Snap Fitness Ranked Among Fastest Growing Franchises in Entrepreneur Magazine's Franchise 500
DEERFIELD, IL, January 09, 2010 /24-7PressRelease/ -- Snap Fitness has been named one of the top 500 franchises in the United States, ranking #51 in Entrepreneur Magazine's Franchise 500 . A fast-growing franchisor of state-of-the-art 24/7 express fitness centers, Snap Fitness was also ranked as the 20th Fastest Growing Franchise and 44th Top Global Franchise.
The rankings for all 500 companies are determined using an exclusive formula that takes into account objective and quantifiable factors. The most important factors include financial strength and stability, growth rate and size of the system. The franchises that grew the most were the ones who serve a budget-minded consumer, didn't cost as much to set up, or both.
According to company Founder and CEO Peter Taunton, Snap Fitness' success is attributed to a business model that is set up to thrive in a fitness industry that has averaged an 8% annual growth rate since the early 1990s. "Snap Fitness continues to grow as we have proven to be the right business concept for those who wish to secure financial freedom and allows for franchise owners to follow a turnkey operational system that sets them up for success," he added.
Snap Fitness makes its compact, state-of-the-art clubs easy to own, manage and market. Start-up costs range from $77,000 to $272,000, putting it well below the price tag of well-known franchisors in other categories. The ability to manage operations via web-based tools with little need for on-site staffing makes it attractive for entrepreneurs and others seeking opportunities that accommodate semi-absentee ownership. Snap Fitness also offers its more than half a million members a convenient, low-price alternative to traditional big-box health clubs.
Consistently opening 300-400 new clubs each year, Snap Fitness has nearly 2,000 locations open or under development worldwide. Company plans call for a total of 3,500-4,000 centers within the next several years.
Named the 16th fastest-growing private company in Inc. Magazine's prestigious 2009 Inc. 500 ranking, Snap Fitness is experiencing phenomenal growth with more than 2,000 locations sold nationwide and some 30-40 new stores added monthly. Founded in 2003 by CEO Peter Taunton, the Minnesota-based franchisor offers compact, state-of-the-art, 24/7 express fitness clubs that emphasize fast, convenient and affordable workouts in neighborhoods across America and worldwide.