Franchising is hot right now. Stay tuned as in this episode, we discuss the five things you should consider when considering buying a fitness franchise.
In this episode, we discuss the five things you should consider when considering buying a fitness franchise.
Franchising is hot right now. It’s a great investment opportunity; it gives you a better return on investment as an entrepreneur. If you go to sell, if you’re an independent operator, it gives you systems and a massive shortcut to success.
Nonetheless, you’ve got to put the work in and run the systems. It’s one thing to have them create it, but you still have to be an entrepreneur.
We felt like it’s a better vehicle for our potential or our core customer, and ultimately, a better vehicle for their core customer.
How about the pricing? What’s your investment for a franchise versus starting on your own? And sustainability and longevity? What is the level of support that you’re going to receive ultimately? Those are important questions to consider.
The franchisee-to-franchise alignment and financials are other vital considerations when you are mulling over buying a fitness franchise. Stay tuned to know more.
Key Points of Discussion:
- Pricing: The upfront fee (franchise fee) and the ongoing fee (4:13)
- There are franchises that do a flat fee (5:27)
- With a low barrier to entry and price per month, don’t expect lots of support (9:36)
- Sustainability and longevity: You need to look at overall market conditions (13:12)
- Make sure there’s some history there, that the scalability is proven out (16:40)
- Level of support you’re going to receive could make or break you (17:03)
- Make sure the franchise fee threshold is enough to get you training (17:27)
- Franchisees to franchise business coach ratio – the less, the better (20:09)
- You can’t take the personal out of business relationships (20:24)
- Your core values: Do they align with the master franchise? (23:15)
- The financials: Ask for an Item 19 if they don’t have that (24:08)
- How soon will you get a return on your investment? (25:18)
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