In a recently updated report on the state of the fitness industry, it was revealed that the sector is growing by an average of nearly 9% per year. With all that steady, rapid growth, you’re probably thinking that now is a great time to invest in the booming fitness industry, which that same report show is worth nearly $1 trillion!
While there are a variety of investment opportunities in this thriving space, one of the smartest involves owning a fitness franchise. What makes it such a solid investment opportunity?
- Franchises are better positioned to compete in such a booming space as you benefit from name recognition, franchisor support, and financial upshots like low-interest SBA loans.
- With nearly $37 billion as of 2022, the gym space is the primary pillar of the wider fitness industry. In other words, it’s not going anywhere.
- The gym space is highly fragmented, meaning that it is not dominated by any major companies, positioning small business owners who are franchisees to better compete.
- New location expansion is one of the most proven strategies in the gym space, and franchising makes it easier to launch new locations, including multi-unit ownership opportunities.
- Franchising allows you to enjoy a high level of autonomy as a business owner while benefiting from the support of the wider company.
- Statistically speaking, franchised businesses have lower rates of failure.
So with all this in mind, how do you recognize the best fitness franchise opportunities? Let’s take a look at a few specific things you should look for.
The Characteristics of the Best Fitness Franchises
#1. A proven formula.
Look to own a fitness studio that has a proven recipe for success. That means the strategy leverages the latest fitness trends and has been reproduced in several different regions.
The program offered by Eat the Frog Fitness, for example, taps several of the hottest fitness trends, including personal training, group fitness, experiential fitness, fitness tracking tech, and an all-around immersive, tech-driven experience.
#2. Low startup costs and ongoing maintenance costs.
Look for a franchise opportunity that doesn’t require a prohibitive outlay of upfront costs due to the use of lots of expensive electronic equipment. This kind of equipment also tends to require a lot of ongoing maintenance.
At Eat the Frog, our fitness equipment is almost entirely body-powered, which means there are virtually zero electrical installation and maintenance costs. There are also 16, 20, and 24 station studio models to help you find and fit into more real estate opportunities.
#3. Plenty of revenue streams.
One of the most important things you can do to ensure the success of your fitness franchise involves finding one that offers plenty of opportunities for revenue. That means that it integrates several different revenue sources.
When you own an Eat the Frog Fitness franchise, for example, you not only take in membership fees, but also collect revenues from membership add-ons and upgrades, retail products, pay-to-participate challenges, hosted events, and more.
#4. Convenient operating model.
Look for a fitness franchise that offers a highly convenient operating model for both you and your members.
For example, at Eat the Frog Fitness, our 24/7, tech-centric model provides greater convenience to your members. This is not only attractive to new customers to begin with and supports member retention, but allows you to expand your potential customer base by 50-70%. At the same time, it makes your operation highly flexible in terms of staffing, and for non-peak times, your studio can operate entirely staff free!
#5. High NPS Score.
A business’s Net Promoter Score (NPS) ranks it on a scale of 1-100 that rates not only its customer experience but the potential for business growth. Apple, for example, has a score of 47. Google’s is 11. Amazon’s is 25, while Starbucks’ is 77.
Compare these against Eat the Frog Fitness’ outstanding score of 92!
Suffice to say that Eat the Frog offers a superior customer experience as well as a superior opportunity for growth.
Eat the Frog Fitness: One of the Best Fitness Franchise Opportunities in the Industry
Let’s summarize what we’ve learned. The best fitness franchises offer:
- A proven recipe for success.
- Flexible startup and maintenance costs.
- Multiple revenue streams.
- A convenient business model.
- A high NPS Score, meaning an outstanding customer experience and plenty of opportunity for growth.
Eat the Frog Fitness delivers on all of these points and more. Co-founded by Olympic Gold Medalist Bryan Clay, Eat the Frog offers athletic-inspired workouts in a tech-savvy, immersive setting. Leveraging some of the fitness industry’s hottest trends, Eat the Frog has enjoyed rapid growth over the past several years and is currently expanding into new markets across the United States.
What’s more, from a technical standpoint our NPS Score makes two things clear: our customers love us, and there is plenty of growth on the way.
In other words, now is the perfect time to launch your Eat the Frog Fitness franchise and capitalize on the booming fitness industry!
TO GET STARTED VISIT FROGFRANCHISE.COM WHERE YOU’LL FIND MORE DETAILS ABOUT EAT THE FROG FITNESS. WE’LL COLLECT SOME BASIC INFORMATION, THEN YOUR EAT THE FROG FITNESS FRANCHISING EXPERIENCE WILL BEGIN!