At F45 Training, we never stop pushing, tweaking, improving and perfecting our training system and member experience. It’s part of our commitment to constantly innovate and perfect our product—and one of the reasons we’re one of the world’s fastest-growing fitness networks. It’s an approach that also applies to the business side of F45, and we constantly have our eyes peeled and ears to the ground for the latest and best practices from all around the world. It’s a great way to stay ahead of the game, empower our franchisees with new information and insights, as well as help prospective franchisees make the right decisions.
Looking at the 2019 Small Business Trends study*, two findings stood out to us. For one, women looking to open a business of their own are more likely to start from scratch or purchase a franchise rather than buying an existing business. Additionally, most new franchise start-up acquisition costs range between $50,000 and $175,000 rather than the $1 million that most people expect.
Also, while doing your homework and considering all angles of business ownership are important, your choice should also be about what excites you and makes you jump out of bed every morning ready to take on the world. Here’s some more detail…
The future of franchising.
Between 2007 and 2018, the number of women-owned businesses in the United States grew by almost 60%. It’s a trend that’s set to continue as more and more women move away from traditional corporate environments to follow their passions and enjoy a better work/life balance. An unfortunate truth, though, is that while pay gaps are narrowing and more top-tier jobs are held by women, traditional corporations are still largely male-dominated. Many women are pushing back and deciding to go it alone—being a franchise owner means a move away from office politics and gives franchisees a chance to succeed and get ahead based off their own hard work and commitment.
Franchising is also a great fit for women—it’s a model that requires good communication skills and rewards collaboration and a more empathetic approach, areas where women generally outperform men.
While male entrepreneurs might embrace a higher-risk approach to starting their own business, women tend to be more cautious. Being able to buy into a scalable model like the F45 Training franchise model presents the opportunity to enjoy increased freedom with far less risk than trying to start something from scratch.
It’s a trend we’re well aware of, and the fact that health, beauty, and fitness businesses are the top choice for female entrepreneurs is something we picked up on—especially with more and more F45 Training franchises being run by passionate women.
The benefits of F45.
Many people think that opening a franchise location is going to set them back a lot in terms of finances. While franchise products like fast-food and retail chains might carry higher costs, F45’s training system doesn’t rely on loads of expensive machines and hordes of highly-paid staff. Our franchise model is scalable, to the benefit of our franchisee network.
Do what you love, love what you do.
For many entrepreneurs and franchisees, the most important part of deciding where to invest time, passion and capital comes down to intuition or “gut feeling.” It might be scary to hear, but any new business will need loads of passion and love to make it successful. It’s always easier to throw yourself into something that you really believe in and are excited about, compared to a business that just ticks boxes and looks good on paper.
The beginning of any new business is often tricky and full of learnings and challenges. If you really believe in what you’re doing and are passionate about your product, you’re far more likely to stay the course, be resilient and rise above obstacles.
You should obviously seek as much advice as possible, talk to those who’ve been there and done it before, and make sure that the franchise you pick is the right one for you. Ultimately, though, you’ll need to make a decision that feels right and is one you’re ready to pour your heart and soul into—that’s where the magic is.
This could be a life changing opportunity.