COST TO OPEN A GYM
The cost to open a gym can vary depending on several different factors. If you do not know what you are doing, it can be extremely expensive. As one of the leading gym franchises in the country, we understand what it takes and costs to open a gym. We have outlined below some of the many cost drivers and things you should take into consideration, from a cost perspective, in regards to opening a gym.
Finding the right location for your gym is as important as anything in real estate. You know the saying, “location, location, location”. Whether you are buying or looking to lease your location, square feet, the retail shopping center itself, and of course the area, are all cost drivers. If you are looking to lease, your ability to negotiate the contract appropriately can also make a huge difference. One of the things we have done with our franchisees, is negotiated with the landlord to provide TI (Tenant Improvement) money. This helps offset the actual cost to build out the location, which could be very expensive.
Knowing what equipment to buy and how much you should pay is vital. Companies like Cybex and Life Style offer equipment to gyms with wholesale pricing. One of the advantages of being a franchisee, is that we have pre-negotiated rates for equipment so you can assure you are getting the best deal possible. In addition, we know a variety of finance/lease companies that can help minimize the amount of upfront capital you will need for this.
An efficient gym is run with the right software to manage all aspects of operations. This is another advantage of going with a franchise, like The Zoo Health Club. We know the right software, systems, and tools you will need to run your gym. We also have pre-negotiated competitive rates for franchisees, which represents a huge cost savings to those that are not at all familiar.
You want to make sure your member contracts, terms, and disclosures are up to date and carefully drawn up to protect the gym from every single potential liability and lawsuit that can occur. Failure to have this in place, could be detrimental. One lawsuit could be the end. We provide our franchisees with the most current contracts which have been revised and approved by some of the most successful attorneys specializing in franchise contracts. We also make sure that our franchisees are following the right steps to prevent lawsuits and liability.
Who could forget one of the most important expenses that any business, especially new business will have, Marketing. Marketing expenses for a start up could be expensive because you are starting from scratch. Branding, website, marketing collateral can all add up pretty quickly. Many business run out of budget and end up sacrificing quality, which is a huge mistake. Having the right marketing is key to your success and you do not want to go cheap. The advantage of going with a franchise is that the brand is established. For our franchisees we provide help with lead generation, website development, flyers, and much more.
THE LEARNING CURVE
If you have little to no experience in starting a gym, there will be a learning curve. Be prepared to pay significantly more for everything mentioned above. Experience through trial and error can be expensive, so just keep that in mind. If you decide the franchise option, there is a franchise fee, which is among the lowest in the industry, and there are monthly royalties which are standard in the industry. What many of our franchisees have found, is that franchise costs are significantly less than what you would pay otherwise.
Fore more information, you can request our free franchise toolkit below. We look forward to hearing from you.