Is Gym Franchise for Veterans a Good Idea?

After leaving the military, veterans find it difficult to search for a place in the workforce that feels right for them. However, when you are trained for the military, getting in shape and staying was certainly an advantage. Many veterans take the path of starting a job which may not be the best decision long-term. Starting a business, doing a thing they are already good at can be just the right way to reinvent themselves post-military life.

Roughly a quarter of all veterans are interested in starting their own business, according to the U.S. Small Business Administration. And why not, because of the benefits this offers, franchises are a very popular route to go for many of them. Thanks to the extensive network of owners, and a proven business model, the franchise provides veterans with easy tools needed to learn how to operate and start a business.

Franchise for veterans, a good fit?

To simply put, veterans tend to possess strong leadership and communication skills, which make them ideal for leading a business model which requires the best of all the skills. And after many years of the military when they are looking for more than just a job, they might always be on the lookout for a sense of community, being active, communicating with people, and having a great environment to work. This makes them especially well suited for the ups and downs of owning a franchise. Some basically, appreciate the structure that is a big part of the appeal. That is, the franchise structure allows them to find and lead their own team and build something for themselves.

However, with the help of franchise business consultants, like Irving Chung in the field, they also get proven systems and processes that can lead to success if they follow the franchise model properly.

Best Gym Franchise for Veterans

So when it comes to fitness franchises, there are many options to choose from including but not limited to:

1. High-intensity specialty fitness centers

2. Fitness centers that target women only

3. Boxing clubs

4. traditional large fitness centers

5. pre and post-natal workout facilities

6. 24-hour fitness centers

7. boot camps

While the above are the types, there are some Gym franchises for veterans that need the owner to be involved in the business full-time. On the contrary, other models allow for absenteeism, this means, the business is run by managers who look after day-to-day activities.

If you are thinking about owning a franchise, you might have already set your eyes on particular fitness franchises that fit your skills and preferences, but if you lack the budget to acquire it, you can consider options like getting the financing help from owners or just procuring a loan from the bank will work. Whichever franchise-type and financing method you choose, carefully analyze the pros and cons, if you are new to all this get help from consultants.

Once all your homework is done, be ready for the big returns it is bound to bring in!

How much does it cost to open a gym franchise?

The cost of owning a gym from scratch can be significant. However, the franchise cost doesn’t have to be significant. Besides the initial fees you will pay to the franchise, there are factors that influence the total investment required including the franchise license, size of the gym, equipment used, and marketing. Here is a breakdown of everything:

1. Initial Investment: The initial upfront investment can fall anywhere between $30,000 to $300,000. If you are too conservative when it comes to budget, you can select a small gym and get away with as little as $30,000-50,000 total investment. Of course, when you get in touch with an expert consultant they will help you find good brands that are less expensive than others. Then there are mid-range gyms and high-range gyms that require larger financial requirements. The License fee here is another cost that the parent company will initially charge that allows you to start operating your business. The license fee is a one-time fee, that varies depending on the scale of the business and the revenue. Another cost that’s ongoing is royalties. Some companies charge a flat rate per month while others keep on changing depending on the gross revenue.

2. Franchise fee: Many investors wonder when they could simply open a business independently why they should go the franchise route. The truth with the franchise model is that it keeps other costs low. With an already established franchisor, they can help you keep your costs low by sharing their time-tested business model, connecting you with trusted resources for real estate and marketing, and setting up a new franchise as efficiently as possible. Here are some aspects they can help you with:

   1. location and lease

   2. wide range of equipment

   3. upscaling interiors of your area

   4. hiring and training staff

How much money can you make owning a gym franchise?

Without a doubt, you can earn a good profit, depending on how much you invest initially, the location, size, and amenities. The gym franchise might make you $1 Million plus a year if it is a trendy area in a major city and has brand recognition. So it all depends on how much time you have spent making a decision!

Just like other gyms do, fitness franchises do earn a major chunk of income. The right decision is a major contributor to success! It is already hard to run a fitness business but it can be complicated if no one knows your brand. Owning a well-established franchise is better in that sense because people are already well aware!