Gym Franchises For Sale
The most important for the Gym & Fitness franchises industry are:
- Easy access for clients
- Effective product promotion
- Provision of appropriate facilities.
Gym Franchise Industry Analyses
The history of gym franchises dates back to 1840 when the first club was established in Brussels. In the 1960s the first health club chains were opened. They were visited mostly by men. The 80s are considered to be the time when a lot of new gyms appeared due to the increase of fitness popularity among women. The 90s gave birth to a lot of gym franchises which continue to successfully operate on the market such as Planet Fitness, Work Anytime, My Gym. The first gyms were focused on workouts in groups. They offered pilates, athletics, and dancing classes. A trend for thin body and bodybuilding in the 1990s gave a boost to the development of gym franchises which offered weight loss programs. Healthy lifestyle became popular in the 2000s and sparked a wave of new interest to sport which forced new businesses to enter the market. Today fitness businesses cater to the needs of young and old, men and women, those who want to lose weight and to gain it. Modern gym franchises offer a wide variety of workouts, personal coaching, mom-and-pop health clubs, crossfit.
The International Health, Racquet & Sports Club Association says that the fitness industry will reach up to 147 billion by 2024 as more women, kids and seniors are visiting gyms in the pursuit of a healthier lifestyle. Fitness business is predicted to be among the fastest growing sectors in the USA. It means that gym franchises create favourable investment opportunities for entrepreneurs.
Recent Changes Within Gym Franchise Industry
Gym franchise industry has been badly influenced by the pandemic due to lockdowns which made fitness clubs close their facilities. However, it didn't stop people from doing sports. Surveys show that 47 % more adults were looking for personal coaches and almost 58 % more people began to run to keep fit and healthy. Thus, smart entrepreneurs quickly understood that they had to think of new services. This way, such a new trend as virtual or livestream workouts was introduced. Gym franchises diversified their services by offering assistance with nutrition and supplement plans, selling equipment for exercising at home, arranging outdoors workouts. Mobile-based fitness franchises are probably among a few businesses which not only withstood the pandemic but even expanded at that time. For example, GYMGUYZ, which launched 35 new locations in 2020, and has intention to open 200 fitness franchises in 2021 all over the world.
Coronavirus pandemic also revealed that the future of gyms would depend on technologies. The latest trends which the IT industry offers to upgrade workouts are fitness apps which can be used in gyms. Such program enables fitness settings adjusted to the goals of the owner. Technologies offer new ways for upgrading gym franchise business. For example, a workout can be with either a video game which is changing and evolving according to skills and physical condition of a person or can be virtually moved from a gym to any other location in the world.
Who Is The Best Gym Franchise Owner?
The best gym franchise owner is an entrepreneur who wants to help the community to keep healthy and fit. It is not a problem that a business person has no experience in fitness coaching or running a gym because a franchisor will provide them with extensive training and share their experience. Every gym franchise owner who is looking for new applicants expects to meet a person with similar values. It may be a good benefit for a newbie if they have a business acumen and initiative to grow their business, diversify services and gain a popularity and reputation in their community. However, every concept is different, therefore, an ideal franchisee from the point of view of one franchisor can be not so good for another one.
Frankly speaking, gym franchises have a lot of benefits over others. First of all, gym business is not only fun to own but also brings very attractive ROI for an owner. It also offers multiple revenue streams by means of membership fees, group training and personal coaching, selling supplements, fitness apparel. Secondly, as it was noted before, gym franchise industry is forecasted to increase at least in the next 3 years as people pay more and more attention to their health. Thirdly, unlike other businesses like restaurants or convenience stores, gym franchises don't require a lot of employees to be hired, which is quite a saving. And lastly, fitness is a well-established industry which doesn`t offer a lot of changes. Hence, gym franchise is an understandable and simple business model which doesn`t require special knowledge and experience.
Starting their own gym franchise, an entrepreneur should focus on several aspects to make their business successful. First of all , it is the location of a gym. In order to avoid the risk of choosing the wrong place, they should do the research of demographics and area. Secondly, gym businesses are not cheap as they require special equipment and facilities which should be maintained. However, as it was mentioned before, the investments will bring a fast ROI. Thirdly, it is worth investing a lot of time and effort in building a good team. A friendly devoted team is half of the success of a gym franchise. And lastly, a new franchisee should follow all recommendations of their franchisor about how to build a client base, retain members and avoid customer churn. Up-to-date gym franchise businesses have special programs and strategies on how to grow the number of visitors and don`t lose them.
Cost & Fees
Investments required to start a gym franchise depend on the concept, brand name and business model. Some franchises which have a world wide reputation may cost more. The main expenses which a gym franchise owner has are related to buying or renting real estate. As we mentioned above, location is really important. If a gym is opened in the center of the megapolis, it can cost quite a lot. Gyms require a lot of space which also costs money. Another big investment is equipment and its maintenance. However, there are quite inexpensive business models like mobile fitness franchises. They don't require premises and a lot of equipment, therefore come cheaper. Generally gym franchise starting investments vary from $ 100K to 5 mln.