Pumping Up: Snap Fitness Ranks as One of Nation's Fastest Growing Franchises
Fitness Concept Ranked Highest Fitness Franchise on Franchise Times' "Fast 55" List
May 12, 2010 // Franchising.com // Chanhassen, Minn. – Snap Fitness, the world's fastest growing franchise system featuring compact, state-of-the-art fitness centers, was recently ranked as the highest fitness franchise on the 2010 Franchise Times 'Fast 55' list.
The Franchise Times 'Fast 55' list is compiled from information provided by FRANdata. Now in its seventh year, the 'Fast 55' features the 55 fastest growing young companies in franchising. In order to qualify for the 'Fast 55,' companies could not have been franchising for more than five years.
The overall ranking of number 30 is the highest that Snap Fitness has been ranked on the 'Fast 55' list. The franchise system earned the honor because of their average unit growth of 207% between 2004 and 2008.
"We began franchising in 2004 and today we have approximately 1,100 locations open worldwide, so we definitely feel that we deserve to be the highest ranked fitness franchise," said Peter Taunton, CEO and Founder of Snap Fitness. "The success our franchise has enjoyed is due in large part to our incredible base of franchisees and support staff at the corporate level. We look forward to continued growth as we expand into new communities across the country."
Economically, the fitness industry has proven to be recession-proof, averaging an 8% annual growth rate since the early 1990s. Snap Fitness is the right business concept for those who wish to secure financial freedom, as it allows for franchise owners to follow a turnkey operational system that sets them up for success. Franchisees receive one-stop financing assistance, ongoing operational and marketing support and the flexibility of running their gyms as a side business. In fact, 60% of Snap Fitness franchisees are semi-absentee owners with other full-time jobs.
"Being recognized as the nation's fastest growing fitness franchise is something in which we have worked extremely hard to achieve," added Taunton. "The health and fitness industry is one that will always be strong, and we have found a model that has not only resonated with people looking for a good work out, but also a good investment."
About Snap Fitness, Inc.
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.