Starting your own business in the wellness industry has major appeal --- and for good reason: Freedom, lifestyle choices, financial opportunity, a health-minded profession, and energetic colleagues. But before you start dreaming about shorter work days and running dates, you need to consider all that business ownership entails.
If you’re thinking about buying into a fitness franchise, you probably have some interest in health and sport. Maybe you have experiences that could set you down the path of becoming a personal trainer or coach (or maybe you already are). Now you are considering a big decision: Should I start my own gym or buy into a franchise?
For those without much business or sales experience, a franchise could be the perfect answer. From salons and spas to fast food and cleaning services --- franchises are everywhere.
What is a franchise?
A franchise is a legal agreement between you, the franchisee, and the owner of a particular brand or registered trademark. All of that work coming up with a business plan and successful advertising campaigns and management protocols is already done for you. The franchisor gives you a specific product to implement and sell. For a fee, you essentially get a “business in a box” and can direct all of your focus and energy on profit-earning.
While no business, franchise or not, is 100% guaranteed, franchise businesses have higher rates of success than individually owned, independent endeavors. Let’s take a look at the some of the pros and cons of owning your own gym franchise.
Start-up fees can seem particularly high when making the decision to open up your own gym. Certain franchises require hefty up-front costs. Others ask for percentages of monthly profits. When compared to starting a business from the ground up, all of this may seem like a significant investment, but you have to remember: All of the start-up work has been done for you. Compare royalties and licensing fees of different franchises to see which one works best for you and your budget. It may also be helpful to speak to current gym owners to ask about their experiences and what recommendations they have for you.
As a franchisee, you will need to follow the particular direction and guidance of your umbrella company. If you owned your own gym, you could easily add services and products without having to consult another entity. With a franchise business, however, you have to check in and make sure these kinds of decisions are aligned with your franchising agreement.
Franchises are business models designed with both parties in mind. Since any negative press or results on your part could reflect poorly on the overall business, franchisers want to make sure you will succeed. Accordingly, franchise agreements mirror this. From financial requirements to terms and conditions, agreements are written in order to ensure your branch is a positive addition to the overhead company.
Owning a franchise comes with certain benefits that stand-alone entrepreneurs don’t have. The best franchises offer marketing support, advice, training, and a business blueprint so you can hit the ground running. In fact, the best fitness franchises lay groundwork in terms of equipment and vendors so you and your management team can focus on finishing touches and annual revenue. You’ll have all that you need to build a thriving fitness community.
With credible brand strength comes an established follower base. With any reliable fitness brand, clients want promises: The best offerings, quality training, and affordable membership fees. A franchise can help provide these benefits. By linking yourself with an existing fitness community, you will receive receive encouragement from the Delta Life team. In addition to
on-call support and customized workouts you can share with your members, you will gain exposure to a larger network of business owners --- an ideal resource for entrepreneurial tips and advice.
Entrepreneurs and startup business owners devote a lot of time towards development, research, testing, and design. Since we’ve put in the hours and have done this work for you, all that is left is execution: Put the pieces together and get your business into top form. At Delta Life, we recognize life outside of work is important; that’s why we have made it as easy as possible for you to get your gym started.
To learn more about ownership and how a fitness franchise might benefit you, schedule time to speak with one of our representatives.
For a quick comparison of some different fitness franchises, download this comparison chart by clicking on the button below.