With the modern world of work changing from day to day, franchising is becoming an increasingly popular investment opportunity. Many corporate employees are looking to strike a better work/life balance and follow life paths they love.
There are so many franchising options out there, though, and knowing which one to choose can obviously be tricky. Getting it right will mean more than financial benefit, but greater emotional reward and life satisfaction, too.
In the years we’ve been doing business, we've learned a couple of things about what it takes for someone to be successful as a franchisee. You can do it the hard way—by starting within a business, learning how it works, and working your way up—but many franchisees are entrepreneurs at heart and actually want to move away from traditional corporate structures.
But how does one make that leap of faith less of a leap? How should a prospective franchisee best prepare for a shift, both in terms of lifestyle as well as work environment & business challenges? You might think that learning everything about the business you’re looking at would be a good place to start. In many cases, though, the franchisor will have a wealth of information on what makes the particular business and industry work, and should be able to give you everything you need to know. Where your franchise journey should really begin is by taking a look at yourself and trying to work out which franchise is the best fit for you.
Know where you’re strong—and what you want.
Before you talk to a franchisor, review an FDD (Franchise Disclosure Document) or attend a 'Franchise Discovery Day.' You should 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 means that franchisees are given consistent support and learnings to help them maximize their chances of success. By asking yourself a few important questions, you’ll give your business the best chance of living up to your expectations—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.
What skills do you bring to the table?
Are you organized? Good at critical thinking? An amazing problem solver? As a business owner, your responsibility will be to manage and grow your business. Building an effective team will mean knowing where your time and energy is best spent and making sure that you assemble a crew whose skills support and compliment 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.
For F45 Training success, there are some skills that stand out from the rest when it comes to getting the most out of our system. People skills and teamwork are always at the top of the list, as is an understanding of changing technology and modern media. Being a fitness guru won’t hurt, but the use of technology and a proven training system means that it’s easier to deliver a high-quality, consistent fitness product. We'll bring the science, and you bring the passion and drive.
What’s your best lifestyle fit?
Because the decision to become a franchisee is often driven by a desire to spend less time “working” and more time living, it’s important to think about how the business you’re looking at will affect your day-to-day life. Knowing when you’re most likely to be needed and when the franchise will be busiest prevents you from being spread too thin.
For a lot of fitness businesses, peak time is often when other businesses are quiet. For F45 Training, it’s the same with members often looking to grab a 45 minutes on their way to or from somewhere else. Things like school holidays, seasonal changes and infrastructure changes can also affect how busy a franchise will be.
By looking at your ideal split between work and home and picking the business that corresponds to that, you’ll give yourself the best chance of happiness and your business the best chance of success.
What do you want from your business?
Many people may think that the obvious answer is money. The truth is that 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. Deciding how much you want from your business in terms of life goals and satisfaction will help you pick both the right industry and franchise. Remember, your business isn’t your destination—it’s a vehicle to get you there.
Spending some time considering what really makes you happy and where you want to be in the future is something you should do upfront in your decision-making process.
Less of a leap is still a leap.
As with many choices, business ownership will always involve some risks and challenges. By assessing your abilities and considering both your current and ideal lifestyle, you can make the process of becoming a franchisee easier and give yourself the best chance of making the right decision. It’s a case of finding the best fit for you.