In an effort to combine their passion with their day jobs, many fitness-forward people think about opening a fitness studio when they get the idea to start their own businesses. Better yet, those who are already loyal to a certain brand might immediately think of franchising so they can receive the corporate support and brand recognition that they know comes with the territory. Of course, the first thing they might consider when they’re thinking about opening a fitness business is what the financial benefits might be.
There’s no simple answer to this question. The health club industry is worth nearly $36 billion dollars, so there is an abundance of financial opportunity for any gym junkies looking to turn their passion into a business. The average salary of a gym owner typically ranges between about $30,000 all the way up to $140,000, but there are a variety of factors that influence that range. Read on to find out what factors have an impact on how much money you make owning a fitness franchise.
One of the main benefits of franchising is the name recognition you get right off the bat. People like what’s familiar to them, and the nice thing about franchises that are spread out across multiple states is that a recommendation can come from anywhere. A brand loyalist in Texas could help a franchise owner gain clients in Florida if she posts about her amazing experience at your fitness franchise on social media.
Of course there’s still marketing legwork that needs to be done, but having brand recognition before you even open your doors is a huge step toward hitting the income you’re striving toward.
The level of support franchisees receive from the franchisor, or corporate branch, can vary widely. However, corporate support can be absolutely invaluable to the franchisee. Some franchisors will help with site selection, marketing, opening events, and more. Some are much less involved partners, so it’s important to do your research. At BODYBAR Pilates, we help our franchisees with site selection and buildout, operations and marketing support, and a variety of other services that we know help our franchisees on their own journeys to success. We make the experience of owning a Pilates studio income-stable and well supported, with most franchisees making a return on their investment in less than three years. Also, our average gross annual sales are $566K, making our fitness franchise opportunity a lucrative investment.
Your location has a huge impact on how much money can you make owning a fitness franchise. Think about your own neighborhood. There are strip malls that see a lot of success and foot traffic, while there are others that may see frequent business turnover for seemingly no rhyme or reason. Opening a fitness franchise in your own local market can be a benefit because you’re in the loop on these things. Having a franchisor who assists with site selection is a perk as well!
Ultimately, the amount of time and energy you put into your own fitness business plays a role in its success as well. Your franchisor may provide marketing support, but that doesn’t mean you shouldn’t be keeping an eye out for local opportunities on your own. There’s nothing like a classic word-of-mouth campaign, and as the owner, you’re best positioned to make that happen. Maintaining a positive customer service experience goes along with this — the team you hire will likely mirror your own actions and commitment levels, so be sure to practice what you preach whenever you’re on site.
Interested in starting a fitness business with a built-in network of marketing and other support? Connect with us today to learn about BODYBAR!