Franchising Path

Connecting You to Your Future

Ryan

This Boutique Fitness Brand Is Making The Competition Sweat…And Its Members

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The fitness business is one of the most popular franchise opportunities. As of January 2022, there are approximately 106,000 club and boutique fitness franchises in the U.S. In addition, the fitness franchising industry reached $33.25 billion in overall market size in 2021. That's incredible!

This franchisor established the hottest new global fitness community through decades of experience. In a dynamic group atmosphere, they've blended scientifically proven training methods that are guided by accredited instructors.

They're searching for owner-operators who wish to work hands-on in the business or entrepreneurs who want to generate new revenue by assigning studio managers on their behalf.

From a franchisee's perspective, here is what I love about this type of franchise:

  • It fills a gap in the marketplace.
  • Executive model/semi-absentee.
  • A scalable, high-value proposition with a reasonable price point.
  • Membership-based.
  • Recurring revenue with a straightforward, manager-operated business model.
  • Minimal staff.
  • An 8-week progressive training model.
  • No need for specialized employees. The instructors incorporate scientifically proven techniques.
  • 130+ locations open globally.

Boutique fitness franchises have experienced trainers, high-quality facilities, and motivation for individuals who want to improve their overall fitness and health. The community that these franchises create is one-of-a-kind, making franchise ownership both rewarding and fun.

Boutique fitness studios have gained traction in both the fitness and franchise industries, providing customers with a high-quality experience and the power to improve their health and fitness that big-box gyms cannot provide. In addition, these smaller studios have become a sanctuary for members looking for a more personalized and concentrated training as well as a home away from home.

Trainers are more hands-on and active in member growth. This individualized approach fosters a feeling of community among members, resulting in excellent retention rates.

Big-box gyms may have ten times the equipment as smaller studios, but they often fail to engage members as effectively or inspire the same excitement.

So, why should you choose a boutique fitness franchise over a big-box gym? Aside from the decreased overhead and investment level, there is also the feel-good factor. People are drawn to the communal atmosphere and the ability to make others feel better about themselves.

Find out how to join this highly-successful international brand with a franchisor that has proven to be a leader in the industry. I look forward to sharing more over a conversation with you.

If you’d like to begin your journey to fitness franchise ownership, please schedule a call here.

When Should You Expand Your Franchise?

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When deciding to launch your next franchise location, there are a few key indicators you should look for. It takes more than a desire to generate more money to expand your franchise business. You should verify that your product has a large enough consumer base and a strong enough demand to make the new location a success.

Important Factors to Consider

Extending your franchise business is a significant step. However, you should first  consider these factors:

  • Is your existing location's consumer base too large for your personnel to handle?
  • Is it possible to accommodate the overflow by simply expanding the size of your business?
  • Is your consumer base substantial enough to justify a second franchise location?
  • Have you decided on a location for your second business?

Below is a list of key variables I assembled that can help you determine when to launch your next franchise location and assure its success.

1. You Have Many Loyal Customers

If you have a significant number of regular, loyal customers and your client base is growing, it suggests there is a steady increase in demand for the product or service you offer. Repeat consumers are essential to the success of any franchise. When you observe a consistent, recurring revenue stream year after year, it's time to think about building a second site.

2. Customers Frequently Inquire About The Possibility Of Opening Another Location

If numerous clients who regularly spend money at your existing site ask when you're going to establish a second location, it's time to expand. The ability to better serve your consumers should be the driving force behind your expansion goals.

3. Your ROI Is Increasing Consistently

If your present franchise's earnings are continually improving, it might indicate that the market is ready to support your expansion into a larger or second location. Short-term success should not be used to make this decision. However, if your client base, sales, and profits consistently grow over time, expanding into a second site might be a profitable business option.

4. Your Franchise Is In A Rapidly Expanding Industry

Examine the trends in your industry before opting to open a second location. For example, if your study indicates that your field is expanding, now could be the time to create a second site. By adding another location, you can enjoy profitable short-term rewards and enhance your franchise by offering additional items or services to clients.

5. Your Current Location Is Overwhelmed

If your franchise is drawing far more business than it can manage in its existing location, it may be time to expand. Don't wait until congestion or extremely long wait times for service begin to damage your business. Take action if extending franchise operations to a second site would help you manage consumer demand better and even attract new consumers.

6. You've Done Your Due Diligence

Opening and operating a second franchise location involves financing, franchisor consent, necessary structural adjustments, and an assessment of growth possibilities and potential liabilities. If you've done your homework and your calculations show that the outcome of an expansion is overwhelmingly positive, it's time to open a second location and grow your business.

7. You Have The Necessary Skills, Abilities, And Resources For Growth

Developing and expanding a business involves a distinct set of skills, abilities, resources, and opportunities. Examine your business's performance, client base, and prospective market size and share. If they are all in your favor, then it’s time to expand into another area where new clients are eager to spend money with you.

8. You've Put Together a Great Team

Running a profitable and effective franchise takes a collaborative effort. You must have a staff with which to share the responsibility of operating two business locations on a daily basis. If you have a team that possesses the knowledge, concentration, vision, customer service, and time management abilities required for the success of a second site, you are ready to expand.

Are you ready to expand your franchise? If so, please schedule a call here.

See How My Clients Are Enjoying Entrepreneurial Freedom

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In today's economy, franchise opportunities are endless. Close examination reveals, however, that not all franchises are created equal.

There are numerous benefits to working in the franchise industry, including some brands that have been resistant to recessions, have lower start-up costs, and some with little overhead. You may benefit from a higher quality of life with the ability to work your own hours and make your own decisions.

Many of the franchisees I've worked with have succeeded, and I'd like to tell you about one of them. Michael C. is someone I'd like to introduce to you. His thoughts are below.

Question: What were the top three things you were looking for in a business?
Answer:

  • Profitability
  • Franchisor support
  • Something I would enjoy being involved in

Question: Did you experience fear or hesitation?
Answer: Yes, when I ran the numbers and saw the financial commitment and potential for loss. I made the numbers as conservative as possible to see if the model was still profitable.

Question: How valuable did you find talking about with franchise owners?
Answer: I listened to every validation call I could and found it extremely useful.

Question: Did you feel well-equipped at the start of the validation process?
Answer: I felt reasonably well-equipped, especially after buying and reading a couple of books (and working with my consultant).

Question: When did I know this was the right franchise?
Answer: After becoming aware of how thorough the support was from the franchisor.

Question: Do you think you would have found this business without my help?
Answer: No. It was not on my radar for some reason.

Question: What did you think about the unique perspective I gave to you being an experienced multiple-unit franchisee?
Answer: The track record of having been through this with multi­-franchises (Ryan introduced me to) helped give me a full picture.

Question: Now that you have gone through my process, what advice would you have for someone that is thinking about owning a franchise?
Answer: I would advise them that since they are making a huge, possibly life-changing decision, do what I did, research, buy/read books, talk to knowledgeable people, investigate the company inside out, read key documents (e.g., FDD), listen to any/all validation calls, run the numbers.

Let me help you find your path to franchise ownership. Please schedule a call here.

Franchising 101: What is a Franchise Consultant?

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For many of us, the idea of owning our own business and enjoying the freedom and independence it can provide is a worthwhile goal to strive for. However, you may get frustrated with the amount of work required to search for just the right fit for you. 

A franchise consultant can provide invaluable assistance and experience to those looking to invest in the “right fit” franchise model.

I'd like to share essential information and provide you with more knowledge on what a franchise consultant does and how one can help when you are looking for the right brand for you.

What Exactly Are Franchise Consultants?

A consultant is someone who provides advice or knowledge in a specific area. A franchise consultant is essentially someone who guides you through the twists and turns of the franchise industry and advises you on how to navigate it.

If you are unsure of what you want, how to get there, or where to begin, a franchise consultant can help you define all of this and more.

What Does a Franchise Consultant Do?

Franchise consultants will meet with potential buyers to explore their interests and talents to select the ideal type of franchise. They assist at every stage of the process, from establishing their interests to directing them to suitable opportunities.

What Qualities Should You Expect in a Franchise Consultant?

Franchise consultants should collaborate directly with you. They should begin by examining your goals, learning your skills, and understanding your motivation for wanting to own a business. Next, you'll talk about your financial options and look into possibilities in your market to find the best match.

There are thousands of franchises to choose from, and most potential buyers find the process difficult. Franchise consultants are there to help guide you through the process. Here are some qualities to look for when selecting a franchise consultant.

Experience

You want to work with someone who has years of experience working on both sides of franchising, both franchisors, and franchisees. They should have prior experience as either a franchisee or as a key member of a franchisor's team. Ask for evidence of their experience.

Dedication

People will sometimes consult as a supplement to their primary business. Choose a consultant who will assist you in selecting the best opportunity and lead you through the process. They should involve help with paperwork and the initial set-up of your new business.

Their Reputation in the Industry

Their reputation in the industry is vital. You want to work with a consultant who is well-versed in the franchising world. Choose someone with a comprehensive understanding to help you choose the ideal franchise to fit your specific needs, goals, and strengths. Ask for referrals and what other clients are saying.

Cost

Make certain that any consultant you work with is completely free. Look for an independent consultant, not one that is paid by a franchise to help recruit potential franchisees.

Quality List of Franchises

You don't want a franchise consultant to push specific franchises regardless of whether they are a good fit for you. Instead, you want someone with connections and a strong list of franchises for you to consider.

The franchise consultant should have diverse contacts for all types and sizes of investments. They should be well-versed in each, having conducted extensive research, including reviewing their Franchise Disclosure Agreements. You want to be certain that you are investing in something you can completely believe in.

Remember that the purpose of a franchise consultant is to match you with a brand that suits your requirements, goals, and talents.

If you’d like to find out how I can help you find your franchise match, please schedule a call here.

Why Will Home Service Franchises Continue To Grow In 2022?

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Tens of thousands of people who quit their jobs in 2021 chose to become entrepreneurs and invest in themselves with a franchise. As a result, service franchises, particularly home services franchisees, experienced significant growth. This growth comes as no surprise to me.

While quick-service restaurants and many other brick-and-mortar franchises are still struggling, the pandemic has increased the appeal of service-based franchises from a business standpoint.

Our homes have grown increasingly important in recent years. We spent more time at home during the pandemic because of home-schooling and a shift to work-from-home jobs. Furthermore, the real estate market has been scorching. In 2021, housing prices in the U.S. climbed by approximately 20% over the previous year.

If you own a home services franchise or are considering purchasing one, here are a few trends to look out for in the next year.

An Increase In Technology-Focused Franchising Opportunities

Technology, as it has in every other business, has substantially altered how franchising operates. Franchise systems can manage their entire brand from a single dashboard. The same goes for franchise owners' marketing, sales, and operations.

Home Services Franchises Build Connections With Homeowners

When real estate is good, and values are rising, homeowners have the confidence to improve their homes using the equity in their properties. This positive growth in the real estate market is assisting in the expansion of home service franchises.

The appeal of home service franchises is that they can be both personally rewarding and profitable. Low start-up costs and high value are appealing, as is the chance to build long-lasting relationships while helping homeowners and their community.

Having an ongoing connection and multiple touchpoints with a customer is a franchise brand's dream. Home services franchises do just that.

Service Professionals Are Purchasing Franchises As An Addition To Their Portfolios

Multi-unit and multi-brand franchise ownership are not new concepts in the world of franchising. However, I'm seeing an increasing number of service providers add home services franchises to their portfolios.

As we look ahead into the remainder of 2022, I’m incredibly excited about what the home services franchise industry has in store. You should be too!

Would you like to be a part of the home services franchise growth? Please schedule a call here.

How To Choose The Best Franchise FOR YOU

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With various franchises in many price ranges to choose from and hundreds of resources and information packages to comb through, finding the right franchise opportunity is not a simple task.

To help, here are my top ideas for increasing your confidence and chances of success while evaluating franchise opportunities.

Define What You Wish To Accomplish

When starting a new business, it's important to have a clear vision of what you want to achieve.

Do you want to start your own business, make money, be your own boss, or have more free time? By defining your real goals, you will be able to identify which franchise model is a perfect fit for you and will assist you in achieving those goals.

You should figure out what your major motivator is. After you've determined this, you should think about what you like doing.

  • Do you enjoy working in an office setting?
  • Do you like a labor-intensive physical business?
  • Would you be effective at hiring, training, and supervising employees?
  • Do you prefer to work independently?

The answers to these questions can help you decide how to combine what you like doing into your business objectives and plan.

Do Your Research

If you already have a franchise in mind, the next step is to learn everything you can about the brand's history.

You'll need to learn about the company and its owners, how long it's been in operation, and if there's a demand for their service or products. You must also examine any boom or bust cycles and any new laws that may have an immediate impact on the business.

You should also consider how the economic climate has impacted its worth. This might be difficult at times, but remember that it's good to question the franchisor if there's something you don't understand, and don't hesitate to ask for additional information if you're not content.

Company culture is vital to company success, so examine if the franchisors prioritize network support and revenue growth or whether they are simply interested in bringing on new franchisees when existing franchisees exit the business.

A healthy connection between the franchisor, the support staff, and the franchisee is the foundation of a successful franchise business. If you don't like the personnel or the corporate culture, chances are it won't get any better if you become a franchisee.

Remember that while franchisors may try to wow prospects with flashy brochures and presentations, you'll need to look past those and dig deeper.

Compare And Contrast Training And Support Systems

Be sure you're satisfied with the assistance and training provided by your franchisor since this will be a critical component of your success.

Some franchises assist franchisees in finding high-quality employees and provide marketing expertise to grow rapidly. This assistance is great for accelerating your path to success while avoiding the drawbacks connected with launching a new business.

A successful business model should give the necessary assistance from the start, allowing you to get your business up and running and earn a healthy profit quickly.

If you don't have this sort of support, difficulties will develop once you've launched your business. Every successful franchisor should have a business model that has been tried, tested, and refined. They should know what works and what doesn't to provide you with all of the information and guidance you need to get started and stay on track.

Examine Your Financial Situation

Considering your resources will offer you a realistic picture of what franchise options are available for your budget.

Starting on a shoestring budget is risky and frequently unreasonable. Instead, you should search for a business model with low start-up expenses since this will make it easier to launch your franchise and start making money.

Most franchises will help you secure the necessary funding and the essential business planning to ensure that it is a viable opportunity.

If you’d like more information on how entrepreneurs choose franchises, please schedule a call here.