The modern way of working is constantly changing from day to day. Franchising has become an increasingly popular investment opportunity for many people looking to branch out of their usual work routine. Many corporate employees are looking to strike a better work-life balance and follow life paths they love.
There's a wide variety of franchising options out there, so it's imperative you know which one is the right choice for you. This can obviously be tricky, but getting it right can potentially bring you financial freedom, happiness, and a sense of fulfillment in what you do.
In the years we’ve been doing business, the F45 Training team has learned a couple of things about what it takes for someone to be successful as a businessperson. You can do it the hard way—by starting within a business, learning how it works, and working your way up—but many people are entrepreneurs at heart and actually want to move away from traditional corporate structures. That's where franchising comes in.
Many people find themselves asking how they can turn that leap of faith into more of a graceful step into the future. Prospective franchisees should prepare for a shift in their lifestyles, work environments, and business practices.
If you find yourself ready to start learning more about franchise opportunities, you may start to contact potential networks to invest in. The right franchisor will guide you through the exploration phase of your inquiry. They should give you all of the information necessary for you to make an informed decision about the industry in which you are interested in entering.
The next step is to reflect inward and ask yourself if you are a good fit for this franchise—and if this franchise is a good fit for you. Ask yourself which business gives you the best chance of living up to your expectations and goals that you have set for yourself, even before you make a decision and sign on the dotted line. Here are some questions we recommend that any prospective F45 franchisee (or any other franchisee, for that matter) asks.
Know your strong suits, what you want, and what you DON'T want.
Before you talk to a franchisor, it's important to speak with them about their business model. You will likely have the opportunity to review an FDD (Franchise Disclosure Document) or attend a 'Franchise Discovery Day.' This is the perfect time to really listen to what the company stands for, what their business practices are, and gauge if you feel you'd be a good fit for that. After gathering this information, spend some time working out which model or business best suits your individual skillset and what exactly you’re hoping to get out of your investment.
The F45 Training franchise system is designed for our franchisees to be given consistent support to help maximize their chances of success. Our network receives a wide variety of support, including membership marketing, F45-specific technology building, and membership retention.
What skills do you bring to the table?
Are you organized? Do you love critical thinking? Are you an amazing problem solver? As a franchise owner, you will be responsible for managing and growing your business. Building an effective team means knowing where your time and energy is best spent, while also being able to delegate other tasks. This means you will have to be sure that you assemble a crew whose skills support—and more importantly, complement—your own. Being aware of where you can add the most benefit to your business will help you make the right decisions when it comes to hiring and managing an effective team.
When it comes to our successful franchisees within the F45 network, we have noticed a pattern in skillsets. People skills and teamwork are always attributes of our most successful franchise owners, as is an understanding of changing technology and modern media. Since we rely on both our proprietary technology and training system, our franchisees do not have to be fitness gurus or hardcore fitness fiends. Our technology makes it easier to deliver a high-quality, consistent fitness product directly to our franchisees, so that their focus can continue to be on the clients.
We'll bring the science, and you bring the passion and drive.
What best suits your lifestyle?
You may be interested in becoming a franchise owner to spend less time 'working' and more time living. Perhaps you are seeking more of a work-life balance, or you want to spend your time doing something you love. When it comes to finding the perfect fit for your next business venture, it is imperative you think about your lifestyle.
Does this opportunity fit the mold of what you want from your future? Are you prepared to put in the work when necessary, but be also be able to step away when necessary? Franchising can give you the balance you are looking for, and the right franchisor will fit perfectly into what your ideal lifestyle is.
By looking at your ideal split between work and home, it is important that you pick the business that best corresponds to that. Don't be afraid to ask questions about what a day in the life looks like for a franchise owner. That way, you’ll give yourself the best chance of happiness and your business the best chance of success.
What does this business have to offer you in return for your investment?
For most people, they assume that they put money into an investment and then get money out—they're focused on the ROI. While that may be a large part of it, a franchise investment goes far beyond a financial commitment. It requires the owner to invest a lot of time and emotional energy as well.
The right business will offer you something priceless. The right business will offer you financial stability, yes, but it will also offer work-life balance, a career to be proud of, short and long-term stability for your family, the ability to build an empire for yourself, and a strong network to lean on, just to name a few.
The money aspect is a given; you want your business to be successful. But it also should be something that brings you joy. Much like fitting into your lifestyle, the right franchisor will help you reach your goals by setting you up for success in the long term. Ask yourself which support system will give you the most return on your initial investment.
At F45 Training, we know that the journey to becoming a business owner sometimes feels like a long, winding road. You will likely have hours of research ahead of you, countless conversations, and plenty of decisions. It's an exciting time, but this is a decision that should be carefully made.
That's why we are here to help you every step of the way. We are prepared to answer all of your questions and walk through this franchise opportunity together. With F45, you are never alone. You don't have to navigate this chapter of your life in solitude.
Your business journey starts with introspection, but you will be thankful that you took the time to really understand the business model and find the right business opportunity for you.