Yes, you can make money owning a fitness franchise especially since people have realized the merits of daily greens and steadily visiting the gym. According to reports, the fitness industry has witnessed massive growth in recent times, and since the fitness industry is becoming increasingly competitive, they are a sure bet, especially for entrepreneurs who are looking to work with an established brand.
Truth be told, no two businesses are the same, and one of the greatest advantages of aligning with a tried and tested business model is that they will offer you support and guidance based on their experiences. Coupled with a proven business model, a franchise’s training tools and resources will help to hone your skills and that of your team to ensure that you are putting your working hours to maximum use.
In addition to regular memberships, your fitness business can also make money via group classes, personal training services, and the sale of merchandise. Since health and fitness are most often considered a lifelong commitment and not just a passing obsession or temporary hobby, your business won’t have to deal with seasonality, but rather benefit from the year-round demand of their services.
Is it Worth It to Open a Fitness Franchise?
Yes. Reports had it that were over 103,626 gyms, health and fitness clubs in the US, in 2021. Note that this is a 1.6% increase since 2020 and a 28% increase since 2010. Owing to this growing rate of competition, it can be quite challenging for a business owner to start a new fitness business from the scratch and expect to make a profit almost immediately.
One way to become successful in a short time is to acquire a fitness franchise. Fitness franchises are known to make a huge percentage of their income from gym memberships, just like other gyms do. However, the profits will come in much quicker than a startup gym. Here are reasons why it is worth it to open a fitness franchise in 2023.
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Existing Brand Recognition
Owing to growing industry competition, it is already hard to run a fitness business, but going via the franchise route makes things much easier as people are already conversant with the business brand. They know what to expect from your fitness center and what classes you offer. When you start from scratch, you will have to invest so much into marketing the business and also wait longer to obtain a stable customer base and enjoy business profits.
Proven Business Model
The primary reason why new fitness studios take a longer time to start bringing in any form of profit is that their business model lacks certain things. Note that aligning with a tested and trusted franchise system helps you avoid certain mistakes that new business owners make. Also note that it automatically hastens up your timeline to success, and you can start making good profits quite earlier than startup gyms.
Training and Support Provided
When you acquire a fitness franchise, the franchisors do not just hand the business model over to you and leave. They usually provide extensive training to your personal trainers, and instructors to ensure they work according to your business standards. As a new business owner in this overly competitive industry, note that it can be quite challenging to know the sort of training that is necessary.
Also, hiring third-party business coaches to train you and your team can be very expensive and will surely eat deep into your pocket. However, having unrestricted access to training from the best in the industry – either without additional charges or at a discounted price – remains one notable reason why fitness franchises are worth it.
Established Customer Base
Another reason why opening a fitness franchise is considered beneficial is because an established customer base can give you a head start to achieve success. While you will be expected to look for the right location, note that your potential customers will come to you almost as soon as you launch. This will surely warrant some form of publicity to let the people know when and where you are opening.
You Have a Team Of Experts
When you align with a notable fitness franchise, you benefit from working with a team that is eager to ensure that your gym becomes profitable. Most often, publicity and marketing are carried out by experts hired by the franchisor, and vital data on the audience is made available to help you choose a suitable location.
Also, note that there are people to train your staff, and provide you with current industry news and trends without you doing the work. Indeed, this team will ensure you have adequate time to focus on the business. Since you get the best in the industry, you will start seeing profits much sooner because you are doing almost everything right.
Lower Equipment Cost
Another key reason why leveraging a fitness franchise is worth it is the access you get to big business networks, which is a very important advantage of buying a fitness franchise. Note that you can utilize this vast network to obtain business-saving deals on the equipment rather than exploring numerous options and risking your investment in lower-quality equipment.
Have it in mind that reduced equipment costs can lead to more savings and increased revenue per month, and this entails more profits for you. A good number of franchisors will only allow you to source equipment from certain companies because they want to maintain uniformity across all locations.
Indeed, running a fitness franchise is a profitable endeavor. If you are serious about owning one, then be prepared for a lot of hard work and upfront costs.
Ensure to always seek advice from financial and legal professionals. Also, ensure to establish good connections with people who help or support your business endeavor and even invest in it. Note that this will ensure you have a team to rely on when navigating the challenging waters of the fitness industry.