My Gym franchise financing options

Overall costs for My Gym run anywhere from $93,750 to $216,750. See how the costs break down and what funding options might be right for your new venture into the franchise foray.

Estimated initial costs

Our cost estimates are accurate as of 2022 from Franchise Direct and include opening fees and expenses only. The location you choose for your My Gym franchise may result in higher or lower fees.

Franchise fees

My Gym franchise fees total around $25,000, which beats out the $37,000 average for the 200 largest franchises nationwide.

Franchise	Cost
Initial franchise fee	$25,000 to $25,000
Royalty fees	Fixed Center (large model): 7% of Gross Volume.Fixed Center (small model): 8% of Gross Volume.Mobile Business: $125/month for first 12 months then $250/month thereafter; or 7% of Gross Volume if franchisees also operate a Large Model Fixed Center in same territory; or 8% of Gross Volume if they also operate a Small Model Fixed Center in same territory.
Estimated total	$25,000 to $25,000

Equipment fees

Equipment fees total $54,875 for My Gym. This is less than the $180,023 average for the top 200 franchises.

Equipment	Cost
Apparel and promotional items	$500 to $750
Equipment	$25,000 to $45,000
Signs	$2,000 to $4,500
Computer hardware and software	$2,500 to $4,500
Vehicle	$0 to $25,000
Estimated total	$30,000 to $79,750

Real estate fees

Real estate will set you back $49,000 for My Gym, thought it's less than the average of $788,376 for the top 200 franchises.

Real estate	Cost
Real estate and improvements	$23,000 to $75,000
Estimated total	$23,000 to $75,000

Training fees

My Gym initial training costs total $1,000, which comes in under the nationwide average of $9,788.

Training	Cost
Travel and living expenses while training	$500 to $1,500
Estimated total	$500 to $1,500

Inventory costs

Initial inventory for My Gym shakes out to $3,000. This is less than the nationwide average of $53,119.

Inventory	Cost
Opening inventory	$1,000 to $5,000
Estimated total	$1,000 to $5,000

Marketing costs

Advertisement and marketing costs total up to $10,250 for My Gym, which is more than the nationwide average of $9,938.

Marketing	Cost
Advertising and promotion	$8,500 to $12,000
Estimated total	$8,500 to $12,000

Insurance costs

Initial insurance costs for My Gym run $2,125. This means you'll be paying less than the overall nationwide average of $6,311.

Insurance	Cost
Insurance	$1,750 to $2,500
Estimated total	$1,750 to $2,500

Other expenses

Miscellaneous expenses for My Gym total $10,000 — less than the nationwide average of $69,970.

Other	Cost
Miscellaneous costs	$1,000 to $7,000
Three months' additional funds	$3,000 to $9,000
Estimated total	$4,000 to $16,000

All costs were found using the 200 largest franchises nationwide using Franchise Direct's list of more than 300 franchises, and are accurate as of 2022.

How to finance

Since the estimated total for My Gym is on the more costly side, we recommend following these steps to get fully financed:

1. Go to the My Gym franchising website and review its financial requirements, including cash-on-hand requirements.
2. Reach out to My Gym about in-house financing for franchisees.
3. If in-house financing isn't available, look for online loans, bank loans and SBA loans to help meet the $155,250 estimated opening costs.
4. Compare lenders based on amounts, interest rates and what types of personal and business credit history they accept.
5. Once you settle on a lender, gather all required documents, including account statements and assets.
6. Apply for financing online or in person as required by the lender.

What types of financing is available?

You have several options when it comes to financing a My Gym — even if the cost is on the heavier side. What assets you have available will largely determine how much you need to borrow, and which option suits you best.

• Online loan. A number of online business lenders offer amounts up to $1 million, with some extending up to $5 million.
• Bank loan. Your personal credit will typically need to at least be good — 670 or higher — when it comes to getting a bank loan large enough to cover a significant portion of My Gym opening costs.
• SBA loan. While your personal credit score doesn't need to be as good to qualify for an SBA loan, they usually cost more than standard term loans from banks or online lenders.

Also check if My Gym franchise financing is available. You may be able to get some of the costs covered for less than you would with other traditional funding options.

Compare small business lenders

You may not need financing to cover the estimated $93,750. But if you need funds for other business ventures, select the loan amount, your time in business and revenue and your personal credit score to compare a selection of lenders.

How My Gym stacks up

Compare how My Gym holds up against two similarly sized franchises.

	PostNet	My Gym	Bricks 4 Kidz
Average Franchise fees	$35,000	$25,000	$30,000
Average Equipment fees	$875	$54,875	$1,000
Average Real estate fees	$109,850	$49,000	NA
Average Training fees	$4,500	$1,000	$1,250
Average Inventory fees	NA	$3,000	$1,100
Average Marketing fees	$10,000	$10,250	$3,250
Average Licenses and permits fees	NA	NA	$125
Average Insurance fees	$1,450	$2,125	NA
Average Admin fees	NA	NA	$675
Average Personnel fees	NA	NA	NA
Average Other fees	$6,750	$10,000	$1,250

Bottom line

My Gym franchise costs run a total of $155,250. Before you decide to become a franchisee, compare the total costs against industry averages. And to learn more about financing read our guide to franchise financing.