Aspiring entrepreneurs often turn to franchising for their business venture, as it can provide lucrative opportunities for success and financial freedom. However, many entrepreneurs are unsure of what to expect when they enter into a personal training franchise. To help inform these prospective investors, the International Franchise Professionals Group (IFPG) has compiled this helpful resource, full of answers to the most frequently asked questions about popular personal training franchises.
What is a Personal Training Franchise?
A personal training franchise is a business model based around providing personal training services to individuals or groups. This business typically operates under the umbrella of a larger brand, either through a corporate or independently owned franchise. The main objective for franchisors is to ensure that all franchisees provide quality services that follow the brand’s business guidelines. The franchisee, on the other hand, will benefit from the brand’s successful business model and pre-existing client base.
What Types of Personal Training Franchises are Available?
There are many personal training franchises available to potential entrepreneurs, each offering a unique business model and array of services. Some of the most popular personal training franchises include Anytime Fitness, LA Fitness, Bally Total Fitness, and Planet Fitness. Each franchise offers a different approach to fitness and wellness, so prospective franchisees should review the services each provides before making a decision on which franchise is right for them.
What is Required to Become a Personal Training Franchisee?
To become a personal training franchisee, entrepreneurs will need to meet certain qualifications as well as invest in the program. Potential franchisees should research the franchise’s requirements and provide proof of business experience, financing, time, and commitment. In addition, franchisees should have a deep understanding of the fitness industry and be prepared to abide by all regulations and operational standards.
What Costs are Involved with a Personal Training Franchise?
Costs associated with a personal training franchise will vary depending on the franchise and location. Generally speaking, entrepreneurs should plan for a franchise fee of around $20,000-$50,000. Other costs to consider include rental fees, inventory, technology, equipment, and other operational expenses.
What are the Benefits of Personal Training Franchising?
Franchising comes with many benefits, the most noteworthy being the unification and brand recognition associated with a well-known brand. Franchisees who open a personal training facility under a popular brand will already have customers, which accelerates business growth. Additionally, there are more opportunities for franchisees to benefit from promotions, discounts, and other marketing strategies that come with franchise ownership.
Is the Personal Training Industry Profitable?
The personal training industry is highly profitable. According to IBIS World, the industry generated a revenue of more than $10 billion dollars in 2020, and is projected to grow up to 5% this year. With the increasing rise of fitness trends, entrepreneurs can benefit greatly from personal training franchise ownership.