There’s an opportunity to be the franchisee of a 305 Fitness in NY. Ive always wanted to have my own shop, but the franchisee fees are $50k upfront (one time fee) and 7% royalties /month off gross profits. Is anyone experienced in this area and is this in line with market? I’m a lawyer, not really a risk taker.

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By own shop do you mean a 305 Fitness Franchise?

I would strongly recommend hiring some kind of independent consultant in addition to a franchising attorney if this is a passion project

No idea if the terms are “market” but I’d be way more concerned about demonstrated customer base, exclusivity, mandatory marketing and equipment/consumables from the franchisor, lease terms, build out or renovation costs, and speak to as many other franchisees as you can about their experience firat

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Also need to get an idea on actual time commitment for you in training period and then for operations after that

Sounds like an interesting opportunity in the fitness space which is very saturated in NYC. Where is the location?

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In Nassau County, Roslyn.

I understand the passion. But, as another poster mentioned, NYC is a saturated market and Roslyn is a suburban area — which is going to pose a greater challenge. (I know the area well; I grew up in a neighboring town.)

You need to determine the size of your target audience. A LOT of people who live in Roslyn work in Manhattan. Are they more or less likely to have a gym membership near home or work? Who would be your principal competition? Consider barriers to entry.

I know a lot of people who prefer to join a gym very close to work so that they can exercise immediately before or after (or even during their lunch hour). The biggest advantage for retail in an urban environment is the population density and foot traffic. You lose that advantage in the burbs.

I know a guy who for many years was the GC of a major gym chain. He left the company a couple of years ago because he didn’t see the future of the industry as a whole.

I would not, for a moment, encourage anyone to continue in the legal profession – – it’s miserable – – but you need to consider the long-term viability of any alternative.

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