How to become a Plus Fitness franchisee

Plus Fitness is an Australian gym franchise with over 200 locations throughout Australia, New Zealand and Asia. Members can attend any Plus Fitness location, with most offering 24-hour access.

If you're looking at opening a gym and are interested in a Plus Fitness franchise, learn how to do it and compare your finance options below.

What is a Plus Fitness franchise?

Plus Fitness is a franchise option for those looking to open a gym, but who don't want to start a business from scratch. You could potentially benefit from the brand awareness and marketing support of the franchisor, but will not have the same autonomy as you would if you were to open your own gym.

You will pay an initial franchise fee that covers the equipment and set-up costs of your gym. As a franchisee, you will also receive help in planning and locating your gym site, as well as initial and ongoing franchisee training and support. You are then responsible for the running and management of the gym.

How much does a Plus Fitness franchise cost?

The initial cost of a turnkey Plus Fitness franchise is $249,000* for a 250-sqm site. This covers equipment, the aesthetic fit out of the gym, furniture, IT systems and signage. You will also pay a flat monthly franchise fee of $895 in return for ongoing support from the franchisor.

The initial franchise cost will scale with the size of the premises you want, as follows:

*All figures are taken from the Plus Fitness website and accurate at time of writing.

Other costs to consider

Along with your initial and ongoing franchise fees, there are a number of other costs you will need to keep in mind when planning to open your franchise:

• Property costs. The initial franchise fee does not cover the cost of the land or the building itself, and these costs must be factored into your budget when considering whether to purchase a Plus Fitness franchise.
• Working capital. While you will be provided with equipment and infrastructure as part of your franchise purchase, you will still need funds in reserve to cover the ongoing costs and expenses of running your gym.
• Cost of finance. If you plan on using a business loan or other form of finance to purchase your franchise, you will need to factor the cost of your interest repayments into your budget.

What are my finance options?

Given the high upfront costs of starting a Plus Fitness franchise, you may need additional finance to help fund your purchase and provide working capital going forward. You have a number of finance options, including:

• Secured business loan. A secured business loan requires you to use an asset, generally a commercial or residential property, as security against the loan. As this represents less of a risk to lenders, you will generally receive a lower interest rate and a loan term of up to 10 years. Some lenders will also let you borrow up to $1,000,000.
• Unsecured business loan. You can generally borrow between $5,000 and $500,000 with an unsecured business loan. Unlike a secured loan, you do not need to use an asset as security, but you will likely get a higher interest rate as a result.
• Business line of credit. Unlike a normal business loan, a line of credit gives you access to a specified credit limit, which you can draw on as you need. You can generally borrow up to 80% of the value of your asset if you choose a secured line of credit, but you may still be able to borrow up to $400,000 with an unsecured line of credit.
• Peer-to-peer business loan. If you don't want to get your loan through a traditional lender, you can also apply for finance using a peer-to-peer loan. Instead of a bank, your loan is financed by an investor or group of investors.

How to compare finance options

Consider the following when comparing your finance options:

• Loan amount. If you need finance to cover the initial purchase of your franchise, you should make sure the lender will allow you to borrow the right amount. It's also important to make sure you do not borrow more than you need, as otherwise you may be stuck making unnecessary and expensive interest payments.
• Interest rate. The higher the rate you receive, the higher your loan repayments will be. You should always compare a range of options to find the loan that is most competitive and that best suits your needs.
• Fees and charges. Many loans come with additional fees and charges that you may need to pay depending on your loan agreement. These should also be factored in when you are calculating the true cost of the loan.

What to consider before applying for finance

• Eligibility criteria. Different lenders will have different criteria that you will need to meet in order to be eligible for a loan. This may include having a minimum turnover amount or trading history, so make sure you meet these requirements before applying.
• Do you have any previous business experience? You may need to provide evidence of your ability to run a business before you are approved for a loan.
• Do you have an asset to use as security? Using an asset such as a property may improve your chances of getting a business loan, and will generally give you access to a lower interest rate than if you were to apply for an unsecured loan.
• How much can I afford to borrow? You should have a clear idea of how much you can afford to borrow and a detailed plan for how you will repay the loan.
• Do I need ongoing access to finance? If you believe you will need access to finance in the future and do not want the full lump sum upfront, you should consider a business line of credit.

How do I apply for finance?

Once you have found a business loan that suits your needs, you can click "Go to site" on the table below and follow the instructions to begin your application.

You will need to provide personal and financial information as part of your application, including your credit history, business experience and any other debts, liabilities or assets. Some lenders will also not provide finance for new businesses, or may require you to provide a detailed business plan and financial forecast as part of your application.

Compare some Plus Fitness finance options available to you

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Name	Product	Min. Loan Amount	Max. Loan Amount	Loan Term	Upfront Fee	Filter Values
Moula Business Loan		$5,000	$250,000	1 to 2 years	2% Establishment fee		A loan of up to $250,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.	Go to site More Info	Compare	loading Fetching your data...
ebroker Business Loan		$5,000	$5,000,000	1 month to 30 years	$0 application fee		Small business loans available between $5,000 and $5,000,000. Get access to 70+ non-bank lenders on this independent platform.	Enquire now	Compare	loading Fetching your data...
Max Funding Unsecured Business Loan		$2,000	$30,000	1 month to 1 year	$0 application fee		An unsecured business loan from $2,000 that offers convenient pre-approval and no early repayment fees.	Go to site More Info	Compare	loading Fetching your data...
Valiant Finance Business Loan Broker		$5,000	$1,000,000	3 months to 5 years	$0 application fee		A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.	Enquire now	Compare	loading Fetching your data...
OnDeck Business Loans		$10,000	$250,000	6 months to 2 years	3% of loan amount		Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.	Go to site More Info	Compare	loading Fetching your data...
Prospa Business Loan		$5,000	$300,000	3 months to 3 years	3% origination fee		Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least twelve months trading history and a monthly turnover from $6,000 is necessary.	Go to site More Info	Compare	loading Fetching your data...
Westpac Business Loan		$5,000	$1,000,000	1 to 30 years	$0 application fee		Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.	Enquire now	Compare	loading Fetching your data...
ANZ Secured Business Loan		$10,000	$10,000,000	Up to 15 years	$600		Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.	Enquire now	Compare	loading Fetching your data...
ANZ Unsecured Business Loan		$10,000	$1,000,000	Up to 15 years	$600		Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.	Enquire now	Compare	loading Fetching your data...

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