Profiting From a Gym Franchise
Natural selection proves that a fit body is preferred by many individuals than a flabby one. By this we are compelled to achieve a beautiful and healthy body that will entice a mate to choose us rather than an individual who possesses an inferior physique. We accomplish a hot body through constant physical exertions and strenuous exercise. But for many of us, we go to the gym instead, to hone our lean physique using high-end equipment and to instill a healthy body aided with spa-like treatments.
Now, if you are thinking of profiting from this beauty, fitness and health revolution, then you have chosen to read the right article. We will show you how you can choose and profit from a gym franchise.
Bu let us first define the word franchise. In the investment world, a franchise can be possible with products and/or services that have a high franchise value, which refers to its popularity to consumers. So all the brand names that you can think of now can be franchised, one of which is possibly McDonalds’.
So going back, how do we start the right gym franchise that we can represent and profit from easily?
First, we must know what we want our gym franchise to represent. Some gym franchise caters to an exclusive client base, such as for women only and vice versa. New gym franchise even caters to mother or father and child clients or even, in the extreme, a gym only for kids. We must also choose a franchise that is going to be unique in the area so we can attract our target demographic. But franchising a non-exclusive gym has its advantages, it is only limited to the franchisee’s creativity and marketing strategy to create gimmicks that will attract more clients, for example, “Women-only Wednesdays”.
A franchisee must also take into account the gym franchise brand image. We must ask ourselves if the brand image is strong enough to attract clients solely because of the gym’s name. We must also take into account our willingness to pay more for such a strong brand image as opposed to a less costly but less strong franchise.
Second, we must also determine if there are other gyms in the area that will serve as competition. We must know upon establishing the business, if we have adequate market-share in the area and if our gym franchise can survive in the presence such competition.
To battle this, we should know what it can offer its clients. For example, if the gym franchise solely has the right to teach pilates, then people who prefers a pilates fitness program will not hesitate to sign up in your gym franchise. We should also provide amenities that will attract more customers such as spas or saunas. For example, your gym franchise can offer wall climbing or sparring as its main fitness course.
Third, we must know if the franchisor provides extensive training and education as well as real-time support to its franchisee. This is important so you will be knowledgeable and ready in the business you are about to buy. You can do this research online, since many successful gym franchises have their own websites.
To cap it all off, the owner must be meticulous in balancing the right staff, the right amenities, and the right client base that will all promote your gym business even with little or no marketing strategy other than word of mouth. With your dedication, quality of service and belief in the franchise, you will soon see your endeavor turn into profit.