Timing must be right if you are planning to buy a franchise or start a new business. If you’re in the market to purchase a fitness franchise, there are a few considerations to make in order to determine the right time to buy.
Laying out a buying timeline is your best bet in understanding when the most appropriate time is to buy your business. The timeline should encompass everything you need to consider and the time it will take to achieve each step, ultimately giving you an estimate of when you’ll be ready to buy. There are three important steps to map out: franchise research, finances, and leaving your current form of employment. Once you address these steps, you can have peace of mind knowing when you will be able to make that important purchase.
Finding the right franchise for you is the foundation to your buying timeline. Once you know which franchise you want to buy, you’ll be able to figure out the rest--most importantly, finances. Not knowing where to start can be daunting. If you’re looking for a fitness franchise that breathes innovation, offers franchisees independence and a fast return on investment, you’re already in the right place. F45 not only offers uniquely-designed technology created specifically for franchisees and members, but also an affordable purchase price.
Knowing how much the business is going to cost enables you to create a timeline for producing the capital needed to make the big purchase. Begin with your budget--figure out what you can afford to save every month, and then adjust accordingly once you know how much credit to which you have access. Once this information is in front of you, think about when you’d like to buy, and then how much time it would take you to be financially ready. Remember to be realistic; if you want to be ready in six months time but won’t have enough capital yet, extend your timeline.
Once you’ve calculated the duration and amount of funding you need until your new venture shows returns, you can begin to think about quitting your current job. If you are able and willing to continue at your current job while setting up your franchise, then by all means do so, but remember to give yourself a break between the two. Determining when to quit your job is entirely dependent on your unique situation, financially and emotionally. On top of this, you’ll have a launch and employees to think about. Ensure that the time frame you have for quitting your job and buying the business is consistent with your franchise launch plan.
As you know by now, there’s no single best time to buy a fitness franchise. Your buying timeline will depend on the franchise you choose to buy, necessary capital, and your current job. While it is never a bad thing to speak to other franchisors and experts for advice, always remember that your buying timeline is unique to your situation, interests, and goals.