You have decided that a fitness franchise opportunity is the franchise opportunity for you. The fitness industry is a growing industry and you would like to become a part of it. The problem is that now you can’t decide which franchise would best fit your goals and needs. Here are a few things that should be considered when choosing if a fitness franchise is the best opportunity for you.
- What type of fitness establishment do you want to own
If you picture yourself running boot camp style classes then there is a franchise opportunity for you. If you want a large amount of equipment with small staffing requirements then there is a fitness franchise out there that will meet your expectations. One of the best ways to determine what type of establishment you want to open is to sit and write a business plan. Matching a business plan against a franchise disclosure document will be a good way to make sure that the partnership will be beneficial to both parties.
- How involved do you want to be with your franchise
This element is directly related to the type of franchise that you want to open. The level of involvement that you choose for yourself is going to determine what type of establishment you open as well as how you hire employees. If you absolutely hate book keeping then ensuring that the franchisor has book keeping elements involved with their systems may be a good step. Or you may have to hire an accountant. Figuring out your role will enable you to adjust your plan to meet your goals.
- What amount of money do you want to invest initially
The initial investment may determine who you franchise with. Typically a large family oriented gym is going to have more amenities and more equipment. This means that the construction costs and fees for equipment are going to be much higher than if you were to open a franchise based around exercise classes which typically only use a limited range of equipment. Determining how much you want to spend to get the doors open will help you in choosing a fitness franchise opportunity.
- What is the competition like in your area
The amount of competition is not necessary an indicator of success. Understanding the competition and what they have to offer the community can provide necessary clues as to what will do well. If the boot camp classes offered in your area are poorly run and you believe that you can do it better then it may be a good market to come into. Likewise if there is a very strongly established expensive big gym you may be able to open and under cut prices. Market research and analyzing the competition can help you in deciding which type of franchise to open in your territory.
Another thing to consider is the number of locations of a certain franchise. If there are 25 locations of Curves then it is likely that they are not going to have a lot of undeveloped territory. The territory that is left over from a very popular franchise may not be the right area in which to open a fitness franchise. Understand this element and how it will affect the location choices you have will enable you to make a better decision when choosing a fitness franchise opportunity.
- How much training or additional help do you need
It is important to understand how much training or additional help that you will need to operate the business. If you are already a personal trainer and you want to franchise doing personal training you will not have to hire a personal trainer to do the work for you. Knowing where you will need employees, or systems that take the place of employees will give you valuable information when picking a fitness franchise to partner with.
- What are the benefits that the franchisors are offering
Compare the differences between the franchisors. If one franchisor offers a lot more training before opening but no training once the doors are open then they may not be the best choice. Many people choose to franchise because of the level of support that they receive after the doors are open. If one franchisor offers no discounted buying on equipment and another does; you may need to consider the one offering the discounts. Discounted equipment can significantly reduce the opening costs. Analyze the different benefits that each franchisor offers to find the best one for you.
- Is there a potential to expand with the same license
If in 10 years you see yourself in a bigger building, or with multiple locations this is an important question to be ask. When considering any fitness franchise opportunity it is essential to know whether expanding a floor plan, changing locations or opening another location requires an additional franchising license. If it does how much does it cost? What type of discount is available? Finding a franchise that has expansion in mind is important if you want to expand in the future.
- Does your vision match
This is one of the most important questions to ask when considering a fitness franchise opportunity. Ensuring that both you and the franchisor you select have the same vision of how the franchise operation will run will ensure that both you and the franchisor are happy with the relationship. If there are drastic differences in the way both parties view the operations then you should not consider franchising with that company.
Going through this list of questions can help make sure that you select the right fitness franchise opportunity. Taking the time to fully investigate the opportunity provided by a franchisor will make for a better working relationship in the future. Not being surprised by how the franchise operates and knowing what to expect will make you a happier business owner. Take the time to do your research before choosing the fitness franchise opportunity that is right for you.