Lessons from Franchising

Unleashing Greatness

Many successful business owners reach a point where they need to expand their business. However, growing your business comes with challenges like more work, more stress and usually requires more capital, especially when it's a brick and mortar business like a fitness gym. Some options for business expansion include opening new locations, finding new investors, or forming partnerships. Another option that can be very cost-effective yet highly effective is franchising your business. That's what Bob decided to do in 2017. In this week’s episode, learn from Bob's Legion Fitness Franchise experience and see if this route works for you.

“Oftentimes, businesses don’t have to be complicated; they just have to make sense.”

- Bob Thompson

In This Episode:

0:00 It's time to scale the business

2:52 Should you work with a consulting group or learn from a mentor?

5:19 Go slow in the beginning and get your processes in place

6:22 What is the hockey stick effect and is it a good indicator of success?

6:56 Is franchising the right path for your business?

8:11 Another big reason why Bob decided to franchise his gym

9:24 Awarding multiple franchise locations

12:40 Gym owner vs. franchise owner (can you effectively do both?)

15:00 The current state of Bob’s franchisees and what are the next steps

20:01 Reviewing and refining the process before scaling again

Resources:

• Fitness Franchise Opportunity

Connect with Bob:

• Instagram
• Facebook