With the Covid-19 pandemic thankfully behind us, many social distancing restrictions have fallen away. As such, gym-goers are back in full swing as they get back in shape and seek to stay healthy. If you are a savvy aspiring entrepreneur who is wondering how to start a gym franchise, this post is for you. Find out all you need to know about what it takes to open a gym franchise in the UK and join a truly lucrative business industry.
Table of contents:
What does owning a gym franchise involve?
Gym franchisees need to wear several different hats when running their operations. These include but are not limited to marketing and advertising, sales to grow their customer base and management of staff, teams, equipment and ensuring that all operations run smoothly.
Why consider running gym franchise?
If you are ready to buy a gym franchise, you’re in luck because the sector generates around £2 billion worth of revenue per year and there are over 10 million Brits that are members of such clubs. Accordingly, it’s a highly lucrative business, but running your own gym franchise business also comes with many other benefits, among which are:
- You’ll be your own boss
- You can manage your own schedule and enjoy greater flexibility
- Be part of a well-recognised brand
- You’ll be helping people
- You’ll have extensive support
- You’ll receive all the necessary training you need
- There will be assistance with your brand and marketing strategy, and
- You’ll be able to start almost immediately.
What skills do you need to have?
As a prospective gym franchisee, depending on the specific franchisor you choose, you may or may not be required to have previous experience in the industry.
However, some franchisors will appreciate the prior experience as a trainer or physical therapist, former professionals with great time and operational management experience and others.
Meanwhile, there are some gym franchise opportunities that enable you to manage your operations remotely. However, some of the most important skills that will come in handy include being well-organised, enthusiastic, ambitious, and having an interest in health, wellness, fitness and sports.
How to open a gym franchise
Now that you are ready to set out on your gym franchise journey, there are several steps you need to follow to ensure that your road to success is as smooth as possible. As such, consider these steps to help guide you:
1. Weigh up the pros and cons
You will need to consider both the downsides and benefits of starting a gym franchise. No business opportunity is perfect and some of the const to consider could include a lack of flexibility and independence, investment amount and ongoing costs.
However, it’s also worth remembering that you also get to run a business under an established brand, you’ll get training and ongoing support, your profits will be higher than non-franchise businesses, etc.
2. Do your research and narrow down your options
Because there are so many different varieties of gyms and fitness studios, you want to choose the right option that will suit your budget, needs, personality, location and lifestyle. Don’t hesitate to take a look at our franchise portal to discover more.
After researching your options, it’s time to narrow the list down to a few and then contact the franchisor for more information.
3. Begin the application process and create your business plan
The application process will happen when you’ve chosen one franchisor to work with after deciding that they are the right fit for you.
In order to secure funding for your gym franchise though, you’ll need to create a detailed business plan that you can submit to investors or lenders who can help you secure the necessary funding.
4. Secure your financing
Many prospective gym franchisees ask how much does it cost to open a gym franchise? The answer is not that straightforward and it could require a total investment ranging from £185,000 to £315,000, depending on the opportunity in question.
Of course, it could be a lower amount but every franchise opportunity is different. As such, your business plan needs to be carefully laid out so that you can secure the funds you need by convincing lenders that your business will succeed.
5. Build or rent the property you’ll operate from
Finding or securing the right premises and then outfitting them with the right equipment is a costly affair. However, it is a necessary part of your investment. It’s also likely to be your biggest expense and will also depend on size and location.
6. Get the necessary permits in order and hire staff
In most cases, gym franchises require permits for health and safety, fire prevention, food handling (for those with snack bars) etc.
You may also require a building licence if you’re planning on renovating a property. There will also be legal fees, insurance, a business licence and business registration processes and their associated costs to consider.
When the property, equipment, permits and insurance are in place, it’s time to recruit your team.
7. Open for business and continue with marketing and sales
When all the physical work has been completed and your paperwork is in order (alongside the team to help you), you need to market your business to new clients.
This is where marketing and sales will come in but these are also areas that your franchisor will help you with, especially if you have no prior experience with this. Additionally, you can always hire a professionals who can help you with your franchise sales and business development.
Fitness & Gym opportunities
As promised earlier, we are ready to share a few of the gym franchise opportunities, which you can also get more information about in our franchise portal. In short, you may consider these options as you start your research process:
- BodyStreet Fitness Franchise: minimum investment – £10,000
- HITIO Gym Franchise: minimum investment – £39,500
- 9Round Fitness: minimum investment – £60,000
- Anytime Fitness: minimum investment – £122,000
Concluding remarks
And there you have it! Everything you need to know about opening and running your very own gym franchise.
If health and fitness are something that you are passionate about as much as business ownership and the opportunities that franchising offers, now is the perfect time to consider buying your own gym franchise.
Yes, the costs differ from franchisor to franchisor as do the benefits. However, with careful research and consideration, you should be able to find the perfect gym and fitness franchise opportunity for you in our franchise portal.
Find your next franchise opportunity.
Browse our extensive franchising portal and find the perfect business opportunity for you. Pick your choice of industry, location and/or investment.
