work between the two parties.
Advantages of Gym Franchise Ownership
Recurring Revenue from Membership Fees
A major benefit of owning a gym franchise is the potential to generate recurring revenue from membership fees. This means that you will have guaranteed income each month regardless of the season or current economic conditions.
Additional Sources of Income
Aside from membership fees, gym franchises also offer additional sources of income. For example, you can offer special classes such as yoga or spin and charge extra fees for these or have equipment rental services.
Profitability of Gym Franchises
Top workers (90th percentile) make $140,000 every year across the U.S. The normal compensation range for an exercise center owner differs by as much as $51,500.
Is Owning a Gym Franchise Worth It?
Yes, owning a gym franchise, like Anytime Fitness, is profitable! However, the most successful Anytime Fitness centers usually have a fair amount of funds put into the initial investment by the franchisee. If you put aside the size of the brand, that often still leaves you with one important question unanswered: is it worth it to own a franchise like Anytime Fitness? It absolutely can and will be worth it to own a fitness franchise as long as you have all the tools to invest with success.
Factors to Consider Before Owning a Gym Franchise
Investing in a gym franchise can bring rewards and profits. You access an established brand’s resources and rely on experienced professionals’ expertise and support. With a gym franchise, ensure your members have an amazing experience each visit.
Considerations for Starting a Gym Franchise
If you have decided that you would rather start a franchise gym instead of your gym, follow these steps to buy and set up your business:
- Investigate the advantages and challenges of Owning a Franchise Gym. As with any business, there are clear advantages and disadvantages to owning a franchise gym. Make sure you familiarize yourself with every aspect.
- Weigh up Your Options. If you have thoroughly investigated your advantages and disadvantages of owning a franchise gym, you would want to look at the different franchise options available on the market. There are hundreds of fitness franchises to consider and choose from. Make sure you spend time researching all your available options.
Should You Start Your Own Gym or Franchise?
Is it better to start your own gym or franchise? Starting your own gym business can be very risky. But starting as a franchisee of an established brand is considered less risky. But even while investing in a well-known brand might be less risky, success is not assured. Whether you have a franchise or not, the success of your business depends on you, the gym’s owner.
Pros and Cons of Franchise vs. Personal Brand
Regardless of how you choose to start, owning a gym requires lots of capital and lots of work in order to get the best out of it. Starting your own brand means that you own everything from the get-go. The gym speaks of you and all aspects of running the gym, including financing and building clientele, are dependent on you. On the other hand, starting as part of a franchise offers you a soft landing. The extent of this soft landing is mostly dependent on the kind of deal you have with the franchise.
Conclusion
The health and fitness industry is growing rapidly, and owning a gym franchise can be a great way to get involved in this booming sector. There are many benefits to owning a gym franchise, including you’ll have the support to determine the best territory for growth and you can tap into a ready-made customer base.