When you take ownership of a fitness franchise, you’re entering into an expansive industry and joining a company that is run according to a specific ethos and business model. There’s a lot to be aware of; from the abilities of your staff, to the processes by which the business is run. You should know exactly what route you’re taking by remembering what’s necessary and beneficial, and avoiding what might hinder your progress.
Remember: Financial Minimums and Options
It goes without saying that your number one priority when investing in any franchise is your current financial situation. You might have the capital needed to go forward with this exciting venture, but even if you do, it doesn’t hurt to be sensible in how you handle your accounting.
At F45, potential franchisees are required to have a minimum liquid capital of 90K USD. For the rest of the investment, there are a variety of options including applying for a loan, bringing on a partner or finding a private investor. Fortunately, F45 franchisees encounter low studio set-up costs as compared to other fitness franchise competitors.
Avoid: Inexperienced Team Members
You want to begin this new venture with investing in your team. To start running at full speed (or as close to this as you possibly can), ensure that every person working at your studio (from the personal trainers to the receptionist) is not only passionate about F45, but they are also qualified for their role. You might also see owning a franchise as the opportunity to hire friends or relatives to work with you. If you do, it is still very important to make sure they’re properly qualified to reduce training time and potential negative effects on your business.
Remember: System of Operations
Once you have your team in place, setting up your company operations and process is vital to your success. With over 1,300 studios sold since launching the first studio in 2011, F45 Training has a vast understanding on what is required to help a studio operate effectively and efficiently. With years of experience, F45 has developed a system that is easily replicable and easily teachable to the company’s employees.
When buying into the F45 Training Franchise, you have the benefit of accessing the structure and the tools established by F45 Headquarters. Not only will the guide help you to run an effective gym, your employees and members will benefit.
Avoid: A Location that’s too Far
The spread of the fitness craze can be seen across any given city as new gyms pop up on every corner. When considering a location for your studio it's important to make sure it is convenient. We recommend considering the following:
- Find one that’s central enough to attract a substantial consumer base
- Select a studio location that’s well-established in its immediate surroundings
- Choose an area that is easily reachable from further areas with ample parking
Since people are less likely to travel far to exercise, if your franchise is the nearby, with accessible parking then it will be the most popular. Of course, if you can’t find a location that’s convenient enough, then you might have to rethink your business plans.
There’s a lot that goes into heading up a franchise. With the right staff, a solid financial plan, a conveniently located studio, and a comprehensive business plan to run that studio, you’ll be on the road to success.