After four years of working tirelessly in and on my personal training business, I found myself wondering what was next. Franchising was the perfect answer to replicate my business. It also meant that the valuable service I was providing would reach many more women than I would ever be able to, if I was working on my own. What helped me most was the passion for my business which matched the zeal I had for educating women, on how to exercise safely while pregnant and post-natal.
In an environment where all small personal training businesses work in competition, the franchise model fosters a team mentality something I longed for while running my own business.
Here are my six top tips if you’re looking at franchising your business:
1. Get good advice.
Franchising your business is not only an enormous job but a serious investment. But it may not even be the best model for expanding your business. Australia is the most heavily franchised nation in the world and the rules and regulations to safeguard both franchisee and franchisor are very complex. Employ a lawyer you trust and who knows their stuff.A business will only ever be as great as the people who work in it. Happy franchisee owners will promote your franchise better than any marketing material ever can
2. Perfect your processes.
Everything that you do in your business should be able to be recorded and followed as a template. This may seem like an enormous, if not tedious job, but it is essential to allow another person to understand and follow your success.
3. Trademark your logo.
Your business name must be a registered trademark. You can do this yourself online via the federal government’s IP Australia website, or get advice from a lawyer who specialises in this area. The best business name in the whole world is not that great if you don’t own the trademark and you are unable to sell it.
4. Understand your spreadsheets.
Your business must be profitable. And you will have to explain very clearly how you make that profit and how long it will take your franchisees to see a return on investment (ROI).
5. Know your perfect franchisee.
Your success depends on the success of your franchisees – so don’t rush to sell for the wrong reasons. Selling a franchise bonds you to that person. Make sure that they will represent the business you have spent a lot of time and money on making it successful.
6. Build a team environment & care for your franchisees.
A business will only ever be as great as the people who work in it. Happy franchisee owners will promote your franchise better than any marketing material ever can.
Mish is the founder and CEO of Mishfit. Mishfit mothers is a specialised personal training program designed for pregnant and post-natal women, educating women on how to exercise safely and where their babies and children are welcome. Mishfit is truly a family friendly small business and is now available as a franchise.