When you have to choose between starting your own business or going the route of investing in a fitness franchise, starting your own business may seem more appealing, however, investing in a fitness franchise is likely to be the more profitable option. Here are 7 reasons why entrepreneurs who opt to put their money into a fitness franchise rather than venturing into their own business.
1. Clear business roadmap
While you may have all the skills required to manage an established business, you may not be familiar with what setting up a new business requires. When buying an existing fitness franchise you not only receive a clear business roadmap but also support in all aspects to ensure you get your franchise up and running. You can expect to get assistance when it comes to selecting a location, as well as hiring and training staff. This is a huge benefit for personal trainers who have the fitness skills and people skills, but lack business knowledge.
When you buy a fitness franchise you can expect to receive orientation from your franchisor. Your franchisor will train you to ensure that your business is successful and that the brand maintains a good reputation, because a poor customer experience at one location could damage the brand’s overall reputation. The F45 Playbook ensures franchisees are supported at every step with a single digital hub for operations support. “With everything from launch pathways, administration and accounting right through to in-studio software applications, education and F45 Instructor support, franchisees have round-the-clock access to all the information they need, right at their fingertips”.
In most cases your fitness gym franchisor will provide you with both marketing advice and all the advertising assistance you need prior to launching your fitness franchise. The majority of franchisors require franchisees to contribute to a brand advertising fund that contributes to the brand’s global advertising programs. F45 Franchisees get to also leverage press coverage, ambassadors and activation events on a regular basis for their own benefit.
4. Exclusive territory
According to a Franchising.com article, when you purchase a fitness franchise you’re generally given an exclusive location. This implies that your franchisor will only allow a certain number of franchises to be established within your area. F45 protects each individual franchisee's territory. Fill out a form to gain access to the F45 map showing which territories are still available.
5. Greater chance of success
Unlike starting your own new venture from scratch, buying a franchise means you’re buying a pre-established business model and that gives you a greater probability of succeeding. Your business will be up and running faster than if you were trying to establish something completely new. For example, F45’s fitness franchise business model provides franchisees with a business model that supports ongoing innovation and growth.
6. Access to funding
According to Franchising.com, “an established fitness franchise brand already has a proven track record and lenders tend to consider loaning money to an entrepreneur investing in the brand as having a lower risk of repayment default”. A number of franchise brands provide solution for finding financing, you just have to do your research. While F45’s initial investment costs are low and minimum $90,000 USD liquid capital is required, F45 has partnered with financial institutions to assist potential franchisees with the capital they need to fund the remaining costs to open a F45 franchise. Don’t be afraid to ask the franchise you are interested in investing in if they are in partnerships with funding entities.
You have a much better chance of being successful when you invest in an established fitness franchise so find out how you can be a part of the expanding F45 empire!