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- 2022 Franchise 500 Rank
#380 Ranked #253 last year
- Initial investment
$289K - $849K
- Units as of 2021
52 420.0% over 3 years
Here’s what you need to know if you’re interested in opening a Spenga franchise.
Spenga is an established and modern fitness franchise that focuses on mental and physical development through Ride, Represent, and Relieve principles. The fitness studio began in 2014, based on a foundation that strong and healthy bodies are created through an optimal fitness regime.
Perhaps different from other fitness studios, Spenga combines the three pillars of fitness of heart-pumping spin, HIIT training, and a full-body soothing yoga workout, all in a single workout session to achieve optimum energy and mental fortitude.
Since beginning to franchise in 2015, Spenga has expanded to over 50 franchises located throughout the United States.
Why You May Want to Start a Spenga Franchise
Spenga has recently been ranked in the Entrepreneur's Franchise 500. This ranking is based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability, making it a valuable and sought-after fitness franchise.
Spenga targets fitness franchisees intending to open and run fitness studios. Its unique franchise concept enables the franchisee to benefit from its large customer base and well-known brand name. With sufficient knowledge of business management, one may be able to efficiently run a Spenga Fitness Studio.
Once a franchisee meets the set requirements, Spenga and the new franchisee will begin coordination with strategic setup, staff recruitment and training, marketing, site selection, and construction.
What Might Make a Spenga Franchise a Good Choice?
Spenga's unique sessions may help customers build mental and physical endurance with the help of a fitness regime that follows strict proper training of instructors. Franchisees do not need to lead classes themselves, but may hire instructors. This may allow franchisees to focus on the business aspect of the franchise location. When seeking a site for a Spenga, look for a location that is a few thousand square feet and in a high-traffic area. Your location should be easy to get to and visible from any main road; these tools may allow for the greatest visibility amongst the community.
Opening a Spenga franchise may have a more predictable outcome than investing in a completely new brand that may struggle to thrive in the already crowded and competitive fitness industry.
How To Open a Spenga Franchise
As you decide if opening a Spenga franchise is the right move for you, make sure you take time to explore the opportunity. Research the brand and your local area to see if a Spenga franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
To be part of the Spenga team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for the existence of ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
Before making any financial commitment or signing an agreement, it is crucial to perform your due diligence and establish if this is the right opportunity for you. As part of your due diligence, you may want to speak to existing franchisees and ask the Spenga franchising team questions.
- Franchising Since
- 2015 (7 years)
- # of employees at HQ
- Where seeking
This company is seeking new franchisees in the following US states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming
- # of Units
- 52 (as of 2021)
Information for Franchisees
Here’s what you need to know if you’re interested in opening a Spenga franchise.
Financial Requirements & Ongoing Fees
Here’s what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
- Initial Franchise Fee
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
- Initial Investment
- $288,605 - $848,994
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
- Net Worth Requirement
Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company
What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.
- Cash Requirement
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
- Veteran Incentives
- $5,000 off franchise fee
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
- Royalty Fee
Definition: A ongoing fee paid to the franchisor on a regular basis.
What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
- Ad Royalty Fee
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts.
What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.
- Term of Agreement
- 10 years
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
- Is franchise term renewable?
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
- Third Party Financing
- Spenga has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
- On-The-Job Training
- 68.5 hours
- Classroom Training
- 31.5 hours
- Ongoing Support
Purchasing Co-opsNewsletterMeetings & ConventionsGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary Software
- Marketing Support
Co-op AdvertisingAd TemplatesRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Additional details about running this franchise.
- Is absentee ownership allowed?
Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations.
- Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
- Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
- Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Work with a free franchise expert and get what you need to start a Spenga franchise.
Franchise 500 Ranking History
Compare where Spenga landed on this year’s Franchise 500 Ranking versus previous years.
Curious to know where Spenga ranked on other franchise lists? Find out below.
Are you eager to see what else is out there? Browse more franchises that are similar to Spenga.
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