Ok, you are keen to own a Fitness Franchise and you are not sure which type of fitness franchise is right for you.
Typically in the industry, there are Group Fitness Franchises, Gym Franchises, Personal Training Franchises and other franchises in Yoga and Pilates + more.
Some of those fitness franchises can be in a rapid growth phase, some can be setting up a slow growth model for the long haul and some can be stagnant. Each business phase can have reasons good or bad. A little research can help gauge the suitability and maintain the way forward in your final decision making process.
Some questions that you need to think about could include:-
- Can fast growing brands keep up with field support and systems?
- Will slow growing brands have the resources to assist in growing your business?
- Are the stagnate brands comfortable with their level or are they not growing for a reason?
There certainly is no right or wrong, however it is worth getting an understanding before you commit yourself!
When you do your Googling and find various models offering a franchise, they may all have key words that look similar. What’s important for you, is to try out the different concepts as a ‘short term member’ and see if the model has the signs of what you are looking for.
For example, if you love Pilates, try a Pilates Franchise or if you love Group Fitness, try out the Group Fitness offering.
See if you can attend info evenings, follow their Facebook page, aim to get on their mailing list, speak with Franchisees and different head office staff to gauge your alignment.
Going down the franchise route is a major step for any fitness professional and it’s also hugely exciting. Any communication, interaction or hands on expereince you can tap into is all part of your research and due diligence and can help you gain an insight into each fitness franchise model. This can be incredibly valuable knowledge in helping you come to decide what your next move will be.
In summary, here are my 6 best tips on helping you select the right Fitness Franchise: –
[box type=”success” align=”aligncenter” class=”” width=””]1. Try out various brands as a customer.
2.Understand what phase the business is in.
3. Follow their communication platforms to fuel your interest.
4. Ensure you are personally aligned to the brand.
5. Ensure you have the necessary funding to start the business and enough cash in the bank until it is profitable.
6. Request to visit the head office and meet with the team.[/box]
Good luck in your due diligence phase and if you get it right with a great Franchisee/Franchisor relationship, everyone wins, which is the name of the game.