Being a franchisee is appealing because it offers the best of both worlds—a chance to grow your own business as an entrepreneur and the security of being able to tap into the F45 franchise model.
Rather than picking the first franchise that you see, you must spend time making sure that the business you have your eye on is the right fit for you and, likewise, that you’re a good match for it. Here’s some things you should do before you dive into the exciting, and sometimes challenging, world of being a franchise owner:
Play to your strengths and skills.
You should be looking for a franchise that matches your skill set and passions. F45 Training is a fitness business, but at our core, we’re very much about people. Whether you plan on leading classes or running the business while others take care of the day-to-day, you’ll need to be good with people and share our passion for bettering lives.
Take time to do the math.
While fitness may be your passion, your franchise is still a business and needs to work for you. One of the first things you should do to make sure that you get a return on your investment is to look at the numbers, not just the revenue. Carefully consider all the expenses and overheads that come with the franchise and how much tax you can expect to pay.
Location, location, location.
The location of a franchise is vital. You should have a location in mind, one that is easily accessible for your target audience. While F45 Training welcomes all ages, demographics and levels of fitness, you should have an idea of who your target audience is and pick a location that is convenient for them. Think about what your peak business hours will be (for F45, mornings, midday and early evenings are often busiest) and consider traffic, parking, access to public transport and nearby infrastructure. An adjacent office park may mean that your franchise appeals to a more corporate customer, while a suburban neighborhood might require more of a family focus.
What about the competition?
Carefully consider any nearby businesses that will compete for your valuable customers. While F45 Training boasts a very attractive offering compared to traditional gyms and fitness concepts, you should make sure that you’re not trying to break into a saturated market.
Turnover also counts when it comes to people.
It’s not only the turnover of your business and bottom line that you should think about, but also how long customers (and staff) are likely to stick with you. Attracting new customers can be time-consuming and expensive—make sure that the franchise model prioritizes existing customers and encourages loyalty. Beware of any franchise business that focuses on acquiring new members without ensuring repeat purchase and sustainability. Fortunately, the F45 model ensures that members always see continual progress and are motivated to come back day after day.
The same applies to staff—giving employees room to learn and be challenged will ensure that they stick with you and help your business grow as they do. A good franchise model will give as much attention to staff as it does to customers.
Don’t be afraid to learn as you go.
Being a franchise owner means being quick to adapt to market changes and always pushing to be ahead of the curve. It’s a continual learning process and you can be pretty sure that no two days will ever be the same. If you find a franchise that’s a really good match for you but don’t have all the relevant experience quite yet, you can still pick up the ins and outs as your business grows. At F45, we actively encourage a beginner’s mindset, which means that we’re always looking to learn, add to our experience, and be better tomorrow than we were today. As long as you’re willing to put in the hard work and push against those comfort zones, you’ll be fine.
Understand the recipe for success.
Before committing to a franchise, go and visit as many of their individual franchise locations as possible. Try to find out who the bottom and top performers are, and learn about their respective strengths and weaknesses. In doing so, you will notice both similarities and differences of your own strategies and focus.
Ask questions, be inquisitive, and be wary of a set “sales pitch” or company line. Be aware of where your personality, daily routine, and strengths match up with the franchise’s success stories.
Embrace the fact that you don’t know everything.
Finally, no matter how much research you do, realize that there will always be new things to learn when it comes to running a franchise and growing a business. Intuitively understanding a brand and the factors needed to make an individual business successful takes time. You’ll need the help and experience of people who’ve been there and done it before.
Some of the major strengths of the F45 model are the size of our network, the resources, and the support we provide to our franchisees. We actively encourage our franchisees to learn from the experience of others, and we provide a wealth of tools and knowledge to help ensure success. We’re all in this together!
This could be a life changing opportunity.