Have you been thinking about opening your own fitness studio? Maybe you are a seasoned Franchisee looking to expand your investments. Or you're an instructor or personal trainer looking for a new business venture. Perhaps you've always dreamed of being in the fitness industry but never had the guts to take that leap into entrepreneurship, and now is finally the time. Whatever your story is, there are many benefits to owning a studio fitness business today. This article will cover some of the benefits of owning a studio fitness. It will also show seven ways to money with this kind of business.
Owning a Fitness Studio
If you don't already own a gym, you might be wondering whether to buy a franchise or start from scratch. There are pros and cons to both, but the best thing you can do is look at your personal needs and goals first. For example, if you want to be in charge of everything and don't have the time or capital for a franchise, starting from scratch will be best. But if you are looking for guidance, training, support, and partners that have done it before – franchises may suit your needs better.
With SBA interest rates being at historic lows, many people are looking to buying a franchise. With franchises, you are subject to the brand guidelines set by the company. But there are also significant benefits to franchisees in the multi-billion-dollar fitness industry, such as the support they give you, the brand recognition, the marketing opportunities, and the know-how of the franchise to help you hit the ground running.
Now that you know the benefits and drawbacks of both paths to take, it's up to you which route will work best for your needs. Let's take a look at seven ways to generate a living with a franchise fitness studio.
1. Membership Fees
The most significant source of revenue is the regular monthly membership fee you charge your customers. This provides you with an ongoing revenue stream. At Eat The Frog Fitness, for example, membership fees range from $99 to $299. A 2021 report from the Global Health and Fitness Association (IRSHA) suggests that members are willing to pay more for personalized attention when it comes to health and fitness than they will at a big box gym. The average cost per visit paid by studio members is estimated to be double the cost of general membership per-visits at a big box gym. As a studio owner, your target is high-income earners who are willing to pay more for personalized attention.
A fitness studio owner can make money by taking on the operator's role and receiving a salary for running the business. This is a good option for people with experience or background in health and fitness and want to take on more responsibility or have experience running a retail business. It is also an option for those looking to transition into a new career and want something hands-on.
3. Personal Training
Eat The Frog Fitness offers a one to many (group training sessions) versus a one to one personal training model. Traditional personal training is more expensive and revenue is limited to that individual trainers time. With studio fitness that conducts training in a group setting, the coaches still focus on hyper-personalizing the experience for members, while studio owners can maximize their profits with up to 24 members in a single session.
They can be more lucrative if you are targeting a niche market for weight loss or athletic performance.
4. Fitness Events/Challenges
Studio owners also generate revenue through events hosted at their business. People, for instance, pay a registration fee to participate in an event related to weight loss or a limited time challenge. Members specifically love short term challenges and it helps improve member retention, as well as offer additional revenue.
5. Retail Products
Each Eat The Frog Fitness studio also has a Frog Shop inside the facility to sell merchandise and retail items, such as coveted branded merch, workout clothes, meal replacement shakes, or water bottles.
6. Upgrades And Add-On Services
Studio members can also add additional monthly revenue-generating services like the InBody.
These services attract a different type of member than traditional weight training sessions and allow the studio owners to diversify their income sources without adding too many hours onto an already busy schedule. The InBody takes no additional time from the team (it can be member led) and helps members track internal gains increasing retention and member satisfaction.
7. 24/7 Model
Eat The Frog Fitness studios are all 24/7 – removing the traditional drawback to studio fitness, which is members busy schedules. Now members can workout whenever they want, increasing your capacity and allowing for convenient and accessible workouts all day, every hour. You can run your fitness studio 24/7 with zero additional staff. State of the art technology supports the 24/7 model to ensure a safe and convenient workout for members in a completely staff-free studio during non-peak hours.
Benefits of Buying Your Fitness Studio Franchise
While reading this article, you might have asked yourself: "how much do fitness franchise owners make?" If this is your first time considering owning a fitness franchise, it's essential to be informed about the potential benefits. There are many reasons you might find yourself attracted to becoming a business owner, such as making more money on average and having less risk than an employee. On average, fitness owners make six figures: 100k-150k. In addition to the income, being a franchise owner comes with other intangible benefits such as:
- Being able to manage your schedule better than ever before because it doesn't matter what time clients come in as long as they keep coming back.
- Choosing great locations near you thanks to franchising opportunities making it easy to find one that is perfect for you and your lifestyle.
- The opportunity to build a team with like-minded people who share the same goals as you can be very fulfilling when it's going well.
In brief, if you're looking for a new business venture, opening your fitness studio can be an excellent way to go. There are many benefits and challenges that come with this kind of entrepreneurial endeavor. This article has shown seven ways to make money with it.
With so much opportunity in the market right now, what will be your decision?