Although the Covid-19 pandemic seriously affected the health and fitness industry in the US, there’s been a strong bout of recovery as people of all ages and from all walks of life pursue their health and fitness goals.
With the pursuit of healthy lifestyles, the industry’s value was estimated to be in the region of $36 billion as at 2022. Of this amount, franchises account for between $3 billion and $6 billion, contributing to the wider economy. In fact, the industry is expected to be growing at 8.7% globally and this number is close to what is taking place in the US.
In fact, over the past 20 years, apart from the pandemic, there’s been impressive industry growth as 64 million Americans had memberships for fitness centers or health clubs in 2019. This is nearly double the number of memberships from the year 2000.
As for the number of health and fitness clubs, there were 41,000 of these in the country in 2021 with an annual growth rate of 8.4%. It is interesting to note that pre-pandemic growth was around 4.5%, signaling a strong return and boost of the industry.
As for gym franchises, which account for around 10,400 clubs around the US, franchised fitness facilities continue to perform well and employ over 155,000 people. Looking at the future, it is estimated that the fitness industry will reach $147 billion by 2024 alone.
This is expected to be driven by the fact that more men, women, children, and seniors are visiting gyms in the pursuit of healthier lifestyles, offering aspiring entrepreneurs the opportunity to purchase fitness franchises for sale and avail of the ample profit opportunities this business niche offers.
Now may just be the perfect time to look into gym franchises for sale as fitness franchises are nicely filling in a market gap through their attractive business models, home-based personal training, and a series of other benefits that come with this type of business ownership.
Gym franchises that cater to their active customers’ needs in a proactive way are more likely to succeed than competitors who follow stagnating business models. As such, it’s essential to consider some of the trends in terms of fitness franchises that are expected to burgeon over the coming years. In fact, in the next two years until 2025, the following trends in fitness centers are expected to become a staple of many gym businesses and different gym franchise opportunities:
There are many reasons why you should consider gym franchises for sale. It’s so much more than offering strength training or personal training to your clientele. It’s also about enriching your life with flexibility and getting a strong return on your investment. And that’s exactly what fitness franchises for sale offer. Here are just a few of the reasons why you should consider this opportunity:
Looking at the industry average for the total initial investment for a gym franchise can range anywhere from $100,000 to $5 million. However, every franchisor will charge different royalty fees and the capital requirements will therefore differ and vary from franchisor to franchisor. Examples of factors that will influence the cost of your initial investment include the business concept, brand name, business model, global spread, real estate, space of the actual gym, equipment and its maintenance, etc. In addition, other costs to consider include the franchise fee, training expenses, grand opening marketing costs, and more. On average though, you are looking at a cost of around $350,000. However, there are also low-cost gym franchises that can be started for under $20,000 in cash.
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