When you’re first starting a business, it can feel like maneuvering a mine-field of obstacles and knowledge. Especially so, if you’re new to the entrepreneur world.
Instead of starting from scratch, perhaps you decide to buy a franchise. Is that really the right move for you? Should you own a franchise? Find out.
Reasons you Should Own a Franchise
You want to be your own boss.
Studio ownership allows entrepreneurs the freedom to work for themselves and maintain an entrepreneurial spirit.
While independent studio owners and franchise owners both make day-to-day business decisions for themselves, those in a franchise system are guided by the experience of an established enterprise with systems and processes already in place.
You enjoy hard work.
Contrary to popular belief, a franchise is not a “business in a box.” It definitely is a tried-and-true business model, but it takes hard work to make it successful. After all, customers might not flood through the doors upon opening.
Running a franchise requires every ounce of effort that you would put into an independent business. Fitness Together® franchise owners often find that it doesn’t take hundreds of clients to make the business model a success. Owning a personal training fitness studio lends itself to a smaller volume and higher retention model, allowing owners to truly build a community within their own fitness studio.
You’re not in a position to be taking risks.
When you enter into a franchise, you receive that brand’s proven business strategies along with the actual business itself. For example, the Fitness Together brand has over twenty years under its belt in the fitness industry. That is over twenty years spent perfecting its franchise model, evolving it into what it is today.
Not only do you receive its business strategy, but you also have the continual support of the franchisor, especially when it comes to innovation and staying relevant in an ever evolving, technology-focused world. This is especially helpful if you’re new to owning a business. Fitness Together Franchise, LLC offers world class support to franchisees long past the grand opening phase of their personal training studio.
Reasons You Shouldn’t Own a Franchise
You don’t have the proper funding.
It’s no secret that starting a business is expensive. If you don’t have the money out of pocket, expect to take out loans. It is possible to find help with expenses, but you should still expect to make a significant contribution.
In the long run, however, owning a franchise may have a lower total investment than independent ownership! The Fitness Together brand has a low initial investment, and many owners may find they have a healthy return on investment, as business may ramp up quickly.
You want complete independence.
You have to answer to the franchisor’s corporate headquarters on a few things, but largely, owning a franchise is mostly independent.
If you want complete independence, however, franchising is not for you. If you would rather have the final say on every decision, from the logo to the staff to the marketing, it’s a better route to just start your own business.
You’re not passionate about the franchise.
If you can’t find a franchise brand that has corporate values that align with your personal values, you should not open a franchise. It is not worth the time and money to pour your efforts into a business you are not passionate about.
Fitness Together franchisees are often passionate about fitness, health and wellness, and helping others. Many may think they must be a personal trainer or have training experience prior to becoming a gym owner with the Fitness Together brand. This is not true. Passion is what drives owners towards success. If that passion is not there, however, fitness franchise ownership is not for you.
So… Should You Own a Franchise?
Ultimately, that is up to you to decide. If you have the passion, drive, and determination, give it a shot!