International Business
BUSI 4703
By
Cheryl Hanks
Amanda Taylor
Chris Zimmerman
For
Dr. Juan Castro
May 1, 2003

Executive Summary
The health and fitness industry is one of the fastest growing businesses in existence today. Over the past 13 years, total club and fitness center memberships have steadily risen 90%. In recent years, fitness centers have begun expansion into the international markets. Most of these centers consist of large U.S. based chains but there has been interest among the privately owned clubs as well.
Gold’s Gym is one of the largest and most recognized fitness chains in the U.S. and now internationally. The facilities are franchises and owners must meet certain requirements in order to operate one of these clubs, however, the details such as where the facility is to be located, membership prices, services, etc. are left entirely up to the owner. One country of particular interest for a location of one of these facilities is Chile, particularly, Santiago. This interest stems partially from the need for franchise type businesses in the area, as well as the overwhelming pollution during certain periods of the year, as well as others. As a group of business individuals that have a strong desire to do something good for the community and the apparent growth in the fitness industry, we feel that owning and operating this type of facility in a location such as Santiago, will not only be profitable, but also very beneficial to many people.
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Introduction
Health and exercise among the younger Chilean people has become increasingly popular in their society. Chile is home to world-renowned skiing and a famous soccer team, yet the capital city of Santiago currently struggles to meet the local demands for health facilities. The Chilean people are demanding products and services that will not only improve their quality of life, but also make them more similar to the desired
American culture. Chilean’s use the United States as a model of what can be attained in their own country.
The vast majority of gyms and pools in Santiago are available only to the tourists and business travelers who stay at hotels offering these facilities. Four star hotels like the
Crowne Plaza Santiago, Manquehue Hotel, and the Sheraton Santiago Hotel offer fitness clubs on their premises, but only for the exclusive use of their paying guest. Locals are expected to pay $8 per day to use a gym facility. One facility researched, Bio Accion, charged a user fee calculated on a “per piece of equipment used” basis.
The winter season in Santiago can be especially harmful, even considered an
“emergency state” when the smog levels in the city reach dangerous levels. The Health
Ministry may cancel physical education classes for youth and recommend avoiding outdoor activities during especially critical periods. Health facilities would provide a place to get exercise in a safe, and even educational, environment.
Chile boasts of being the most urbanized country in all of Latin America with over
86% of the total country’s population living in the city. Approximately thirteen million people of the total population live in or around the capital of Santiago. Health-conscious
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youth between the ages of 15-24 make up 16% of the urban population. An estimated two million young people live in Santiago. The need for adequate health facilities for those people is at a critical level.
Since 1990, franchises have done well and been rapidly developed in Chile. On the Department of Commerce website an article entitled “Best Prospects/Industry
Overview” shows franchising businesses into Chile as third on their top ten list. A strong economic situation, along with open market practices, and modern cultural expectations offers investors an excellent opportunity for franchise businesses.
What we are proposing is a way to not only capitalize on the need for franchises in Santiago, but also to bring something into the community that will benefit young and old alike, as well as the vast number of tourists traveling to the area.
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The Country of Chile
Land and Climate
Chile is located along the Western border of South America, between Argentina and Peru and borders the South Atlantic and South Pacific Ocean. The country of Chile is slightly smaller than twice the size of Montana. A unique feature of this country is its
6,435 kilometers of coastline. The climate in Chile varies because of the country’s geographical location; the extremes of the desert in the north, the mountains of the Andes present high-altitude climates, the polar conditions of the Antarctic territory in the south, and the extensive coastline with its ocean influences. The north is generally warm and dry, winter and summer, while the south is very wet and stormy. The rainy season is from May to August. Natural resources of the country include copper, timber, iron ore, nitrates, precious metals, and hydropower.
Culture
Chile’s famous contributions to literature have come from Nobel Prize poets
Pablo Neruda and Gabriela Mistral. Contemporary Chilean authors, such as Isabel
Allende and Luis Sepulveda, have gained worldwide recognition in the literary world.
Santiago is home to the Municipal Theater, which has entertained both national and international celebrities with concerts, operas, and ballets.
Chilean folk music has been popular. Mixing folk music of the past with new contemporary sounds has recreated much of the older style Chilean sound. In February, the annual International Song Festival in Vina del Mar is a very popular event.
Musicians from every Latino country migrate to Quinta Vergara, an outdoor amphitheater, for a week of song, dance, and festivities. The cueca is the national dance.
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Traditional customs still endure, especially in the countryside. Using horses rather than machinery to separate wheat from the chaff is popular. The island of Chiloe is a land of myths and tradition. Stories are still told of La Pincoya, the goddess of fertility, beaches and seas, and the ugly dwarf, Trauco, who attacks men and seduces virgin women who enter the woods he lives in.
Handicrafts of all varieties are made in Chile. Traditional pottery, knitted and hand-woven textiles, baskets, and sculpture are just a few of the treasures available for purchase.
People
Chilean’s are warm, friendly, and affectionate; they express themselves freely.
They enjoy close personal space with friends and family, and it is considered rude to back away from someone. Humor, honesty, integrity, and displaying kindness and respect are highly valued qualities in the Chilean society.
The Chilean people and their culture is a mix of Spanish and indigenous groups native to the country, as Chile was the last country in the Americas to be occupied by the
Spaniards. After the Second World War, European immigrants began to arrive and further complement the diversity of people groups in the area.
The current population of Chile is young, with approximately 72% of its 15 million people being under the age of 40. Chile is considered the most urbanized country in all of Latin America, with 86% living in urban areas. Most of the population is found in the more southern and central regions, despite the length of the country. The ethnic composition of the Chilean population is made up of European and European-Indian
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(95%), Amerindian (3%), and Others (2%). The growth rate of the population was 1.63%
(2002).
Religion
The religion of Chilean people is Roman Catholic (89%) and Protestants (11%).
There are also small pockets of Jewish believers in the country.
Language and Education Levels
Spanish is the official language of Chile. Ninety-five percent of Chilean people over the age of 15 can read and write. In June 1996, President Eduardo Frei mandated an increase of classroom hours to benefit students and encourage the development of better education within the country. State schools provide free, compulsory, primary education for students 6 – 13 years of age. Of the 95% of students who get a basic education, only
65% go on to the next level of education for 14-18 year olds. This is drop in attendance is due to many students, especially in rural areas, having to enter the labor force. A much smaller 20% continue on to take further university studies.
Transportation
Chile has many methods of transportation including highways, airlines, ports, subway system, and railways. The Chilean government has awarded over $1 billion in road contracts, ensuring that the Pan-American Highway, the major north-south route, remains in good condition. There are adequate roads in many areas, however many secondary highways are unpaved. Many international airlines operate from Santiago’s airport, liking Chile with the United States and Europe. Other adequate airports are located elsewhere in the country. Two privately owned Chilean airlines operate
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nationwide and provide service to other foreign countries. Smaller regional airlines are servicing domestic needs. The major port of Valparaiso is located on the Pacific Ocean about 210 kilometers from Santiago. Other ports include Arica, Iquique, Antofagasta,
San Antonio, and San Vicente. There is a subway system, in operation since 1976, which is efficient and well maintained. A third line was completed in April of 1997. Chile has the fourth largest railway in Latin America, but it requires extensive upgrading and expansion. The railroads are property of the state-owned company Ferrocarriles del
Estado. There are two railways that connect with Bolivia, one is privately owned.
Economy and Employment
The Chilean economy is “looked upon as an economic role model for Latin
America. Chile has earned its reputation for strong financial institutions and sound economic policy.” It has grown increasingly stronger, which has lead to not only more, but better jobs and reduced unemployment in recent years. Increased exports have helped to stimulate the Chilean economy. The increase in foreign investment has kept the balance of payments positive for the last several years, and international reserves have risen accordingly.
The current labor force is comprised of 5,900,000 people. The labor force by occupation is divided into: services and government (38.3%), industry and commerce
(33.8%), agriculture, forestry, and fishing (19.2%), construction (6.4%), and mining
(2.3%). Statistics for 2001 report unemployment at 10.1%.
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Currency, Exchange Rate, and Inflation
The currency of Chile is the Chilean peso. The current rate of exchange to the US dollar is $1 USD = 698.734 CLP. As of 2001, the inflation rate of consumer prices was
3.5%.
Imports and Exports
Chile’s liberal import policies and expanding economy provide an attractive market for a wide range of products, services, and business opportunities. Top exporting partners include Asia (34%), Europe (25%), Latin America (20%), and the United States
(15%). Chile’s exported goods include copper, fish, fruits, pulp and paper, and chemicals. Top importing partners include Latin America (26%), United States (25%),
Europe (18%), and Asia (16%). Top imports include consumer goods, chemicals, motor vehicles, electrical and heavy machinery, raw materials, petroleum, and food products.
Gross Domestic Product
Chile’s GDP was estimated in 2002 to be $153 billion in purchasing power parity.
The GDP real growth rate was 3.1%. The country’s external debt in 2001 was $39.6 billion dollars.
Per Capital Income
The GDP per capita in 2001 was estimated at $10,000 purchasing power parity.
The percentage of the population below the poverty line in 1998 was 22%. The household income or consumption by percentage share was lowest ten percent, 1% and highest ten percent, 41% (1998).
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Foreign Investors
In 1998 the United States invested $1.3 billion in Chile; Canada was second with
$950 million, followed by Spain with $900 million. The major foreign investors in Chile are the United States, Canada, Spain, the United Kingdom, South Africa, Australia and
Japan. Mining operations resulted in investments of $2.4 billion. New investments in agriculture and livestock, construction, energy, fishing, forestry, and transportation and communications totaled $1.3 billion in 1998.
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Franchising
Franchising is defined as authorization given by a manufacturer or service provider to a distributor or dealer to sell its products. Both parties in a franchise agreement stand to gain a substantial amount. There will also need to be some concessions made when an agreement is made. Each side must be willing to give up some legal rights in order to gain the partner. The franchiser is the owner and authorizer of the company. The franchisee is the person or group of people who assume the business name of the franchiser. In a franchise agreement, the risks of opening a new business have already been taken by the franchiser, which allows the franchisee to realize almost instant success. They will be the sole owner and manager of the business, but will adhere to the rules and regulations that were agreed upon in the franchise agreement.
Franchising is often more costly then simply opening a new business. All costs that are associated with starting a new business such as the cost of buildings, permits and licenses are added to the franchise fee that is agreed to in the franchise agreement. The justification for spending this extra amount of money on the assumed name is in the fact that the company is already established and will most generally enjoy immediate success in the new location. There are several other disadvantages to opening a franchised business besides the large payment that must be made to the franchiser. There are many rules and regulations that are passed on from the original management to the new location. The new owners only experience a percentage of control over their new business. They must adhere to these regulations or they could lose their franchise.
Depending on which company the franchise belongs to, the rules and regulations could be
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extremely strict or somewhat more lenient. When considering opening a franchise, one must consider all these disadvantages and weigh them against the advantages.
Franchising began in the Middle Ages when the Catholic Church gave the right to collect taxes from the parishioners to tax collectors. The tax collectors were paid a percentage of the amount collected for their fees. Franchising began to really take hold of the business world around the end of World War II. More then ninety-five percent of the franchises in existence today were started within the last four decades. Recently franchisers have been reaching out to more foreign countries in an attempt to spread their name and resources around the world. There is still a great market for franchises in foreign nations, which will allow us to fulfill the needs of this project.
Gold’s Gym is no exception to the rule when it comes to franchising. They are currently one of the strongest global business networks in the fitness industry. Gold’s has six hundred locations in about twenty-six countries globally. They are currently in a phase that they are calling the Rapid Growth Phase. As we can see in Chart 1, they have become the first in brand recognition within the fitness industry. There are currently over
2.5 million members of Gold’s Gym worldwide. They have become the largest fitness industry chain in the entire world.
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Brand Recognition Survey
Among the key 18-34 year olds surveyed, 79% know Gold’s Gym.
Chart 1
Gold’s Gym has some very specific qualifications for accepting people into their franchise. Their selection is based on an assessment of the business expertise and personal qualifications of the proposed ownership. They appreciate an entrepreneurial spirit and a desire to succeed coupled with previous knowledge of the fitness industry.
Along with previous business knowledge and experience, Gold’s expects candidates to have the ability to use all of their experience to be able to develop the gym in the chosen area. The must possess a knowledge of the market and have a secure plan for the growth of the gym. As with all new business ventures, Gold’s Gym candidates must possess a willingness and desire to devote themselves to making the new business work. They will provide a training program to help these individuals get started in the business and become proficient in all aspects of the day-to-day operations of Gold’s Gym.
Although the gym places great emphasis on the knowledge and experience of the new owners, they must also provide minimum financial requirements in order to start the franchise. Gold’s requires that the new ownership possess a net worth of at least eight hundred thousand dollars ($800,000) with at least three hundred thousand dollars
($300,000) in cash or liquid assets. The initial franchise fee for starting a Gold’s Gym
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franchise, which is separate from any building and inventory requirements, currently is twenty thousand U.S. dollars ($20,000). They don’t specifically state the amount of money that must be spent on real estate and improvements, but they state that this amount will vary with the geographical location. They must have between one hundred and fifty thousand ($150,000) and five hundred thousand ($500,000) dollars available to make building and site improvements. Equipment, signs, furniture and fixtures require between twenty eight thousand ($28,000) and three hundred and seventy one thousand ($371,000) dollars to be available. They recommend that of this amount, five thousand ($5,000) to fifty thousand ($50,000) dollars be spent on the signs. The initial inventory investment will require an investment of between ten thousand ($10,000) and forty-nine thousand
($49,000) dollars, while the actual gym equipment will cost the owners between two hundred thousand ($200,000) and six hundred thousand ($600,000) dollars. Since all new business take a few months to actually catch on and begin making money, Gold’s requires that franchisees retain between eighteen thousand ($18,000) to one hundred and thirty five thousand ($135,000) dollars to help cover the costs of the first three months of operation. The total initial investment that is required of franchisees of Gold’s Gym comes to between four hundred and twenty eight thousand ($428,000) and one million, seven hundred twenty five thousand ($1,725,000) U.S. dollars. The monthly royalty fees that Gold’s Gym expects to receive are nine hundred seventy five dollars ($975) currently and are expected to increase by five percent annually.
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Initial Investments
Expenditure
Real estate and improvements
Building and site work
Equipment/Furniture/Fixtures
Signs
Initial Inventory
Gym equipment
Additional working capital
Fixed Franchise Fee
Low Estimate
Varies
$ 150,000
$ 28,000
$ 5,000
$ 10,000
$ 200,000
$ 18,000
Chart 2
High Estimate
$ 500,000
$ 371,000
$ 50,000
$ 49,000
$ 600,000
$ 135,000
Fixed
$ 20,000
The overall amount of investment ranges from a very conservative amount to a more liberal amount in order to allow for differences in real estate and buildings.
Financing for the franchise can be obtained from many sources. The only stipulation is that the direct ownership has a personal net worth at around three hundred thousand dollars ($300,000). The remaining amount of the nearly two million dollars can be obtained from many different sources. These other sources of capital would require that that person become a partner in the facility ownership and they would be required to devote time to developing the new facility.
Gold’s Gym requires that the new building be at least eighteen thousand (18,000) square feet. The location should be easily accessible to traffic and be located in a commercial building. The building can be located in a new building which is self contained or can be part of a strip mall which can be leased. The site improvement costs previously mentioned will vary depending on which type of building is procured. The soil and environment play an important role in the improvements that would be necessary to the building site. Availability of utilities, the size of the parcel of land and state and
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city zoning and building ordinances also determine how much money is spent on the building and location.
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Franchising in Chile
Since the year 1990, franchising has developed a rapidly growing market in Chile.
Currently somewhere in the area of eighty different franchises are operating in Chile and have over three hundred stores. These stores provide employment for about thirteen thousand five hundred people and have reached sales of about three hundred million dollars collectively. Chile currently has very few, if any, special laws concerning franchising in their country. A fairly new organization in Chile that has begun to organize itself to regulate franchising in Chile is the Association de Franchising de Chile.
The association was established in 1995 but has yet to become active in providing regulations. All franchise companies that operate in Chile will be subject to regular
Chilean trade laws. They will experience a 35% withholding tax on all royalties and a value-added tax of 18%. The import tariff tax is currently a flat rate of 9%, but occasionally some exceptions are made in the case of a few agricultural and luxury products.
Currently there are very few trade barriers in Chile to prevent imports or investment in the country. Any foreign company or firm operating in Chile is provided with the same protection as any locally owned and operated company or firm. Any country that Chile has developed trade relations with has the opportunity to obtain a lower tariff rate on their imports. Computer products and books carry no import taxes, while imported automobiles are subjected to a luxury tax based on the value of the automobile above $15,000. Other imported products that would be considered to be a luxury item are also subjected to this luxury tax.
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Customs valuation is based on the CIF (Cost, Insurance, and Freight) model.
They are charged the value of the merchandise plus the cost of insurance and freight. All imports require a license, but most common imported goods receive these licenses without much trouble to almost all goods. The government of Chile does not place these licensing requirements on imports to control the import procedures, but rather to keep a record of them. Chile has two free trade zones. The first is the Free Zone of Iquique
(ZOFRI), which is located in the northern tip of Chile. The second free trade zone is the
Free Zone of Punta Arenas, which is located in the southern tip of Chile. The ZOFRI zone includes the ports of Arica and Iquique. These points are a very important port of entry into the country. All products entering Chile at these free trade zones will not be charged a duty tax or value-added tax (VAT). Any imports that are exiting at the free trade zone locations but will remain in the surrounding region will pay a six percent duty tax but no VAT is required. If the imports exit these two regions and are bound for the rest of the country, they are subject to both the VAT and the duty tax. Goods that are unclaimed in these trade zones for over ninety days will become the property of the
Chilean customs and will be sold to pay for storage.
On January 1, 1994 the world’s largest trade organization was placed into effect.
The North American Free Trade Agreement (NAFTA) created the world’s largest free trade area, which now has over 400 million people in the affected area and provides an economic output of nearly $8 trillion. The three founding countries are the United States,
Canada and Mexico. In December of 1994, the three founding NAFTA countries invited
Chile to become part of the agreement. Discussions concerning this accession into
NAFTA began the next year and continued for years after. Chile is very actively
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pursuing trade agreements with NAFTA as well as several other trade organizations. It became on of the founding members of the World Trade Organization (WTO) and has participated in the General Agreement on Tariffs and Trade (GATT) in Uruguay. While waiting for its accession into NAFTA, Chile did not waste any time signing bilateral and regional trade agreements with other countries such as Canada. Chart 3 provides a list of the different agreements that Chile has entered into.
Agreement
WTO (GATT)
APEC
Date Effective Type
January 1995 multilateral FTA
November 1994 regional free trade promoting organization
MERCOSUR
NAFTA
FTAA
October 1996
(Associate member)
Negotiating
Negotiating regional regional customs union/FTA regional FTA
FTA
LAIA:

Mexico

Bolivia


Venezuela

Colombia

Ecuador
Panama
Peru
January 1980
January 1992
April 1993
Negotiating
July 1993
January 1994
January 1995
Negotiating
Negotiating regional free trade promoting organization

bilateral FTA bilateral preferential tariff agreement bilateral FTA bilateral FTA bilateral FTA bilateral FTA bilateral FTA bilateral FTA
Central American Common
Market
Canada
European Union
Negotiating bilateral FTA
June 1, 1997 bilateral FTA
Signed June 1996 framework agreement for economic cooperation
Chart 3 – (http://www.natlaw.com)
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Each agreement is modeled after the NAFTA agreement. Chile’s oldest trade agreement began in 1980 with the founding of the Latin American Integration
Association (LAIA). This organization is not necessarily a free trade organization, but provides the necessary steps and encouragement to help in the formation of new free trade organizations. The United States and Chile have practiced a bilateral trade association in recent years. Chile has been attempting to build good trade relations with all countries, not simply the ones involved in NAFTA. Chile has become very open to any sort of business venture within its borders. The more relationships that it creates with other countries that better it will fair in its quest to join NAFTA.
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Business Analysis
Gold’s Gym is the most internationally recognized health club in the fitness industry. As a Gold’s Gym franchise owner, we will benefit from brand name recognition, award winning national advertising, guidance of regional support staff, ongoing, comprehensive training programs, and innovative products and services, just to name a few. Although as a Gold’s Gym franchisee we intend to make a profit, our main focus is bringing something into the Santiago community that will benefit both young and old alike and will help to establish a healthy lifestyle in the Chilean population.
Gold’s Gym-Santiago will offer various types of cardio equipment including treadmills, ellipticals, rowing machines, stationary bicycles, and stair steppers. This equipment will be set up in a cardio theater style room with 7-8 televisions and 3-4 music-only stations that can be listened to with the use of headphones, which can either be brought in or rented for $2.00 per visit. Initially, the gym will also be equipped with 2 racquetball courts, an indoor and outdoor basketball court, an outdoor sand volleyball court, an indoor and outdoor pool, free weights and machines, and women’s and men’s locker rooms with a sauna, whirlpool, showers and restrooms in each.
Initial hours of operation, according to the hours of business in Chile, will be from
6:00 in the morning until 12:00 Monday through Friday, 8:00 until 6:00 on Saturdays and only the pools will be open on Sundays from 2:00 until 5:00. Membership fees will be offered to single individuals at a monthly rate of $30, family rates will be $50, and rates for couples or a parent and child will be offered at $40. With rates usually starting at $45 a month for individual memberships in the U.S., we believe our monthly rates are very low in comparison. To allow prospective individuals the chance to “try before they buy”
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we will offer a free 3-day trial membership to Santiago residents only. For tourists, we will offer a daily rate of $5 for the use of our facilities.
Gold’s Gym – Santiago will offer a variety of services including personal training, nutritional counseling, and body fat analysis. We will offer personal training at
$20 per session or members can purchase packages that include several sessions for a discounted rate. Our prices will be very competitive with those in the United States as the average personal trainer charges at least $25 - $30 and that is only in the smaller towns. Our trainers and instructors will be certified and if there is a lack of qualified individuals among the locals, we will use the services of U.S. trainers temporarily until training can be offered to the locals. We intend on holding a yearly 3-day seminar in which the locals can earn their personal certification or group fitness certification and come to work for us.
Another service we will offer is a nursery. The hours will vary depending on the need, but it will most likely be open early in the morning and late in the evening. The majority of health clubs in the United States offer nursery care for a fee, but we intend on offering this service for free up to 2 hours of care. We will offer several group classes including pilates, spinning, step aerobics, kick boxing, just to name a few. We will also offer classes that require the instruction of qualified professionals to come in at certain times of the week to provide classes such as gymnastics, ballet, tap, jazz, cheerleading, self-defense and karate. These will be offered at a named rate of whatever the instructor charges and will be separate from the membership fees. Individuals will not have to be members in order to take these classes.
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Looking to further expansion, we would like to eventually include an indoor soccer field, an indoor and outdoor rock climbing wall, tennis courts, and an indoor and outdoor track. Soccer and rock climbing are among two of the biggest hobbies in Chile and we want to provide a place that individuals can come even when conditions outside are unfavorable.
Gold’s Gym – Santiago will become involved in the community even more by sponsoring marathons, holding health fairs, and getting involved with the local schools to establish well-balanced physical education programs. With the evident problem of pollution during certain times of the year and the apparent need for a fun and beneficial place for children and adults, we feel that offering this type of facility is exactly what a place like Santiago needs.
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Result and Conclusion
Today, the fitness industry is an $11.6 billion industry. In 2000, total club and fitness memberships reached an all-time high of 32.8 million members. This explosive trend is not only occurring in the United States but in other countries as well. People are becoming more interested in becoming healthy and staying active. Along with the desire to stay active comes the desire to have a place that will allow individuals of any gender, size, or age to go and participate in whatever form of exercise they find desirable. Gold’s
Gym franchises offer exactly this. As a Gold’s Gym franchisee, we can offer individuals exactly what they want, where they want it, and how they want it.
With the apparent lack of fitness facilities and the strong desire for franchise type businesses, Chile offers one of the best locations for establishing such a facility. In fact,
Gold’s Gym has recently become greatly established in Ecuador and intends on becoming the number one brand in that area. Their intent is to further expand into other countries in
Central America and then into South America. It is likely that within 5-6 years, there will be several Gold’s Gym facilities in Santiago and now is the time to get a head start into that potential market and capitalize on the opportunity. Aside from making a profit and most important of all, Gold’s Gym – Santiago will bring something beneficial into the community and help to spread a message of healthy living among the people.
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