Working out regularly isn’t just for bodybuilders or health nuts anymore. Going to the gym and keeping ourselves healthy is shifting from something we have to do, to something we enjoy doing. Think about how many of your friends go to the gym regularly, have some sort of gadget that tracks their steps, or sign up for fun runs on the weekends as a way to spend time with friends and support their favorite causes.
Passion Meets Profit
If you have a passion for helping people live healthier lives, a fitness franchise may be the perfect opportunity for you. You’ll be able to fuel your passion every day and have the opportunity to build an incredibly successful business in a booming industry.
Gyms and fitness-related franchises have grown 4.9% a year for the past five years. This tremendous growth has led to 9,427 new businesses and $2.9 billion in revenue which is expected to increase by 5.4% in 2020. Now is the time to be a part of what could be a $3.7 billion industry. If you’re an entrepreneur with a passion for helping people build healthier lives, it may be time to think about opening a fitness franchise in 2020. Fitness franchises can be incredibly lucrative and can offer rewards beyond a bigger bank account. Gyms and other fitness businesses tend to stay strong even in recessions. Helping people live healthier lives gives fitness business owners a tremendous sense of purpose and fulfillment.
Why Budget Fitness Clubs and High-End Offerings Are Growing
The lion’s share of growth in the fitness market is coming from businesses at both ends of the financial spectrum. High-end fitness centers are offering premium membership bundles including extras like juice bars and spas. Although there is a lot of growth in premium fitness clubs, they are typically owned by corporations and have very few franchise opportunities. The majority of fitness franchise opportunities are coming from budget fitness clubs. To put the budget fitness frenzy into perspective, let’s look at some numbers.
Planet Fitness is the biggest player in the budget fitness space. They have over 1,300 locations and report more than 10 million members. More than half of Planet Fitness locations have been opened in the last four years.
Fitness clubs with budget-friendly options grew by a mind-boggling 69% in 2015. This is more than three times the 21% growth of premium fitness clubs. 21% growth is enough to cause most entrepreneurs to take notice. However, 69% growth will make even the most cautious of entrepreneurs consider opening a franchise in the fitness space.
Fitness conscious consumers are adopting healthier lifestyles. Having the ability to purchase a gym membership for $10 a month is a good deal and can easily fit it into their lifestyle without having a major impact financially. Many gym goers are now using their gym membership as just one aspect of a healthier lifestyle. Because they are able to join a gym at a low monthly cost, they are using the gym in combination with items designed to improve their overall health such as fitness trackers and the latest nutrition supplements.
It can take quite a bit of financial muscle to open a conventional gym. If you don’t have the financial means to make an investment of between $500,000 and $2 million, we recommend considering smaller boutique franchises. There are several boutique fitness franchises that can be open for an investment of less than $250,000 including: self-defense fitness for women, indoor group cycling fitness, dance based fitness workout, fitness for mother and child, kickboxing, gym on wheel fitness for children, group fitness rowing and sport specific training protocols.
The Franchise Advantage
Whether you’re investing $200,000 or $2 million, there’s a lot at stake. Having a partner that has your back can be invaluable. Fitness franchise owners have the advantage of support from the corporate office. The franchisor will set you up with the game plan that will help you whip your business into shape.
Success in fitness franchises comes down to having the drive to succeed and being coachable. If you can see yourself as a fitness franchise owner, go to www.franselect.com and set up your free consultation with a FranSelect advisor today.