In this episode of Industrious Radio, Jeremy (or Jerbear) and Steve outline the timeline for opening a new Industrious gym franchise after securing your territory.
Getting Started
Once you’ve locked in your territory and paid the franchise fee, it’s time to kickstart the process. The standard timeline to open a franchise is 24 months, though many franchisees aim to move faster, especially if they’re eager to hit the ground running.
First 90 Days
- Days 1-30: Real Estate and Financing Begin by connecting with the real estate team to search for suitable locations. At the same time, finalize your financing options. Most franchisees require about $350,000, which typically means having around $70,000 in liquid cash available.
- Days 31-60: Lease Negotiation After identifying potential sites, start negotiating lease terms. Submit Letters of Intent (LOIs) to landlords to express interest and gather offers. Expect to go through 2-4 rounds of negotiation, striking a balance in discussions—don’t get too hung up on minor details.
- Days 61-90: Finalize the Lease Once terms are agreed upon, the landlord will prepare the lease, which can take a few weeks. You’ll review and negotiate specific language in the lease to suit your operational needs. At this point, it’s crucial to hire an architect to begin working on the space design.
Next 60 Days: Pre-Construction and Permitting
After the lease is signed, you enter a pre-construction phase while awaiting permits. This includes hiring a general contractor and ordering equipment. Aim to complete the permitting process efficiently to stay on track for your opening.
Final 90 Days: Construction and Pre-Sales
Once permits are obtained, construction begins, typically taking 90 days or less for your Industrious gym. Start pre-sales during this construction phase, with a goal of securing memberships early—ideally reaching around 100 members by the time you open. During these last 90 days, focus on staff hiring and training to ensure your team is ready for opening day.
Grand Opening
After construction and training, plan a grand opening event, where the Industrious team will assist to ensure everything runs smoothly.
Conclusion
The timeline from locking in your territory to opening your gym is structured yet flexible, allowing franchisees to adapt based on market conditions. Jeremy and Steve emphasize the importance of staying proactive and utilizing available resources to navigate the process effectively.
Listeners are encouraged to reach out for more information or to discuss their franchise opportunities with the Industrious team. Join us in creating vibrant fitness communities across the country!
