The financial requirements for a gym franchise with Workout Anytime are straightforward and meeting them will help to get your business started strong.
Interested in joining Workout Anytime? We are one of the fastest-growing health club franchises in the industry with 150+ locations open and many under development in 19 states. Owning a Workout Anytime franchise requires an individual or partnership to meet certain financial requirements. Please review the information below, where we have attempted to illustrate the key points of these requirements. As always, please contact us directly to answer any finance questions.
When you open a Workout Anytime franchise, we require you to have $175k of liquid capital, and a net worth of at least $500k for each location you’d like to open. In our experience, franchise-partners who have this level of available capital are able to invest everything that’s needed into their business while it is still in its early stages. Part of our application process includes verifying your finances to ensure that you have the appropriate amount of capital.
All in all, our franchise-partners can expect to make a total investment of approximately $449,800-$866,000 when they open their Workout Anytime franchise location. The exact amount you’ll invest will depend on a number of factors, such as the size of the site you’re franchising in as well as what kind of location you choose. Check out some of the key financial requirements for a gym franchise below.
Your total investment covers a number of expenses. For a full breakdown of expenses, check out Item 7 of our FDD, our Estimated Initial Investment table. Here we’ll discuss a few of the key expenses your initial investment will go towards.
Your initial franchise fee is due when you sign your franchise agreement. Please note that when you opt to open three Workout Anytime locations, you can take advantage of our “Franchise Fee 3-Pack” and enjoy a discounted franchise fee of $70,000! We’re also proud to offer discounts on the franchise fee to qualified veterans – ask us how you can save up to 22% on your franchise fee.
Next, you will sign a Development Agreement specific to your territory. You’ll pay this fee directly to us, and afterwards we’ll be able to get started on identifying your specific location.
We built in an estimate of the costs you’ll incur while training into the estimated total initial expenses. These travel funds will help to cover your cost of living as you’re in training, learning everything you’ll need to know about owning and operating a Workout Anytime franchise.
One of the key financial requirements for a gym franchise is the cost of renting a facility. The costs of rent and a security deposit vary widely depending on the size, condition, and location you select. We can help you find just the right location for you to open your Workout Anytime fitness center, and you’ll sign a lease agreement with the landlord of the property you decide on.
It should come as no surprise that one of the most significant costs associated with opening a gym is the exercise equipment itself. We’ve developed relationships with approved vendors who you will work with to supply your gym with all of the exercise equipment your customers will need to develop their workout routines.
At Workout Anytime, we require our franchise-partners to spend a set amount on advertising. We’ve found that spending at least $4,000 per month on advertising as the business is still getting established is a great way to help our franchise-partners develop a customer base. After the initial three months, we ask our franchise-partners to spend $2,000 a month on advertising to help continue to reach out to new customers.
As with any franchisor, you can expect to pay monthly royalties when you franchise with Workout Anytime. The monthly royalties you’ll pay will help us cover the cost of the ongoing support you’ll receive as a Workout Anytime franchise-partner.
These financial requirements for a gym franchise help to ensure that you have what you need when you open for business. These are just some of the key costs that are a part of our franchise-partners’ estimated total initial investment. As you can see, it’s important that franchise-partners are prepared to invest into their business in its early stages. This is why we require our franchise-partners to meet specific financial requirements.
For more information about the financial requirements for a gym franchise, contact us today!