Ok, you are looking to buy a fitness franchise and you are trying to work out what Fitness Franchise is right for you.
Check out these 10 tips on what to look for in a suitable Franchise System.1.Support – What are the Franchise model’s Support systems? Are they structured versus adhoc. Are other franchisees happy with the business support? Structured support from a Franchisor is key as quality support systems stand up as the brand grows. 2.Franchisees Satisfaction – You need to speak to multiple Franchisees to get an understanding on the franchisee satisfaction levels. Good, bad or ugly, speaking to 3 franchisees who have varied levels of performance will give you the education required. 3.Track Record – Has the Franchise System been a success? How long has the brand been in the industry for? What is their reputation like in the industry. Dig deep and find out if they have proof of concept. If they do, you can replicate it and you will be successful. 4.Alignment – This is critical. You must have aligned values, goals and beliefs as the Franchise system. If you love training at a Ladies only gym, look for a ladies only franchise. If you love High Intensity Group Circuits, look for similar franchises. You get the jist! If you don’t love training and fitness, look for another industry that you do love. 5.Learn about the Franchisor – What is he/she like? Can you see yourself investing into him/her? As funny as it sounds, the Franchisor more than likely has similar personal values to the business values. If you don’t feel comfortable with the Franchisor, then you may not be comfortable with the brand. 6.Marketing Support – What marketing support do you get? Are you comfortable they will teach you to be strong in marketing? Can you find out what marketing support you get? 7.Systems – Does the Franchise System have modern, progressive, easy to use systems? Do the franchise group execute the systems with ease? Proven systems are critical for your success else you would do it yourself and create them. Systems, should be always updated, reviewed and progressed from Head Office. 8.Culture – Can you learn about the culture from staff, franchisees, members and the leadership of the organisation? Although hard to measure, it is important to gather a feeling about the culture within the group as you will be living in it. 9.Communication – What communication platforms are in place? How regular can you expect to communicate with Head Office? How long does it take to get a return call or email? How does the Head Office response to your needs? After all, having a support centre for your brand is part of what you are paying for in Royalties. 10.Financial – What does it cost to start the business, run the business and what can you expect to profit from the business. Franchisors can find it hard to disclose projections for legal reasons, however you work out the math’s yourself by understanding the cost to run the business, how many members you need at what price and do your own budgeting.
There are many great systems in the market. It is about understanding whether your own goals and budget and expectations align to the brand.
Contact Ben Fletcher below for more information on the LTYB Group Personalised Training model.