Are you recently retired from a successful career and looking to stay active and engaged in a business venture? If so, owning a fitness franchise may be the perfect investment opportunity for you. Owning a fitness business can be personally and financially rewarding and is one of the fastest growing industry sectors in franchise opportunities.
To help you get the answers to the key questions you have about franchise ownership and the best fitness franchises for sale, the International Franchise Professionals Group (IFPG) have put together this comprehensive guide to best fitness franchise Frequently Asked Questions (FAQs).
From the requirements of a franchisee to the unique advantages of fitness ownership, the answers to a number of crucial questions such as, what is franchising? will be discussed. You will also find information on the questions that require more in-depth analysis such as which are the best franchises to invest in?
Your journey starts here, let’s get started.
What is Franchising?
Franchising is a business model based on a contractual relationship between the franchisor and the franchisee. The franchisor establishes the franchise (which includes establishing the concept, brand, products or services offered, and systems for operations) and the franchisees acquire the right to operate these businesses under the franchisor’s brand and using the franchisor’s business system.
What Are the Benefits of Owning a Franchise?
Many investors consider franchises as an attractive option compared to starting a business from scratch, because of the many advantages of owning a franchise. These include:
- Premium Branding – A recognized brand easily connects with customers
- Prior Knowledge – Low cost of entry since you’re taking over an existing business
- No R&D – Beneficial if you don’t have any expertise in the area
- Marketing Benefits – Franchisors have budget set aside for marketing and promotional activities, often having an overall better marketing strategy than a traditional business
- Continuous Support – Franchisors provide ongoing support and guidance, be it in marketing, operations, recruitment, or any other aspect
What Do You Need to Become a Franchisee?
The requirements to become a franchisee vary depending on the franchisor, however, there are certain criteria you must meet in order to succeed as a franchisee. This typically includes having a good track record in business, a sound personal financial background, a commitment to customer service, management and operational skills, and sufficient capital. If you do not have any prior business experience, most franchisors provide support and training to ensure you are able to take on the role and responsibilities of a franchisee.
Which Are the Best Fitness Franchises To Invest In?
The best franchises to invest in are the ones that match your skillset and individual needs and at IFPG, we will help you find the right franchise for you through our comprehensive research and due diligence process. With the fitness industry estimated to be worth over $94 billion, there are a variety of franchise opportunities available. If you’re interested in getting into the fitness industry, some of the best franchises include:
- Anytime Fitness – Offers shared fitness services to members 24-hours a day, 7 days a week
- Snap Fitness – Provides short term gym memberships for members to access the equipment needed to achieve their fitness goals
- Orange Theory Fitness – A boutique fitness studio chain that provides interval training class
- Planet Fitness – Provides low cost memberships with access to multiple gym locations
- CrossFit – A functional fitness program that focuses on functional movements
What Are the Costs Associated with Investment in a Fitness Franchise?
The cost of opening a fitness franchise varies and it is important to consider the overhead costs such as leased property (if applicable), utilities, equipment, supplies, and staff salaries. Additionally, there are franchise fees to consider such as the initial franchise fee, recurring royalty fees (to cover information provided regularly by franchisor such as training and marketing materials), and other fees associated with the franchisor (e.g., for use of the trademark or logo).
Whether you’re retired or looking for a career change, the fitness industry can be a lucrative investment opportunity for those looking to get into business ownership. Owning a fitness franchise may be the perfect investment opportunity for you. Through this article, you have been provided with information and a comprehensive guide to best fitness franchise Frequently Asked Questions (FAQs). To help ensure a successful journey, the IFPG provides aspiring business owners guidance and support to identify and invest in franchise businesses.