OT/ Buying a large gym franchise

[salemguy321]

Very true!

 

[crams60]

planet fitness works off quantity they have so many customers willing to pay 10-20 a month and dont even go to the gym ps the lunk alarm doesnt ever go off. personally I love la fitness in south florida.

 

[salemguy321]

planet fitness works off quantity they have so many customers willing to pay 10-20 a month and dont even go to the gym ps the lunk alarm doesnt ever go off. personally I love la fitness in south florida.

I personally have never been to a planet fitness. I've only heard horror stories. I think the lunk alarm is just dumb... who cares if you grunt when you lift and i've heard the dumbbells only go up to 75 or 80 lbs. Lame

 

[triathloncoach]

I owned a 7,000 sq foot gym

Didn't go the franchise route. The gym never made enough money to justify the time I put in OR the corporate salary I gave up.

Not all franchises provide the same level of support and most have stringent requirements for their gyms.

I financed my gym on my own. I'm enjoying this thread, but you are talking about a lot of money. Do you already have it lined up? The SBA and Venture capitalists don't write checks without a great deal of persuasion, and they also want you to contribute a considerable amount of your own money.

Owning a gym is the greatest job in the world. But it has a high cost of admission.

 

[salemguy321]

I don't have the money lined up which sucks and is the biggest thing I am worried about thus far. But I do have a couple connections with some venture capitalists that i have run my idea by and they seem really excited and want to see my business plan written up in detail before they seriously consider it. I dont think the amount of money will be that big of an issue, as I have a relative who just closed a deal for a small business with a group of investors and they got about 3 times the amount I'll need. My 2nd largest issue is deciding which franchise to go with. I have it narrowed down to a few. I dont know weather to bring in a gym franchise that is already in my city (on the opposite side of town) or to bring in a new franchise that we don't have in my city or maybe even my state. Here are some we dont have in my city: Lifetime fitness, worlds gym, powerhouse gym, bally's, planet fitness, LA fitness.

 

[ericraven2003]

I don't have the money lined up which sucks and is the biggest thing I am worried about thus far. But I do have a couple connections with some venture capitalists that i have run my idea by and they seem really excited and want to see my business plan written up in detail before they seriously consider it. I dont think the amount of money will be that big of an issue, as I have a relative who just closed a deal for a small business with a group of investors and they got about 3 times the amount I'll need. My 2nd largest issue is deciding which franchise to go with. I have it narrowed down to a few. I dont know weather to bring in a gym franchise that is already in my city (on the opposite side of town) or to bring in a new franchise that we don't have in my city or maybe even my state. Here are some we dont have in my city: Lifetime fitness, worlds gym, powerhouse gym, bally's, planet fitness, LA fitness.

I wish you luck. Most venture capitalists would not touch a gym because of the rate of return and the high failure rate. Gyms are one of the most risky businesses. Just trying to be realistic not kill your dream. I was in the gym business for 10 years.

 

[salemguy321]

Yeah thats funny you say that cause they told me the same thing. I think they are interested because a big gym with everything, that is not privately owned, and doesn't have high rates, contracts, and large joining fee's, is something that our city does not have.

 

[crams60]

this isnt about a gym being lame or not business is business. Planet fitness used to be a hardcore gym spinning, shakes, powerlift meets the whole nine but when best fitness another franchise came into town they almost whipped it out and the owner a former bodybuilder had to switch over to PF to survive. I dont like PF better then a meathead gym either im a meathead but I like money more

 

[triathloncoach]

Next Question

Who is going to run this mega gym? I had a MBA with 20 years mangement, sales, finance and marketing experience and I was a gym rat since 1980. My wife is a CPA who was a D1 college swimmer. We had a "barely" 7,000 square foot gym and we were stretched both physically and mentally.

And then there's the town and state code inspectors. (who you will no doubt come to hate) Yikes bro. It would be easier for you to go to Afghanistan, kill bin laden, bring back the body and collect the reward. Really.

 

[salemguy321]

Yeah... Maybe I'm in over my head... Maybe not? Who knows? The only way I'll ever find out is if I try it. I wouldn't be running the gym, just making the executive decisions. I'd let someone with more experience run it. I'll tell you what though..... talking with companies about franchise details is a pain in the ass. I'm almost tempted to go private. Create my own gym. It seems like less of a hassle, but more of a hassle at the same time

 

[Queuedignep]

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**broken link removed**

 

[lepinlarry]

Bally Fitness has a good structure. But with Franchises you need a good bit of cash or good investors. Here is a link to their Franchise page.
Health Clubs - Fitness Gyms > The Fitness Source | Bally Total Fitness
Good luck let me know if you need more info on different ideas.