The health and fitness industry is fast-moving and filled with enthusiastic staff looking to further their careers. It can be a challenge to hold onto quality people, especially when balancing a roster that’s made up of part-time and casual team members.<!–more–>
Staffing is often one of the biggest challenges standing in the way of growth for any industry. Everything from recruitment to onboarding to management and retention can cause a lot of stress. And it takes valuable time away from the business owner.
That’s where franchising comes in. By franchising your health and/or fitness business, you’re able to achieve sustainable business growth without the added headaches of staffing multiple locations. Instead, you work with motivated entrepreneurs and business owners just like yourself and give them the tools to replicate your success.
It’s also a practised way of growing ROI without taking on excessive liabilities. You can facilitate rapid expansion without having to dip into your capital or stretching yourself too thin trying to manage multiple businesses at once.
When it comes to the fitness industry, Listen To Your Body (LTYB) is the perfect example of how franchising can help to build a fitness empire. Owner and Personal Trainer Ben Fletcher started with one gym that grew steadily. After more than 200,000 personal training sessions, he came to us to help him grow his business through franchising.
“10 years on, and we are delighted with our decision to Franchise,” Ben says. “LYTB now has 14 studios in two States. But rather than measure our success just in the number of studios, we measure our success in the brand’s growth. Also, the success of our members and the satisfaction of our franchise partners.”
A steady revenue stream is the hallmark of a successful business. It indicates that those who join you will be able to make a success of their business. If you don’t run your company profitably, it’s unlikely that others will invest in your franchise because their success is not assured.
The uniqueness of your products or services is a selling point for a franchisor. Is your product or service in demand most of the time? Do you have a more attractive or appealing set-up than your competitors? Distinguishing factors about your business will help you stand out and attract franchisees.
Franchising a business means you create a brand presence in various other locations. Do you have the teaching ability and readiness to replicate your business model for a new set of customers and business environment?
Having a solid understanding of your target market will help you determine whether or not it’s successful in other locations. It would help if you considered the ability of your business to meet market demands now and into the future, servicing existing clients while also attracting new customers.
Starting a franchise can be daunting. There’s the investment, the systematisation and the documentation, not to mention all the legal requirements. It’s easy to get overwhelmed by the idea. The truth is, going it alone is tough. However, with franchise advice and assistance from experts, it’s a cost-effective way to expand and grow your business.
If you’re ready to discuss the next steps for franchising your fitness business or want to find out if your idea is feasible, don’t hesitate to reach out.
Thanks for reading,
The Franchise Institute Team
1300 855 435