Should I open a fitness center for extra money?

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miamivice
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Should I open a fitness center for extra money?

Post by miamivice » Fri Dec 15, 2017 9:41 am

One of my former high school classmates, who seems pretty darn smart to me, just opened a fitness center in the town this person lives in. They are pretty stoked about the idea. It cost about $5000 to obtain the franchise license, and maybe $20k to $50k in startup costs (initial lease, equipment for fitness center, etc). This person is going to keep their day job, and run the fitness center evenings and weekends. I don't know if they are hiring staff at this point or just doing limited hours. I'm avoiding putting the name of the national franchise down for privacy, but it's one you all have heard of.

Since I'm always interested in what "smart" people are doing, I am wondering if this would be a good idea for me to explore as well? I was dumbfounded when I heard the news. I always felt owning fitness centers (whichever name, whichever brand) was a money losing proposition, akin to owning a restaurant. But perhaps I am missing something, and this in fact might be a good money making venture?

Should I consider diversifying my investments by opening a fitness center?

bloom2708
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Re: Should I open a fitness center?

Post by bloom2708 » Fri Dec 15, 2017 9:52 am

I've looked into it. I don't really see how the strip mall fitness centers make it.

The leases alone on the building are hard to swallow. Figure out how many paying members it would take to cover the basic operating expenses. Then factor in taxes. Then factor in the time/managing/hiring/repairs/insurance. Can these places get to 300/350 regular paying memberships? I guess do a lot of homework. I see them all over, so they must squeak by.

Buying more Total US and Total International is much more straight forward for me.
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voodoo72
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Re: Should I open a fitness center for extra money?

Post by voodoo72 » Fri Dec 15, 2017 9:55 am

miamivice wrote:
Fri Dec 15, 2017 9:41 am
One of my former high school classmates, who seems pretty darn smart to me, just opened a fitness center in the town this person lives in. They are pretty stoked about the idea. It cost about $5000 to obtain the franchise license, and maybe $20k to $50k in startup costs (initial lease, equipment for fitness center, etc). This person is going to keep their day job, and run the fitness center evenings and weekends. I don't know if they are hiring staff at this point or just doing limited hours. I'm avoiding putting the name of the national franchise down for privacy, but it's one you all have heard of.

Since I'm always interested in what "smart" people are doing, I am wondering if this would be a good idea for me to explore as well? I was dumbfounded when I heard the news. I always felt owning fitness centers (whichever name, whichever brand) was a money losing proposition, akin to owning a restaurant. But perhaps I am missing something, and this in fact might be a good money making venture?

Should I consider diversifying my investments by opening a fitness center?
Not trying to be rude or anything but you say "seems smart" I would not make a business decision based on that.. The fitness industry is very saturated and difficiult to make money on, trust me it will be a time suck for you and potential energy..There are gyms in my area for 20 bucks a month, very little to make off of that

stoptothink
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Re: Should I open a fitness center for extra money?

Post by stoptothink » Fri Dec 15, 2017 9:57 am

I was briefly in the industry right after finishing undergrad, as the regional head trainer for arguably the largest name in fitness centers. DON"T DO IT. Unless you are a sports-specific athletic training facility and develop a following, there is almost no way the smaller facilities can compete.

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Re: Should I open a fitness center for extra money?

Post by knpstr » Fri Dec 15, 2017 9:58 am

miamivice wrote:
Fri Dec 15, 2017 9:41 am
One of my former high school classmates, who seems pretty darn smart to me, just opened a fitness center...

Should I consider diversifying my investments by opening a fitness center?
Why not keep in touch and ask how things are going in a few years?
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Re: Should I open a fitness center for extra money?

Post by LadyGeek » Fri Dec 15, 2017 10:00 am

Running a successful business takes time, money, and experience. You might have the money, maybe the time, but definitely not the experience. It's why owners hire business managers to do nothing more than take care of the financial end.

Here's what you need to do: 10 steps to start your business, from the Small Business Administration

Important: Know the difference between franchising and buying a business
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Re: Should I open a fitness center for extra money?

Post by KlangFool » Fri Dec 15, 2017 10:01 am

OP,

Why would you want to do this?

A) You have enough money.

B) You do not have enough time to spend with your family.

C) The amount of profit is insignificant.

I come from a multi-generation business family. Many of my family members are in business.

KlangFool

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Re: Should I open a fitness center for extra money?

Post by adamthesmythe » Fri Dec 15, 2017 10:07 am

> a money losing proposition, akin to owning a restaurant.

MANY restaurants fail, but not all. Based on my observations they usually fail quickly if they are going to fail.

Certainly SOME people have become comfortable, or a bit more than comfortable, by running franchises. Where I lived last the guy in The Big House Up the Hill had multiple restaurant franchises.

My impression is (1) it's real work and (2) franchises vary greatly in the success rates of their franchisees. Some are very careful about location, training, and monitoring. Others aren't.

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Re: Should I open a fitness center for extra money?

Post by alpine_boglehead » Fri Dec 15, 2017 10:10 am

Before really considering it, do a thorough research. Check out the local market. Maybe your former classmate opened shop in a town where there was little competition.

But I would suspect that investing all that effort, time and money into yourself (education) at your profession, you might get a better payoff.

One thing which might keep the fitness centers afloat (also seems a rather crowded business to me, at least where I live) is the people who have subscriptions but drop by only seldom, so they can overbook their capacity.

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Re: Should I open a fitness center for extra money?

Post by smitcat » Fri Dec 15, 2017 10:12 am

miamivice wrote:
Fri Dec 15, 2017 9:41 am
One of my former high school classmates, who seems pretty darn smart to me, just opened a fitness center in the town this person lives in. They are pretty stoked about the idea. It cost about $5000 to obtain the franchise license, and maybe $20k to $50k in startup costs (initial lease, equipment for fitness center, etc). This person is going to keep their day job, and run the fitness center evenings and weekends. I don't know if they are hiring staff at this point or just doing limited hours. I'm avoiding putting the name of the national franchise down for privacy, but it's one you all have heard of.

Since I'm always interested in what "smart" people are doing, I am wondering if this would be a good idea for me to explore as well? I was dumbfounded when I heard the news. I always felt owning fitness centers (whichever name, whichever brand) was a money losing proposition, akin to owning a restaurant. But perhaps I am missing something, and this in fact might be a good money making venture?

Should I consider diversifying my investments by opening a fitness center?
"They are pretty stoked about the idea. It cost about $5000 to obtain the franchise license, and maybe $20k to $50k in startup costs (initial lease, equipment for fitness center, etc)."

Those are not the full costs and the rest of these posts are pretty accurate.

KlangFool
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Re: Should I open a fitness center for extra money?

Post by KlangFool » Fri Dec 15, 2017 10:16 am

miamivice wrote:
Fri Dec 15, 2017 9:41 am

This person is going to keep their day job, and run the fitness center evenings and weekends.
miamivice,

This is not a scalable profitable business. It is a second job for the person.

KlangFool

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Re: Should I open a fitness center for extra money?

Post by LadyGeek » Fri Dec 15, 2017 10:19 am

You won't have the same perspective after listening to this NPR podcast: Episode 590: The Planet Money Workout
Most businesses would close if their customers never showed up. An empty restaurant is a disaster. An empty store means bankruptcy. At a gym, emptiness equals success.
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snackdog
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Re: Should I open a fitness center for extra money?

Post by snackdog » Fri Dec 15, 2017 10:25 am

The current hot trend in gyms are small boutique places with alternative "fun" exercises (think kettle balls) and dedicated trainers for each client for each session. They run around $200/month and up. A buddy of mine started one in San Francisco last year and it is on fire. He can't hire trainers fast enough.

p0nyboy
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Re: Should I open a fitness center for extra money?

Post by p0nyboy » Fri Dec 15, 2017 10:31 am

Your "smart friend" hates money...thats why they opened a fitness center.

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Sandtrap
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Re: Should I open a fitness center for extra money?

Post by Sandtrap » Fri Dec 15, 2017 10:39 am

Fitness centers make money on membership sales contracts. A greater percentage of folks do not keep up attendance but still must make the payments. You can quit going but not quit the contract. Thus, the greatest effort in a fitness center is sales, sales, sales, sales, advertising, marketing, and promotion, promotion, promotion.
The sales contracts (loans) are then bundled and sold to finance companies, etc, for a percentage of their value in cash. And, of course, the first "skim" is the franchise fee, then sales commissions, then rent, then expenses, then you.
Fitness centers count on a high dropout rate. If everyone came that signed a contract (loan) there would be no room in the building.
This business, done well as a fully immersive professional business in the right location and with all wheels turning, and a very aggressive marketing/advertising (expensive) effort can be extremely lucrative. However, after a time, the equipment looks old, the place smells musty, and the "newness" loses appeal. Then the business is either renovated under a new and improved name, or sold, or closed. Why? Because the area has only so much people and it becomes saturated. The fish that were interested have all been caught.
I worked with several fitness club owners for many decades on other projects. I was not divested in their fitness business but did learn much about the finance aspects of it. A few were substantially wealthy for it. Dozens of folks that we knew closely tried it in various parts of the country with different success and failure rates.
As for franchises. I've also worked with many of the other types of franchises. The owner of the Franchise, like Papa Johns, Little Caesars, etc. do very very well (rake it in) . The franchisees, however,. . . have mixed success and failures like all small businesses. There are always new franchisees hoping to make it big. The allure of easy money is timeless.
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Re: Should I open a fitness center for extra money?

Post by TXGymGuy84 » Fri Dec 15, 2017 10:59 am

I own over 30 gyms with an average ebitda of $190K per store. That being said, I think the golden age of the fitness industry is behind us and I would only open a new gym in a smaller, tertiary market with no other competition besides maybe a 'mom & pop' gym. The Planets, Crunches, and other discount big box gyms are a force to be reckoned with no matter how much you feel your facility is superior. I'm guessing you're referring to opening a Crossfit based on the $5K franchise fee. If that is the case, I'd strongly encourage you not to move forward on this unless you are doing it full time. Crossfits are entirely dependent on their culture which is typically closely tied to the owner who in most cases owner/operates. If you aren't involved in the day to day of the business the quality of service will slide and you'll start churning through trainers faster than you can imagine. This begins the downward spiral and the gym will ultimately struggle and/or close. If, on the the other hand, you are passionate about fitness, have previous fitness experience, and want to do this full-time, then go ahead and take the gamble because like you mentioned the upfront costs are very low compared to starting other businesses. There is already a lot of misinformation in this thread; this is a life changing decision for better or worse so PM me if you have any questions.

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Re: Should I open a fitness center for extra money?

Post by alfaspider » Fri Dec 15, 2017 11:11 am

smitcat wrote:
Fri Dec 15, 2017 10:12 am
miamivice wrote:
Fri Dec 15, 2017 9:41 am
One of my former high school classmates, who seems pretty darn smart to me, just opened a fitness center in the town this person lives in. They are pretty stoked about the idea. It cost about $5000 to obtain the franchise license, and maybe $20k to $50k in startup costs (initial lease, equipment for fitness center, etc). This person is going to keep their day job, and run the fitness center evenings and weekends. I don't know if they are hiring staff at this point or just doing limited hours. I'm avoiding putting the name of the national franchise down for privacy, but it's one you all have heard of.

Since I'm always interested in what "smart" people are doing, I am wondering if this would be a good idea for me to explore as well? I was dumbfounded when I heard the news. I always felt owning fitness centers (whichever name, whichever brand) was a money losing proposition, akin to owning a restaurant. But perhaps I am missing something, and this in fact might be a good money making venture?

Should I consider diversifying my investments by opening a fitness center?
"They are pretty stoked about the idea. It cost about $5000 to obtain the franchise license, and maybe $20k to $50k in startup costs (initial lease, equipment for fitness center, etc)."

Those are not the full costs and the rest of these posts are pretty accurate.
Are you talking a "globogym" style gym with a full spectrum of workout equipment? $20k sounds extremely low for equipment if so. A single commercial grade squat rack, barbell, bench, and weight set is a $5,000 proposition. A single commercial grade treadmill is $2k. And that's not getting into the many other various machines and assorted equipment most gym patrons expect.

If you are talking about the class-oriented gyms, I imagine startup costs are lower, but there's going to be a lot of personnel management (and cost) to worry about. I'd also be concerned about the faddish nature of many of those gyms. Eventually, people will likely get bored of spin classes, or Orangetheory workouts, or whatever type of class the gym offers.

I'd also think about what that $5,000 franchise license is really buying you. Does the brand really have equity in your location? Does operating under the brand umbrella require giving up certain amounts of control or accepting burdens on behalf of the franchise. For example, do patrons purchasing memberships at location A have the right to use location B? Are you required to pay into group advertising pools, etc?

Frankly, I think the fitness industry is pretty well saturated except for specific niche markets. But if you are trying to get into a niche market, you better have connections in that market. For example, if you are trying to open a hardcore powerlifting gym, you would really need to be well-known in the powerlifting community.
Last edited by alfaspider on Fri Dec 15, 2017 11:16 am, edited 2 times in total.

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djpeteski
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Re: Should I open a fitness center for extra money?

Post by djpeteski » Fri Dec 15, 2017 11:15 am

p0nyboy wrote:
Fri Dec 15, 2017 10:31 am
Your "smart friend" hates money...thats why they opened a fitness center.
Nice, love the verbiage. I use this frequently especially when those who want to trade in Forex.

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randomizer
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Re: Should I open a fitness center for extra money?

Post by randomizer » Fri Dec 15, 2017 11:17 am

I wouldn't touch this with a barge pole.
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Re: Should I open a fitness center for extra money?

Post by chevca » Fri Dec 15, 2017 11:20 am

KlangFool wrote:
Fri Dec 15, 2017 10:01 am
OP,

Why would you want to do this?

A) You have enough money.

B) You do not have enough time to spend with your family.

C) The amount of profit is insignificant.

I come from a multi-generation business family. Many of my family members are in business.

KlangFool
This ^^

OP, you have started threads about having enough and wanting to cut back on work for family. Why in the world would you even entertain this idea about the fitness center?? It serves no good purpose in your life.

PFInterest
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Re: Should I open a fitness center for extra money?

Post by PFInterest » Fri Dec 15, 2017 11:22 am

A CrossFit just for the weekends? Good luck...

dbr
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Re: Should I open a fitness center for extra money?

Post by dbr » Fri Dec 15, 2017 11:27 am

No. It has nothing to do with being "smart" and it is a business venture you don't understand and not an investment.

That does not mean that someone who does understand what they are doing and wants to be in the business should not do it.

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fire5soon
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Re: Should I open a fitness center for extra money?

Post by fire5soon » Fri Dec 15, 2017 11:28 am

This may be anecdotal, but in a past role I saw dozens of people's credit reports every day. By far the number one collection item on many credit reports were gym memberships. In other words the people weren't paying their contracts in huge numbers.

Other than that I have no experience with running a gym.

Good luck.
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bloom2708
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Re: Should I open a fitness center for extra money?

Post by bloom2708 » Fri Dec 15, 2017 11:33 am

TXGymGuy84 wrote:
Fri Dec 15, 2017 10:59 am
I own over 30 gyms with an average ebitda of $190K per store. That being said, I think the golden age of the fitness industry is behind us and I would only open a new gym in a smaller, tertiary market with no other competition besides maybe a 'mom & pop' gym. The Planets, Crunches, and other discount big box gyms are a force to be reckoned with no matter how much you feel your facility is superior. I'm guessing you're referring to opening a Crossfit based on the $5K franchise fee. If that is the case, I'd strongly encourage you not to move forward on this unless you are doing it full time. Crossfits are entirely dependent on their culture which is typically closely tied to the owner who in most cases owner/operates. If you aren't involved in the day to day of the business the quality of service will slide and you'll start churning through trainers faster than you can imagine. This begins the downward spiral and the gym will ultimately struggle and/or close. If, on the the other hand, you are passionate about fitness, have previous fitness experience, and want to do this full-time, then go ahead and take the gamble because like you mentioned the upfront costs are very low compared to starting other businesses. There is already a lot of misinformation in this thread; this is a life changing decision for better or worse so PM me if you have any questions.
Thanks for the perspective. Please do correct the misinformation if you spot it. Many non-fitness center owners (like myself) can only made educated guesses based on other experience.
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renue74
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Re: Should I open a fitness center for extra money?

Post by renue74 » Fri Dec 15, 2017 11:40 am

I've worked for YMCA clients since 2005. We make custom software and websites for this industry.

The costs you indicate are low and as others had said, the culture of the gym is based upon the owner/manager. Why go to your gym when Planet Fitness is charging $10/month and giving their customers pizza and free personal training sessions? I've known Y's where a Planet Fitness came into their market and their 18 to 30 year old customer base drop 40%+.

Most Y's get the most $ from members who sign up and don't show up....AND forget about the monthly bank or CC draft.

What I see that is hot right now are cycle studios. Those things charge $10 to $30 per session and people are eating them up. But, with anything fitness related it's a fad. Open a cycle studio and get stuck with a long term lease on bikes and you're screwed when the newness wears off.

You spend a lot of time & money marketing and trying to sell. It's not a "build it and they will come," business.

quantAndHold
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Re: Should I open a fitness center for extra money?

Post by quantAndHold » Fri Dec 15, 2017 12:02 pm

Any retail business like this is going to be a JOB. You need to plan on being present and managing the place for the indefinite future. If you want to do that kind of work though, you should talk to other owners of the franchise. Find out how hard they work, what their financials look like, keys to success or failure. Then go into it informed.

A work friend needed, for cultural reasons, to own a business. So he spent a year investigating different types of businesses. What were the startup costs, how much money did they make, how hard were they to run, etc. He found that most small businesses owners were quite happy to talk about their businesses. He also found that for a lot of types of businesses, owning a franchise or not didn’t really matter. The franchise owners had more revenue, but most of the excess revenue went right back to the parent company, so the bottom line was more or less equal between franchises and independent mom and pops, and the mom and pops had more control over their businesses. He found that the mailbox type stores were easy to run and had the best work life balance, but the owners only made half as much as he made at his programming job. He ended up buying a customs brokerage. No idea how that turned out. I lost contact with him shortly after.

I personally wouldn’t do a fitness center, because I don’t want to spend my life managing a retail business. And also because I’m not a fan of sweaty people dropping large weights near me all the time. I know nothing about the financial side of that business.

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Re: Should I open a fitness center for extra money?

Post by staythecourse » Fri Dec 15, 2017 12:10 pm

Sandtrap wrote:
Fri Dec 15, 2017 10:39 am
The allure of easy money is timeless.
This may be in the top 10 BEST single lines EVER because of how true it is.

ANYTHING you are thinking about doing because you think it will make "easy money" is not a good financial decision. For some it will work out (the minority) and the rest not so much. Just think about most jobs that make money, such as: Physician, lawyers, I bankers, etc... NONE of the money that is earned is "easy" without working hard to get in the position and then working hard to make it. That is just life.

The ONLY easy money I have seen is actually investing. Guess, why so many smart folks ended up on this board. :D

Good luck.
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Re: Should I open a fitness center for extra money?

Post by Bacchus01 » Fri Dec 15, 2017 12:58 pm

My wife is a personal trainer and group fitness instructor. She's very good at it and has a following. We've considered opening a small personal gym or even adding a gym to our house in order for her to do classes.

That said, it's because she loves it not because she makes any money at it. During winter months, she spends most of her time doing classes at the local Y for $9/hr. 100% of what she makes goes into a 403B.

In summer, she runs her own "bootcamp" business. She holds it at the local park and does 3 classes a week and collects about $5 per participant per class. With an average of about 20 people per class, she's making $100/hr at this.

Guess which one she enjoys a lot more?

I think the ability to open a gym and make money at it would be nearly impossible. But she provides a real personal service, creating fun but difficult HIIT workout plans and runs them early in the morning when people can attend. She gets paid 10X for this what she does working at the Y doing pretty much the same thing. I don't know how she could do this, and enjoy it like she does, by opening a "box."

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Re: Should I open a fitness center for extra money?

Post by HomerJ » Fri Dec 15, 2017 1:13 pm

miamivice wrote:
Fri Dec 15, 2017 9:41 am
This person is going to keep their day job, and run the fitness center evenings and weekends.
So two full-time jobs?
Should I consider diversifying my investments by opening a fitness center?
Doesn't sound like diversifying. It sounds like a second full-time job.

Yes, one can make more money by working two jobs instead of one, 80 hours a week instead of 40.

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Re: Should I open a fitness center for extra money?

Post by stoptothink » Fri Dec 15, 2017 1:24 pm

Bacchus01 wrote:
Fri Dec 15, 2017 12:58 pm
My wife is a personal trainer and group fitness instructor. She's very good at it and has a following. We've considered opening a small personal gym or even adding a gym to our house in order for her to do classes.

That said, it's because she loves it not because she makes any money at it. During winter months, she spends most of her time doing classes at the local Y for $9/hr. 100% of what she makes goes into a 403B.

In summer, she runs her own "bootcamp" business. She holds it at the local park and does 3 classes a week and collects about $5 per participant per class. With an average of about 20 people per class, she's making $100/hr at this.

Guess which one she enjoys a lot more?

I think the ability to open a gym and make money at it would be nearly impossible. But she provides a real personal service, creating fun but difficult HIIT workout plans and runs them early in the morning when people can attend. She gets paid 10X for this what she does working at the Y doing pretty much the same thing. I don't know how she could do this, and enjoy it like she does, by opening a "box."
I've helped a few friends who own their own small fitness studios, get into larger businesses in the area and train in their facilities. You can easily make $100/hr doing small classes a few times a week as part of corporate wellness programs. In fact, my wife's employer pays a very good friend of mine $500/week to do three 1hr classes, which I believe is more than she grosses full-time as part owner/head trainer at a private facility.

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Re: Should I open a fitness center for extra money?

Post by Spirit Rider » Fri Dec 15, 2017 1:55 pm

The last time I looked at the default rates/bankruptcies for Small Business Administration backed loans to franchises. Gyms were right at the top of the list along with with sub, pizza, wings, etc... The common threads were modest startup capital and lack of a requirement that the franchise owner have direct experience in the industry.

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Re: Should I open a fitness center for extra money?

Post by david99 » Fri Dec 15, 2017 1:56 pm

I would find a franchise owner in another state ( so you are not competing with them) and ask them a bunch of questions.
How many hours do you have to put in? Can you do it part time? ..... Treat them to dinner and ask a lot of questions.

Bacchus01
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Re: Should I open a fitness center for extra money?

Post by Bacchus01 » Fri Dec 15, 2017 3:18 pm

stoptothink wrote:
Fri Dec 15, 2017 1:24 pm
Bacchus01 wrote:
Fri Dec 15, 2017 12:58 pm
My wife is a personal trainer and group fitness instructor. She's very good at it and has a following. We've considered opening a small personal gym or even adding a gym to our house in order for her to do classes.

That said, it's because she loves it not because she makes any money at it. During winter months, she spends most of her time doing classes at the local Y for $9/hr. 100% of what she makes goes into a 403B.

In summer, she runs her own "bootcamp" business. She holds it at the local park and does 3 classes a week and collects about $5 per participant per class. With an average of about 20 people per class, she's making $100/hr at this.

Guess which one she enjoys a lot more?

I think the ability to open a gym and make money at it would be nearly impossible. But she provides a real personal service, creating fun but difficult HIIT workout plans and runs them early in the morning when people can attend. She gets paid 10X for this what she does working at the Y doing pretty much the same thing. I don't know how she could do this, and enjoy it like she does, by opening a "box."
I've helped a few friends who own their own small fitness studios, get into larger businesses in the area and train in their facilities. You can easily make $100/hr doing small classes a few times a week as part of corporate wellness programs. In fact, my wife's employer pays a very good friend of mine $500/week to do three 1hr classes, which I believe is more than she grosses full-time as part owner/head trainer at a private facility.
My wife does this as well. She does them both as her personal business, and does them through the Y's outreach program. It's laughable. At the Y they pay her the same $9/hr to do the same program she does for other businesses for $100/hr. But she loves it, so I don't question it.

CFM300
Posts: 1373
Joined: Sat Oct 27, 2007 5:13 am

Re: Should I open a fitness center for extra money?

Post by CFM300 » Fri Dec 15, 2017 4:48 pm

miamivice wrote:
Fri Dec 15, 2017 9:41 am
Should I consider diversifying my investments by opening a fitness center?
Do you know anything about fitness?

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CaliJim
Posts: 2982
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Location: California, near the beach

Re: Should I open a fitness center for extra money?

Post by CaliJim » Fri Dec 15, 2017 5:25 pm

miamivice wrote:
Fri Dec 15, 2017 9:41 am
Should I consider diversifying my investments by opening a fitness center?
No
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knick17
Posts: 81
Joined: Sun Jul 02, 2017 9:39 am

Re: Should I open a fitness center for extra money?

Post by knick17 » Fri Dec 15, 2017 10:23 pm

I personally think that opening a fitness centre is a goo idea...howeer there are 2 options for me.
Following a franchise is a safe option but maybe won't be a huge income.
If you have the money id rather something independent but that offers something unique, either some particular machines, or maybe focus on one aspect f fitness (yoga-meditation-massage/strenght &conditioning- powerlifting/...)

jadedfalcons
Posts: 189
Joined: Sat Feb 04, 2017 8:55 pm

Re: Should I open a fitness center for extra money?

Post by jadedfalcons » Fri Dec 15, 2017 10:40 pm

We once rented to a couple of guys who bought a franchise from a fitness company. They thought they could be hands off owners and the money would just pour in.

Never once did they pay they rent on time. They were a couple bad apples themselves, but their employees raided the cookie jar constantly. We finally ended up evicting them when our building made national news after an employee hid a camera in a tanning room.

If you want to do a hands off business, better to think about everything that can go wrong as opposed to right.

It's become a saturated business in most markets.

itstoomuch
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Joined: Mon Dec 15, 2014 12:17 pm
Location: midValley OR

Re: Should I open a fitness center for extra money?

Post by itstoomuch » Fri Dec 15, 2017 10:41 pm

My son hasn't discovered any hard body single female s at the fitness/bouldering/wall facility.
A useless comment.
Ymmv

I go to the gym for 100 calories on a slow stationary, watch CNBC, a shower, and sauna.
Sometimes i'll do Silver & Fit class but the even older folks work too hard for me :? :| :beer
Rev012718; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax TBT%. Early SS. FundRatio (FR) >1.1 67/70yo

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