Where to Begin in Exploring Your Options in Fitness Franchising

WHERE TO BEGIN IN Exploring Your Options in FITNESS FRANCHISING

By Marilyn R Imparato

You have made the decision to embark upon exploring franchise options and want to see what is out there in fitness franchising. It can be a daunting process with all the brands, concepts and variety to choose from. So where should you begin?!

I believe you have the choice of two routes to go. You can either trudge through the myriad options alone or you can partner with a consultant with expertise in franchising to help you navigate the process.

I will touch on the plusses and deltas of both routes to give you fodder to choose which route is best for you.

If you decide to explore on your own, you are going to be in control of your time and the amount of time you will invest in your exploration process. This is also a delta. Since this is not your area of expertise, this will unfortunately elongate your learning curve and will not help protect you from what you do not know in the franchising industry. Can you come up to speed on all the nuances in the franchising industry? Yes. Will it take a lot of time to do so? Yes.

If you do choose to go it alone, you will need to carve out considerable time for research on each and every one of the opportunities you choose, what your role is, what is required of you, what the competitive landscape is, and many other aspects in operations, technology, finance, and human resources, just to name a few.

TAKEAWAYS

If you are up for this challenge, then this route may be the best course for you!

Unfortunately for me back in 2002, I decided to do just this route while I was still a C-level executive and simultaneously completing my MBA. Had I opted to work with a consultant at that time in my life, I can honestly say that I would not have chosen that fitness concept and may have not even chosen fitness at all. It is precisely why I help match people with the optimum opportunity for them today, to pay it forward and help them not make the same mistakes I did with my first franchise, which just so happened to be in fitness.

My take away is this: No matter how thorough you believe you can be in finding a franchise, seeking wise counsel is vital to your future success!

Should you decide to work with someone in the Industry that has years of expertise with franchising and fitness franchises in particular, I would obviously recommend this route, since there are no fees to you to obtain this expertise and coaching. So how do you know which consultant you should work with?

My advice is to ask questions about their background and expertise, and go with your gut! You need someone who you feel will be looking out for your best interests andhas the expertise, so make sure they meet your specific requirements. There are a lot of consultants out there just like there are many realtors out there, so be sure it is someone that can provide the expertise and value to you and your process! Be careful not to work with a consultant that tries to push you in a direction that is not the direction you want to go or does not listen to your needs and wants. Make sure they have the knowledge and resources to help navigate you through every step

Whatever direction you choose, make sure that you are thorough in this process to avoid making the wrong choice. of the way in the franchise exploration and due diligence process, the funding process, and the legal processes.

To quote one of my candidates, Brian Uretzky, “Having an advisor to help navigate through the process was crucial for me to make sure to cover all the bases in the decision-making process. In terms of working directly with Marilyn, I feel Marilyn connects with me on a personal level to help meet my needs in franchising. For me it was crucial to surround myself with people I can trust because I was seguing out of corporate America into franchise ownership.“

In conclusion, whatever direction you choose, make sure that you are thorough in this process to avoid making the wrong choice.

Marilyn R Imparato Senior Consultant with The Franchise Consulting Company. Marilyn is a former C-Level Executive in the Technology Industry and MBA Graduate that has been in the Franchising Industry for over 15 years. Marilyn is passionate and dedicated to assisting potential Franchise Owners navigate through the entire process from beginning to completion.