Regardless of which industry you're in, running a franchised business has numerous benefits over the traditional business route. People often wonder what steps they need to take to ensure they get the most out of their business. Here's our thoughts on a few key elements you need in order to run a successful franchise.
Buying into a franchise comes with a number of advantages, but it’s up to you to make sure that you know exactly what is, and isn’t, included in your purchase. Familiarize yourself with the business systems available to you as a franchisee, what they cost, and how to use them properly. The right franchise will walk you through these steps in great length to ensure you are fully onboard.
2. Buy into a brand that’s known and proven.
It’s true that brand power and awareness play a significant role in how successful a new business venture can and will be. For example, depending on your industry, bigger brand franchises can be more difficult (and expensive) to acquire. Smaller, yet relatively well-known, brands may be more reasonable when it comes to pricing and may fit better into your budget and vision. Ultimately, it's the weight behind a recognized name that starts any “new” business off on the right foot. You should feel good about the company into which you are buying and feel proud to have that brand name attached to your own.
3. Is the business you are buying into innovative?
The ideal franchise business is one that’s geared to adapt quickly and pivot through means of constant innovation. The advantage of this is to be able to withstand different situations and shifts within your specific industry. For example, when you buy an F45 Training franchise, you will not only receive guidance, but you’ll have access to some truly innovative developments in the fitness industry to keep you ahead of the curve at all times. The proper franchisor will give you the tools you need on a daily basis and the fundamental structure you need in order to maintain success.
4. Make use of all the training, onboarding, and assistance provided.
When you become a franchisee, you will need to be inducted into the brand's way of thinking and how they do things, as well as understand why they do them that way. As a new franchise owner, it’s imperative that you maximize your learnings so that you can create a diverse, comprehensive business plan to turn your franchise into a success. Certain franchise owners may have more assistance and on-boarding than others. For example, when new F45 Training franchise owners are brought into the network, they are welcomed with a full induction, where they learn the ins and outs of the business and company. It is a priority to make them feel welcomed, prepared and ready to take on anything.
5. Don’t overspend!
One of the benefits of buying into a franchise business is that you will know exactly how much the setup and operations will cost. Collecting this information will prepare you to make smart business decisions. It’s always a good idea to have a maximum price in mind before you start negotiating or enquiring about buying a franchise—that way, you won’t overspend.
6. Understand that you don't have to be an expert.
This point may take some by surprise, but it truly is critical to your success. If you are looking to open a franchise, keep in mind that you don’t have to be an expert in the industry in order to open a business. For example, owning a gym franchise doesn’t mean you have to be a fitness expert. Of course, it may be to your advantage to truly love what you do, but you do not have to be in the best shape of your life to own a gym! The point of a franchise is that you have the power to employ people who are enthusiasts, and who know the industry very well. It’s about how hard and effectively you work on the business, not how hard you work in the business.
7. Know what makes a good franchise.
Running a successful franchise requires hard work, dedication and commitment. It’s a good idea, if possible, to talk to people who are already franchisees in the industry or particular network you’re interested in joining. Find out some of the things they found to have helped a lot during their journey. How did they overcome the challenges they faced, or did they face any obstacles at all? Ask what they would tell a new franchise owner that they wish they were told when starting out. This is a great way to learn from the mistakes of others, and in doing so, hopefully you can avoid making the same mistakes.
8. Gauge the help and guidance you’ll receive from the franchisor.
Most franchisors will have some kind of support available to their franchisees. If you invest in an F45 franchise, for example, you will receive robust support across various channels (marketing, setup, and pre/post-open operations). It can be difficult to ask for help or advice when things go wrong, but ultimately it’s up to you to know the exact level of support and assistance you’ll receive from the business in which you’re investing.
9. Use the support available and look ahead into the future.
One of the main benefits of a franchise is that you get to buy into a pre-existing business model, which results in a bit less confusion and anxiety about what to do and how to do it. Knowing how the business should operate is one thing, but it’s essential that you have a comprehensive business plan to match your ambitions and goals. You should set yourself up for success by setting short-term and long-term goals, make them measurable, and have a plan for achieving them. You are made for this, and you are your own worst critic. It's important to set yourself up for success in the long run and list the risks that you could foresee, and the different ways you could go about preventing them.
10. Understand that businesses run on relationships.
Sure, money might be a big part of it, but no business can survive if internal and external relationships aren’t actively maintained. A happy team tends to be the most efficient one. Should the franchisor prescribe wages, working conditions and times, it is up to you as the franchisee to add your own spin to those core elements. It’s your business, and although it might not boast your name on the door, it’s the embodiment of your hard work, and the rewards can be lucrative. Lead by example, do whatever it needs, and put your people first, because loyalty is not something you can buy.
As aforementioned, if you have dreams and aspirations of being a successful franchise owner, it is imperative to seek out and listen to advice. Whether it be from other entrepreneurs, franchisees, or the franchise itself, there’s a wealth of knowledge out there. By taking the time to find and listen to it, you and your franchise could become a resounding success as a result.
If you are interested in learning more about the F45 Training business opportunity or you are ready to take the next step in owning your own F45 studio, simply reach out to us today. We are here to walk you through these 10 steps and get you on a path towards success and happiness.