Nobody loves a lunge or lat pulldown quite like an American. The entire country seems to be obsessed with getting in shape. Many people are eating better, buying gym memberships, and committing to exercising more. It’s no wonder that gym franchises remain healthy investments according to IBISWorld, a market research company that focuses on industry statistics and analysis. But you shouldn’t invest in a gym franchise just because the country is becoming more health conscious. You’ve still got to do your due diligence. You’ve got to run the projected revenue numbers. You’d be smart to analyze average annual growth. And you have to listen to words of advice from those who have already done the heavy lifting and launched their own gym franchises. Here’s a look at some words of wisdom for opening your own gym franchise from those who have been there and done that:
Attract the Top Trainers
Gym memberships will create some cash flow, but the big money is in renting space to other fitness professionals, who in turn keep your customers healthy, happy, and coming back month after month. Make sure you have a plan for how you are going to attract your city’s top trainers to your gym franchise. It might mean differentiating your gym by price, location, or equipment or by creating a community that vibes with the trainers with whom you want your customers to work.
Pack a Lunch (and Breakfast, and Dinner, and Probably a Midnight Snack)
You are going to have to pump every ounce of your effort and energy into your gym franchise. And that means you’re going to have to be there a lot. If you can’t commit to being there morning, noon, and night—and cleaning the toilets, wiping down the sweat, and quite possibly sleeping on the massage table—your gym might not make it. Plan to be there a lot, and plan to work hard.
When it comes to revenue streams, more is better. Before you cut the ribbon at your first gym franchise, figure out how many revenue streams you can create—and then figure out how to maximize them. Think monthly membership dues, personal training packages, group training classes, leasing space to trainers and massage therapists, retail, and even nutritional supplements. The more revenue streams you can create early on, the better prepared you will be to make it through the first six months, which are critical to your long-term success.
Have Short-Term and Long-Term Plans
For your gym franchise to succeed, you’re going to need both short-term and long-term goals. In the short term, you need to know what type of gym you want to be. Who do you want working out at your gym—bodybuilders, serious athletes, weekend warriors? What kind of experience do you want them to have—swanky, serious, or something in between? Your short-term plan will help differentiate you from the competition and set you up for long-term success, which could mean opening another gym franchise, selling, spinning off another company, or simply making your one gym the absolute best it can be. Either way, the sooner you can figure out your short-term and long-term goals, the sooner you can start focusing on achieving them.
Stay True to Yourself
After you have opened the doors, you’re going to get a lot of pressure from a lot of people. Friends will need jobs. Family will want discounts. Vendors will want your money. Stay true to yourself. This is your investment and yours alone. Don’t ever compromise your vision just to make other people happy. It’s your dream. If this sounds like the investment opportunity for you, then visit the Tapout Fitness website and get started today!