Spenga
Fitness studios
- 2022 Franchise 500 Rank
-
#380 Ranked #253 last year
- Initial investment
-
$289K - $858K
- Units as of 2022
-
64 178.3% 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.
Company Overview
About Spenga
Franchising Overview
- Franchising Since
- 2015 (7 years)
- # of employees at HQ
- 28
- 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
- 64 (as of 2022)
Franchisor Information
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
- $49,500
- Initial Investment
- $288,605 - $858,138
- Net Worth Requirement
- $500,000
- Cash Requirement
- $250,000
- Veteran Incentives
- $5,000 off franchise fee
- Royalty Fee
- 7%
- Ad Royalty Fee
- 2%
- Term of Agreement
- 10 years
- Is franchise term renewable?
- Yes
Financing Options
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 SoftwareFranchisee Intranet Platform
- Marketing Support
-
Co-op AdvertisingAd TemplatesRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Operations
Additional details about running this franchise.
- Is absentee ownership allowed?
- No
- Can this franchise be run from home/mobile unit?
- No
- Can this franchise be run part time?
- No
- Are exclusive territories available?
- No
Franchise 500 Ranking History
Compare where Spenga landed on this year’s Franchise 500 Ranking versus previous years.
Additional Rankings
Curious to know where Spenga ranked on other franchise lists? Find out below.
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