You started with a dream of helping people meet their health and fitness goals and live their best life possible. Now several years down the road after many long days and 7-day work weeks your Health and Fitness Coaching business is really starting to take off. Business is booming, and you are faced with the question of do you try to run additional locations on your own or take on partners. Now might be the perfect time to leap into franchising, but first make sure you can answer these four key questions.
Is Your Brand Clear and Easy to Share?
A franchise requires more than just a great idea. As the owner you should have a clear idea of what your brand is and what you do before seeking to build a franchise. Franchises are all about systems, your Health and Fitness Coaching business must be branded and systemized before considering a franchise.
Can You Replicate What You Do?
You are the vision and backbone behind your successful Health and Fitness Coaching business. Before considering a franchise, you need to make sure that someone else is going to be able to successfully replicate your business model without you being involved in the day-to-day operations.
Do you Work Well With Others?
In order to build the systems that will make your Health and Fitness Coaching franchise a success, you are going to need to reach out to and work with experts in a number of areas. Will you be able to take possible criticism and structure changes to your current model of doing business in order to build a successful franchise plan?
Is Expansion Realistic?
You already put in late hours and long weeks, unfortunately building a franchise will add to this workload in the short term. Eventually franchising might create more freedom for you as the owner, but you need to be realistic and decide if you are ready to work even harder in the short term or if the local success of your Health and Fitness Coaching business is enough for now.
Still have questions about building a franchise or ready to take the next steps? A consultation with a Business Lawyer is a great starting point and we are happy to help!
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.
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