GOLD’S GYM Franchising Information & Startup Cost
Peoples workout habits change with time and that is just the concept behind Gold’s Gym. The fitness outfit was developed with today’s trend in fitness in mind and also designed to assist people in all athletic stage to achieve their fitness goals at a great price. This is the new generation gym concept and so you might want to get enlightened on how much is a Gold’s Gym franchise.
FRANCHISE INFORMATION ABOUT THE COMPANY
Gold’s Gym was established in the year 1965 and Bodybuilders that usually trained outside on Muscle Beach in California were among the first set of customers they had. In the year 1975, Arnold Schwarzenegger’s movie “Pumping Iron” was themed on Gold’s Gym. This propelled the outfit into the limelight.
Apart from the fact that the outfit runs health programs, they also sell their customized Gold’s Gym apparel via their Pro Shops.
The company has also just launched its much-expected Gold’s Gym Express Club, which was designed for the first time fitness club owners. The Express club does not incorporate much of the facilities that will be featured in a standard gym and it requires just a little space to operate.
IS GOLD’S GYM A FRANCHISE
Gold’s Gym is a franchise and they started selling franchise opportunities in the year 1980.
THE FRANCHISE OFFER
Gold’s Gym Company sells franchise opportunities to the public and the responsibility of a franchisee with the company will be to carry out businesses in the company’s formats, procedures, designs, layouts, trade name, standards and brand identities. This will include fitness training, coaching, health programs, and merchandise and so on.
WHY GOLD’S GYM FRANCHISE
The Gold’s Gym franchise program was designed to give gym operators the opportunities to benefit from the company’s brand and experience in the fitness industry that is worth about $13 billion. These are the reasons why you should consider buying into the company’s franchise:
- You have an instant brand awareness
- When you buy into the company’s franchise, you will be benefitting from more than 77 years experience in business and about 37 years of franchising experience.
- The company will give you total support throughout the course of your business
- You will be given access to the company’s networks and club owners all over the world
- You will also be able to earn extra income through the Gold’s Gym apparel store
- You will also get continuous training through educational programs meted out by the company from time to time
HOW MUCH DOES A GOLD’S GYM FRANCHISE COST
The Gold’s Gym franchise cost is the aggregate of all the costs needed to set up a new Gold’s Gym franchise unit. The initial investment that will be required to start up a new unit is about $2,000,000 to $5,000,000.
New franchisees with the company are also expected to have a net worth of about $1,000,000 and a liquid cash of about $400,000
GOLD’S GYM FRANCHISE FEE
The Gold’s Gym franchise fee is a compulsory initial payment that every new franchisee will pay to the company. This will grant them the access to the license of the company and also give the franchisee the opportunity to run their business under the company’s brand. The Gold’s Gym franchise fee is $40,000 with an ongoing royalty fee of about 5% and ad royalty fee of 2%.
HOW MUCH DOES A GOLD’S GYM FRANCHISE MAKE
The amount of money you can make as a Gold’s Gym franchise owner will depend on so many factors. Your earnings will be determined by the location of the franchise unit and also the effort you input into making the business a successful one.
Gold’s Gym does not offer any form of direct funding to their new franchisees. However, the company has a 3rd party relationships with financial institutions that are willing to offer franchisees the required funds to start up their up their franchise.
Veterans that are honorably discharged from service can also get a 5% rebate off their initial franchise fee payment.
As a new franchisee, you will be given the necessary training to equip you with the technicalities involved in running a gym center. The company will also offer management and leadership training to get you geared up for the challenge ahead.
TERMS OF AGREEMENT
The initial period of time that a franchisee can hold on to the organizations’ license and operate under their brand name is ten years. Once this term expires, a renewal of another 10 years is possible if the franchisee can meet the terms and conditions set for renewal.
HOW TO OPEN A GOLD’S GYM FRANCHISE
This article has talked about how to open a Gold’s Gym franchise, though you will be expected to submit your application to the website of the company. Once the company has received your application and reviewed, the company’s representative will get back to you and if you are considered to own a franchise with the company, you will be allocated a franchise manager who will assist you in establishing your new franchise unit.
You will then be made to undergo the necessary training by the company and then get prepared to launch your Gym franchise.