Opening a franchise is a very attractive business choice for most entrepreneurs looking to step into something new. If you get it right, you could enjoy the freedom of owning your own business, benefit from working off a proven model, and capitalize on a familiar brand that customers already love.
Buying a franchise can be an expensive commitment, and, while being passionate about a particular industry is extremely important, it's important to remember that there are more factors to take into consideration when learning about a franchisor.
A franchise should be seen as an investment, not just a hobby—and this is especially true when it comes to the fitness industry, where health and wellbeing are such powerful passion points. Any franchise decision, whether in the fitness industry or not, should be made after looking at the business in depth, asking existing franchisees about their experiences, and knowing how to get the most out of the franchise system you choose.
Here are five questions the F45 Training team feels are important to consider before you become a franchise owner. Of course, we are here to answer any (and all) of your questions if you are looking into becoming an F45 studio owner.
Should you do it alone?
Far too many new franchisees jump blindly into a decision based on simply liking a brand or getting hyped up after talking to a friend about it. New prospects should take the time to talk to a franchise consultant or seek out advice from current franchisees and experts. It can be greatly beneficial to speak to people that have an inside idea into the world of franchising. We recommend that you ask around and listen to expert advice—it’s vital when it comes to choosing a proven, market-leading business. Our team is ready to assist you with your questions or give you any sort of general information about F45 Training whenever you are ready to take the next step!
Do you understand the business model?
You might eat, sleep, and breathe fitness and feel as though fitness is your passion and calling in life. If you’re going to buy an F45 Training franchise, you will also need to understand how the business works and how to get the most out of the F45 franchise system. For example, we like to ensure that our franchisees understand that the overheads, running costs, and start-up costs are a few things they’ll need to cover off the bat. Staff salaries, responsibilities and skillsets are also important aspects to consider, as is the studio’s traffic, location, and the demographic you want to attract. Knowing what to expect and how to structure your business will help you avoid any surprises and get you off to the best start possible.
Do you knowwho you’re going into business with?
As a franchisee, you’ll be going into business with the franchisor—the people who run the overarching brand and company. It’s vital that it’s a business and community whose vision, passion and values you share. We encourage you to really take time to research and understand what the company stands for and try to immerse yourself in its culture as much as possible before you buy.
Will the franchise fit your lifestyle?
Before you make the commitment to opening a new franchise, we invite you to reflect upon your current lifestyle, as well as the lifestyle that you wish to have. Does being a franchisee help you get closer to your goals?
We also encourage potential franchisees to think about their work-life balance. Think about your current working hours and the times when your studio is likely to be most busy. Are you interested in becoming your own boss and handling a business? Are you prepared to hire the right staff that will have your back and allow you to live the life you desire? If so, you may be ready to jump in!
Is franchising right for you?
It is important to note that opening a franchise will give you the chance to explore and develop that entrepreneurial spirit. For some people, however, they may might find it tricky to work within a set of established brand rules and guidelines. Being a great franchisee means being able to stay within the business model that is carefully laid out for you, while also bringing your personality and personal touches to your business when (and if) appropriate.
The F45 Training vision is a great fit for strong, unique personalities, but you’ll still need to make sure that you’re able to follow the company guidelines and make the most out of a proven model. After all, there’s a reason we’re one of the world’s fastest-growing fitness networks. Being able to deliver a consistent customer experience and play to F45’s strengths will translate into greater value and returns for your individual franchise.
Ask more questions.
As we said, these are just a few of the things that you should consider before joining our franchise network here at F45 Training (or any other franchise for that matter). By doing your homework, asking around, and immersing yourself in the world of the business you’re looking at, you’ll give yourself the best chance of success. Curiosity is key to any franchisee’s ability to flourish.
Image: MBB Management