The gym and fitness franchise industry has grown by 6.3% to reach $4 billion in annual revenue in 2019. Fitness is one of the fastest growing sectors in the franchising world. So much so that Inc.5000’s list of fastest-growing franchises share a common trend with the top three spots belonging to the health and fitness industry. Public initiatives have shed light on the importance of health and fitness with campaigns surrounding diabetes and obesity. The fitness franchise industry has benefitted from this. As a result, fitness has become a lifestyle choice, with many people becoming much more health-conscious.
Is Franchising for You?
With a fitness franchise, you’re joining an already established company. As with any franchise business, the concept is that the owners of the business or franchisors sell the rights to their business. The agreement includes the name, logo and business model. The idea is that the business owner has already gone through the process of creating the brand, raising awareness, and gaining customer loyalty. Essentially, franchising shows you how to replicate someone else’s success.
By joining a fitness franchise, you have access to a ready-made business plan, training, and much more. All of this sounds great; however, if you’re looking to see your name lit up and make every single business decision, then franchising may not be for you. Certain limitations come from working with franchises.
When you’re operating a franchise, you are running a tried and tested business, and you will be required to follow the systems already put in place. Therefore, you can’t be selective about the elements you want to run and neglect others. This may influence your decision.
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