12 Steps for Buying a Gym Franchise
Owning a fitness franchise can be an extremely rewarding business. You can make a lot of money. You are your own boss.
If you are considering buying a franchise, it’s important to think about how much you want to invest upfront and then how much it will cost to run your business over the first few months.
How much to own a gym franchise? Buying into a fitness franchise is not cheap, but there are benefits that come with it which may make up for any initial investment costs.
In this article, we outline how to buy a gym franchise in 12 steps.
Set Your Budget to Buy a Gym Franchise
When you want to purchase a gym franchise, you will need to establish your budget, allowing for contingencies and running costs for the first few months as you become established in your location. You should start to consider how much to buy into a gym franchise.
Know Your Needs Based on Your Experience
Franchisors will offer various levels of support and services to their franchisees. You need to figure out what level of support and services you require and what you can live without. Consider your experience, the training you will need, equipment, and so on.
Research Your Options: What Franchises Are You Interested In?
There are many types of fitness franchises to buy. These include fitness clubs, activity centers, weight loss clubs, and, of course, gyms. Before you buy a fitness franchise, research different franchises and match them to your values, desires, and experience. Then do your research on those companies that most appeal to you.
Request Information and Talk to the Franchises’ Representatives
Request information from the fitness franchises on your list. Contact them, and ask questions. If possible, meet with them in person. Speak to other franchisees in the business.
Compare and Contrast
Having gathered information such as the cost of buying a gym franchise, the support and training offered ongoing costs, and so on, compare each against the others. Make a shortlist of those you are most interested in.
Analyze the Business Costs and Your Personal Finances
One of the most important things you should do before purchasing a gym franchise is to take an honest look at your personal finances. A lot of financial planning will be needed for you to maintain your new business. You may need the help of an accountant to ensure that the business costs and your personal finances stack up.
Know Your Competitors and Your Customers
The success of your business depends on several factors. You’ll need to know who your target market is, and how they are serviced currently. This will help ensure that you don’t get lost in the crowd and that the franchisor’s marketing strategy is strong enough to get you started and support growth.
Choose the Best Brand for You and Your Area
By this stage, you will be able to select the best brand, both for you and the location in which your business will be – the franchise that gives you the best chance of success and maximizing your profits.
Apply to the Franchisor
Buying a gym franchise is vastly different from starting your own fitness club. You must apply to the franchisor. You’ll have an interview, too. You’ll be asked various questions about your experience and ambition, knowledge, and finances.
The franchisor wants to be sure that you have what it takes to be successful (another reason franchise businesses tend to be more successful than independent startups).
Find Your Location, and Get Permits
With the help of the franchisor, conduct a location search, and buy (or develop) a building for your fitness business.
You’ll also need to get permits. Which you will need depends upon your local and state rules.
Complete the Training
You will be given initial training to ensure you are ready to open your business. You’ll need to hire staff and train them, too.
Open and Promote Your Gym
You’ve made it! Now it’s time to open those doors and promote your gym or fitness club memberships, classes, and sessions. Get busy on social media, arrange a grand opening day, and work with the franchisor to offer discounts and exclusive deals to draw customers to your fitness business.
Bamboozled? There’s a lot to take in.
If you’re considering buying a fitness franchise, take our franchise assessment to find out if you have what it takes.