Shine Kids Fitness Franchising Frequently Asked Questions
Q - What is the cost of opening a Shine Kids Fitness franchise?
A - If you are interested in opening a Shine Kids Fitness franchise you need to expect a capital investment that ranges from $25,000-$35,000.
Q - How do I buy the rights to a Shine Kids Fitness franchise?
A - To own the rights to a Shine Kids Fitness territory you must first fill out our franchise application form. Once we approve your application you are required to pay a onetime territory fee. The amount of the territory fee is $15,000 plus applicable taxes. This includes your first right of refusal to future studios in the territory as well as training on how to effectively execute our winning formula. It also includes all of our operations and training manuals so this venture will be completely turn-key.
Q – If I own the rights to a Shine Kids Fitness territory, can someone else own the rights to a Shine location in the same territory and become my competition?
A – Absolutely not. If you purchase the rights to a Shine Kids Fitness territory you are also granted the first right of refusal over future studios in the same territory.
Q - What are the Royalties for a Shine Kids Fitness franchise?
A – Shine Kids Fitness Inc. wanted to create a royalty model that was advantageous to the franchisee. With this said, most typical franchises charge a percentage fee of 7 - 10% gross sales. At Shine we have set our percentage fee at just 4% of Gross Sales, to be paid on a monthly basis.
Q - How much cash do I need?
A – You are responsible for providing 100% of the cash investment required. If you require a bank loan, it is a good rule of thumb to have 50% cash before applying for a loan.
Q - Is the franchisee required to be a full time operator?
A – Yes, we require a minimum of one partner to be a full time operator.
Q - Is the franchise fee refundable?
A – The franchise fee is nonrefundable.
Q - Does Shine Kids Fitness help with financing?
A – You are required to find your own financing.
Q - What rates can I expect to get from lenders? What collateral is needed?
A – We always recommend to seek private funding and investment first. If you are seeking a loan from a bank, typically they ask for 50% liquid assets as collateral. This number may vary depending on the relationship with your financial institution.
Q - How much training will I receive?
A – You will receive amazing one on one attention from our training team that is approximately 4 weeks in length. This training includes:
- Learning our “winning formula” inside and out
- Working in a Shine Kids Fitness location
- Operation bibles explaining how to run our turn key business (note these are confidential bibles that are not to be shared with outside parties)
- One on one training with our regional training manager
- Bi-weekly coaching / phone calls with our regional manager
- Semi-annual visits from our regional trainer / or manager
Q - What type of commercial locations do you require?
A – We have found that our winning formula includes leasing or renting space in community centers in order to run our programs with little overhead and make the most profit. The option of opening your own Shine Studio location in an option we suggest you entertain once you have proven the success of Shine Community Programs in your territory.
Q - How long is the approval process?
A – You should budget one month. First we require that you apply through our franchise application. You should hear back from us within two weeks if we approve of the location and are interested in working with you. Once you pass our interview screening process, which can take approximately two to three weeks, you will hear back if you are approved for your desired location.