Questions and Answers
I would like to one day have my own gym well really as soon as i can, people have told me to look into buying a fitness franchise but im not 100% on what one is. And weather it is worth it.
Can someone help me out please
What they mean, is that buying a franchise may be easier than starting your own store fron scratch.
A franchise is an established brand/company that sells it's individual stores to people. Think Subway restaurants….most Subway stores are "franchises", owned by individuals…but they buy their supplies, store fixtures and the "brand name" from the corporate headquarters. Ususally the company helps you find a location, negotiate a lease, train you how to run the business, etc.
The downside of a franchise, is you are usually stuck doing or selling ONLY what the company allows. And you pay the company a large monthly or annual fee.
The upside is that they help with everything to get you set up, usually easier than starting your business from scratch.
Gold's Gym is an example of a fitness franchise. I don't know the details, but they probably set you up with where to buy the equiptment, train you how to run the business, you get to use the Gold's Gym name, etc…
Has anyone bought a franchise? I wondered how much they cost including build out and if they are making any money off of them? I wonder if they will be like 'Curves' where every one was buying one and in a few years, most were closed…
When I was looking to open a new franchise, I knew that I would need to worry about Franchise Compliance. As a first time franchisee, I had to scour to find the right compliance services for my business. Luckily I was able to fine the Facts program (http://www.francompliance.com). The facts program is a seamless program that will ensure the optimal efficiency for every franchisor.