I want to start up a mygym in my area, but need some advice?

Question

Can some one please take a look at this and let me know if this sounds reasonable?

Franchise Fees
Initial fee is $55,000
A monthly royalty fee equal to 6% of gross revenues
Fees and royalties pay for: The license to use the trade names, area selection and lease assistance, initial construction and space planning, training, operations materials, ongoing research and development of new services and products, continuing assistance and support, plus other services related to the owning, opening and operating a My Gym.

Franchise Investment
The required investment ranges from $113,375 - $238,660.

Advertising
Each franchise contributes 1% of gross revenues to the Advertising Fund. - The Fund is used to build name recognition and regional and national reputation.

Exclusive Territory, Site Analysis and Lease Negotiation
Franchisees are granted exclusive local territories in which no other My Gym facility will be sold.
Locations are determined on the basis of de

Everything entailed is right here:

http://www.my-gym.com/franchiseinfo/infopack.pdf

Answer 1

Since you've never been in business before, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. You have to ask for a counselor with expertise in the Franchising area and they'll try to match you with someone who is a subject matter expert. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.

The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a franchise and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them.

You'll need to register the business with your state controller's office and make sure that you have any city and county licenses if any are needed where you live. All of this will come out in a business plan.

Try this link :
http://www.ychange.com/small-business-consulting-articles.html and read some of the articles especially the ones about a business plan and starting a business.
Good Luck

Answer 2

Sounds pretty standard for a franchise.

Some questions to ask: How long have they been around? How many franchisees have signed up in that time, and how many are still in business? Exactly what does the "continuing assistance and support" entail?

Answer 3

I received engaged in 2005 and my marriage ceremony is ultimately this September. There have been 1 extraordinary instances I desired to transport the marriage ceremony up given that I used to be simply so excited to be getting married. Now, I am so joyful I stored the date I did. I were equipped to take my time with matters and truthfully consider matters via in relation to specific choices I ought to make. I would not be burdened. You have plenty of time. I consider that is a challenge all of us have whilst establishing to devise. We simply have got to take a seat again and take a deep breath. Granted, I consider I nonetheless jumped the gun on a few matters, however I quickly learned that I might take a relax tablet given that I have time. Do what works great for you.