Question: Is A Gym Franchise A Good Idea?

Is owning a gym franchise profitable?

A gym franchise gets most of its revenue from membership fees, but it can also provide plenty of other ways to earn extra income.

Personal training, classes, selling gym apparel, consumables and health and weight-loss products are just some of these ways..

What is the best gym franchise to own?

9 of the Best Gym Franchises to Buy in 2020Orangetheory Fitness. … Planet Fitness. … Crunch Fitness. … Pure Barre. … The Bar Method. Initial franchise fee: $52,000. … UFC Gym. Initial franchise fee: $30,000 to $50,000. … Jazzercise Inc. Initial franchise fee: $1,250. … Gold’s Gym. Initial franchise fee: $32,000 to $40,000.More items…•

Which gyms pay personal trainers the most?

Personal Trainer Salary Research Shows the Highest Paying Gyms24 Hour Fitness. Non-training hours at 24 Hour Fitness are minimum wage, but the gym does offer some attractive incentives. … Anytime Fitness. Anytime Fitness gyms are franchised and had varied payment structures. … Crunch Fitness. … Equinox. … LA Fitness. … Planet Fitness. … YMCA.

How much money do personal trainers make at 24 Hour Fitness?

24 Hour Fitness Personal Trainer Hourly Pay. The typical 24 Hour Fitness Personal Trainer makes $15 per hour. Personal Trainer hourly pay at 24 Hour Fitness can range from $7 – $31.

How can I open a gym with no money?

Starting a Fitness Business With No MoneyBe Realistic. It is a key aspect of keeping your budget down when starting your first fitness business. … Use Low-Cost or Free Marketing Techniques. You could use business cards or paid referrals to market yourself at a low cost. … Use Free Resources. … Don’t Overdo It.

How much energy does a gym use?

An average workout creates 37.5 watt hours, which, according to Boesel, is enough to power a phone for a week. The gym does not yet generate enough electricity to be carbon-neutral, but if all the equipment gets used at one time, it can produce twice as much as it needs to run the facility at any given moment.

How do I start a successful gym?

Want to start your own gym? Ask yourself these 7 questions before opening a gym to ensure your new business is successful.Establish a budget and write a business plan.Find a location to lease or purchase.Invest in quality gym equipment.Hire a skilled training staff.Market your new gym.

How do gym trainers get paid?

In general, there are three ways that personal trainers make money: a commission on the amount of sales, a training rate when the session is delivered, and a bonus for delivering a certain number of sessions in a pay period or quarter.

Can you make a living as a personal trainer?

Yes, you can good make money as a personal trainer is the short answer. The longer answer is that, as most things are, if you are fantastic at your job and if you market and sell yourself well, you can make good money.

How do I start my own gym?

Start a gym by following these 9 steps:STEP 1: Plan your Business. … STEP 2: Form a legal entity. … STEP 3: Register for taxes. … STEP 4: Open a business bank account & credit card. … STEP 5: Set up business accounting. … STEP 6: Obtain necessary permits and licenses. … STEP 7: Get Business Insurance. … STEP 8: Define your brand.More items…

Why do gyms fail?

GOOD gyms fail not because their coaches are bad; NOT because their bathrooms aren’t pristine; NOT because they’re not “pursuing excellence.” They fail because they don’t have a plan. They might have great intentions and lots of hustle.

What is the cheapest franchise to start?

12 Best Low-Cost Franchises for Aspiring Business OwnersStratus Building Solutions. … SuperGlass Windshield Repair. … Mosquito Squad. … Pillar to Post Home Inspectors. … Property Management Inc. … Soccer Shots. Franchise Fee: $34,500. … Dream Vacations. Franchise Fee: $495 to $9,800. … Lil’ Kickers. Franchise Fee: $15,000.More items…•

Is it better to lease or buy gym equipment?

While buying gym equipment may have a higher initial payment, the overall cost of owning your exercise machines is cheaper than renting them. … Keep in mind, however, while payments may seem more manageable initially, leasing equipment is always more expensive over time because you do not gain an asset.

What is a good profit margin for a gym?

According to the 2017 IHRSA Profiles of Success, the “Pro-Shop/Retail” category yields a median margin of 16.5% for all clubs; 15.5% for multipurpose clubs; and 20% for fitness-only clubs. For facilities that are part of a chain or multi-club group, the figure is 22.6%; and for independent clubs it’s 12.7%.

How much money would you need to open a gym?

Initial Costs to Start a Gym If you’re looking to open a gym, we can start off by saying you should expect to save anywhere between $15,000-$100,000. Pretty wide range, right? That’s why it all depends on your location’s area, demographic, rental options, loan choices, and financing choices.

Do gyms make profit?

Profit. Put simply, you can only pay yourself a salary if you’re making a profit. And you will only make a profit once revenues exceed expenses. … Increase membership revenues – If membership at your gym is $1,000 per year, you only need 100 members to turn over $100,000 in annual revenue.

How much does a 24 hour fitness franchise cost?

Investing in one of these types of fitness franchises will cost you between $175k-$200k total and you’ll want to be a multi-unit owner. As an owner, you are not really expected to physically run the clubs.

How many members does an average gym have?

1000-10,000 membersThe average gym franchise location typically has 1000-10,000 members, but you don’t see these people because 80% of the memberships go unused.