Is a fitness franchise the best fit for you?
Sometimes, the most successful business combines passion with profit. So, if you love hitting the gym and helping people live more healthily, then a fitness franchise might be for you. In this article, we’re going to take a closer look at fitness franchises. We’ll examine how you can find the franchise opportunities that are best for you, and suggest some marketing tips to get you off the ground.
What is a fitness franchise?
When we talk about franchising, we refer to the joint venture between the franchisor (seller) and the franchisee (buyer). The franchisor allows the franchisee to use the business model and brand of their business. Thus, allowing them to sell any trademarked products. In return, the franchisee usually pays a start-up fee and an annual licensing fee. There are many franchise opportunities which cover a wide variety of sectors.
A fitness franchise specifically looks at businesses within the health and well-being sector. Gyms are often the first kind of company that comes to mind in this area. However, it also encompasses sports clubs for kids, weight loss groups, physiotherapy, and more.
Investing in the industry
Choosing to invest in the UK’s health and fitness industry is a smart choice for aspiring business owners. According to one report in 2017, the UK has over 6,700 gyms totalling a net worth of £4.7 billion. It’s no wonder then that 9.7 million of us are members of a fitness company, and that number continues to grow each year. It’s a vast and diverse market that helps promote healthy living for everyone involved. What’s not to love?
Licensing a franchise is an ideal place to start when investing in the industry. A franchise offers you a greater chance of success at approximately 90%. This rate is much higher when compared to the 15% success rate of businesses started from the ground up. With statistics like these, it’s easy to see why franchising is a smart choice for many business owners.
Do your research
Knowing your market is the first step in any successful business venture, and franchising is no different. Browse a franchise directory such as Franchise UK to discover the kinds of opportunities available on the market. Whether you’re looking for gyms or martial art franchises, this is a perfect opportunity to understand current market trends.
Talk to successful franchisees in your fitness franchise sector to learn from their experiences. Additionally, start conducting market research in your desired location to assess the potential competition. It’s essential to evaluate how your business model will meet the needs of your local community before entering into any agreements.
Find your best fit
Once you’ve finished your research, and you think you’ve found your best fit, it’s time to evaluate the franchise. Check the contract and agreement carefully before signing anything. Make sure you fully understand the franchisor’s requirements. When it comes to franchises, you’ll need to follow the rules and regulations very carefully, so you may wish to hire an experienced lawyer for advice. Also, double-check that the franchisor has written anything you’ve agreed in person into the contract.
It’s also essential to consider your finances before entering any agreement. Covering those initial investment costs may require a loan or an investor to get you in business. You can use your market research here to provide a detailed business plan, helping to manage your budget carefully from the get-go.
Design your marketing strategy
A significant benefit of franchising is that you gain access to a well-established brand. In your business planning stage, you need to consider how you’ll market this brand in a new area. As with any new company, establishing a local customer base is vital. Some potential marketing strategies for fitness franchises may include:
Help your customers feel valued by featuring members on your social media or newsletter. You can share their progress, welcome new members to your fitness family, and encourage positive reviews on Google.
Create success stories
In any fitness business, customers want to know how your services will benefit their health. So, share success stories from satisfied customers to motivate people to get involved.
Hire social media influencers
Find social media influencers in your area that promote fitness to help boost your following. This strategy can help extend your reach to new markets.
Overall, fitness franchises are an excellent fit for those who love promoting healthy lifestyles. They go beyond your usual gyms and sports centres to encompass a wide range of health and well-being companies. So, it’s vital to research your options on a franchise directory before you get started. While the fitness industry is a growing one, your marketing strategy must be unique so you can stand out from the crowd. Ideal for those new to business ownership, the benefits of franchising are huge.
For more information about fitness franchises, or to find your new business opportunity, take a look at our franchising directory at Franchise UK.