Are you feeling unfulfilled in your corporate career? Are you looking to transition into business ownership by investing in a personal training franchise? Do you wondered what you need to know to make sure you’re making the right decisions?
The International Franchise Professionals Group (IFPG) is a membership-based franchise consulting network that can help you fully understand the steps you need to take to become a successful franchisee. With more than 1,300 franchisors, franchise consultants and vendor members, we can guide aspiring business owners through the process of investing in franchise businesses with integrity, ethics and collaboration.
This article will answer some of the most Frequently Asked Questions (FAQs) about personal training franchises.
1. Are Personal Training Franchises a Good Investment?
Personal training is a great industry to be a part of. It’s an ever-growing industry; the American College of Sports Medicine reports that more than 72 million Americans are engaged in some form of health and fitness club activities each year.
What makes personal training franchises such a great investment option is their low overhead costs. Unlike most other franchises, investors don’t need to purchase a lot of equipment or material since personal training is low-equipment, high-contact. Furthermore, personal training is a great career move that provides a solid living. With flexible hours, personal training franchises provide a great option for individuals to be their own bosses and work their own hours.
In addition to the industry and personal gains from investing in a personal training franchise, some franchisors offer services and support that you may not have access to as an independent business owner. They can provide you with knowledgeable training, marketing and legal advice; offer help in recruiting and sales; and provide built-in operations and quality control systems.
2. What Qualifies Someone for a Personal Training Franchise?
When it comes to owning a personal training franchise, there are certain qualifications and requirements, which can vary from franchisor to franchisor. Generally, people who are interested in obtaining a personal training franchise must have training and education in the field, have a passion for fitness, and/or have a successful track record in the field. Additionally, generally, some franchisors require that their franchisees have a valid certification from an accredited fitness program such as the National Strength and Conditioning Association (NSCA).
3. How Much Does a Personal Training Franchise Cost?
The cost of a personal training franchise will vary depending on the franchisor and the size and facilities of the franchise. Generally, the cost of a personal training franchise can range from $20,000 to $100,000, with most franchises falling in the range of $50,000 to $75,000. Depending on the franchise, there will likely be an initial franchise fee and ongoing royalty fees.
4. How to Choose the Right Personal Training Franchise?
When choosing the right personal training franchise, it’s essential that you take the time to research and compare the various franchisors. Some things to consider include the support and resources provided, the overall structure and reliability of the franchise, the cost, the reputation of the franchise, and the existing market for the service.
It’s also important to ensure that the franchise meets your professional goals and objectives and fits with your lifestyle. After all, owning and running your own business is a huge commitment and making sure you’re making the right decision is important.
5. How to Secure Low Cost Financing for a Personal Training Franchise?
Investing in a personal training franchise can be a rewarding decision, but it can also be a costly one. Due to the costs associated with franchises, many prospective franchisees may require financing in order to make their investment a reality.
The Small Business Administration (SBA) is a great resource for obtaining low cost financing. Some providers offer up to $500,000 in SBA loans with rates as low as 4.5%. In addition to obtaining financing through SBA loans, many franchisors also offer financing options or specialized financing programs for franchisees.
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