My Gym Franchise Cost, Profit & Requirements 2024

Do you like to exercise and work with kids? With My Gym franchise, you can combine these two things together in a business where you can also make money. My Gym is a great franchise with an established system and a brand name. That’s why they might be a great opportunity for you.

My Gym Franchise

But is it really a great opportunity, is the cost and effort worth it, and what can you expect from a My Gym franchise? Below, we will dive deep into My Gym franchise cost and explain to you about My Gym, what they offer, and what their franchise system looks like.


About My Gym And My Gym History

My Gym first started in 1983 to offer non-competitive exercise and STEM classes for children aged between 6 weeks and 10 years old. Their classes include exercises like gymnastics, dancing, sports, and games that develop emotional and cognitive abilities.

The company started offering franchises in 1995, and they grew quickly after that. Now, they have over 700 locations across the globe and are actively recruiting franchises to grow the business even further. They offer different kinds of opportunities for entrepreneurs to start with My Gym and succeed with their extensive programs.


Franchise Model Table

Cost Or FeesAmount
Initial Investment      $36,750-$249,700
FranchiseYES
Franchising Since1995
Franchise-Fee$25,000-$55,000
Royalty-Fee7%
Liquidity$35,000-$65,000
Estimated Outlets700+

How Much Does It Cost To Open A My Gym Franchise?

You can open two types of My Gym franchise outlets, and both come at different costs. On average, the costs are between $36,750 and $249,700. Standard gyms, which are the classic brick-and-mortar gyms, cost between $168,400 and $249,700. The second type, the mobile gym, costs between $36,750 and $79,250.

Almost all costs change between these two types of outlets, from the franchise fee to the equipment, real estate improvements, and all others. Still, all the costs mentioned are just average costs, and depending on several factors, the real spending might be different.


Franchise Requirements

My Gym is not looking for any professional background at the franchise management level or in the industry. Their training programs aim to teach you everything you need, which is why you don’t need any kind of experience.

However, you need to qualify for financial requirements. You need to have a net worth of at least between $100,000 and $200,000 and liquidity of between $35,000 and $65,000. The exact financial requirements depend on the type of store you will open.


My Gym’s Profit & Revenue

According to the latest available documents, the company had a total revenue of $5.3 million in the 2022 fiscal year. In the same year, the company didn’t make any net profits. They lost money, which was a loss of $418,097.

They do not provide any kind of financial information about the franchised outlets. So we don’t know the average revenue and profit per store.


Training and Support Of My Gym

Training and Support Of My Gym

There is a very extensive initial training program that aims to immerse you in the brand. This process is divided into different times and levels. You will first have an online study guide to learn about My Gym’s curriculum and age groups. You go over these materials with My Gym’s training team, do quizzes and tests, and participate in classes.

Then, you will observe the class interactions between teachers and students, which also includes in-class training. This in-class training teaches how to teach the class, how to run the curriculum, and other similar operational things. Lastly, you will go through a 4-day virtual training to learn business and back-office.

As for the support, the My Gym team stays onsite for one to three days after opening. They also help with site selection, building the outlet, and initiating local marketing campaigns.


Terms of Agreement and Renewal

The initial length of the franchise agreement is 12 years. A renewal for another 12-year term is possible if both sides agree to it. Also, the franchise must approve the renewal request.


Obligations and Restrictions Of My Gym

Either the franchisee or the appointed general manager of the store must oversee the daily operations on a full-time basis.

They must be in the store during the operation hours and manage it onsite. The franchisee can appoint the general manager to do this job, but the franchisor must approve this manager who will successfully finish the necessary training.

The franchisee is allowed only to sell products and services that meet the standards and specifications and are approved by My Gym. The only way a My Gym franchisee can sell products is face-to-face, in the store. Selling the products online, by mail, and by other means is not allowed.


My Gym’s Financial Assistance

My Gym does not offer direct or indirect financial assistance. The franchisee is obligated to find their own financing without any help from My Gym.


My Gym Comparison

NameFranchise FeeRoyalty FeeInitial Investment
The Little Gym$59,5008%$465,250-$637,000
Gymboree Play & Music$45,0006%$106,000-$387,460
My Gym$25,000-$55,0007%$36,750-$249,700

Conclusion

My Gym is a franchise where you can combine your love for kids and teaching. On top of it, you can choose one of the two available franchise store options to accommodate your budget and your needs, which makes it even more opportunistic for entrepreneurs.

You also do not need to possess any kind of industry or management experience to start a My Gym franchise, as they will teach you everything from scratch. With low entry costs starting from $36,750, My Gym stands as a great franchise opportunity.


FAQs

Is My Gym a franchise?

Yes, My Gym is a franchise, and they have been franchising non-stop since 1995. They are still looking for new franchises across the world, including the United States.

What type of franchises are available with My Gym?

There is a typical brick-and-mortar My Gym store and also a mobile My Gym franchise available. They come at different costs and needs.

What is the franchise fee for My Gym franchise?

The franchise fee for My Gym is $25,000 for mobile and $55,000 for brick-and-mortar stores.

Sources

https://www.franchimp.com/?page=pdf&f=109936_2023.pdf

https://www.thelittlegymfranchise.com/investment/

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