So, you are looking into starting a small business. Florida is filled with small business opportunities and with the right business plan, you can truly be successful. As a leading fitness franchise, we understand everything that goes into this venture. Below are some tips that can help you along the way.
Obviously the first thing you need to have is an idea or business opportunity that you wish to pursue. If you are not sure, but all you know is that you want to start a business, then consider your interests. Many of our franchisees started as members and discovered the many benefits and satisfaction that you can get from owning your own health club. Doing what you love and making a healthy profit are the epitome of success. So, make sure that you have a genuine interest in the business you will be investing in. Also, consider your family dynamics. Are you single and can put in 75 hours of work in a week without it affecting your family? Many of our franchisees love the work life balance they get from owning their gym. They get flexibility in their work hours and can be home early enough to be with their kids and families.
If you are starting a business from scratch, you definitely need a business plan. You can find multiple templates online and it will require much research. You should know your competition, the industry, your target consumer, as well as financial information. How much will it cost you to open your business? What is the forecasted revenue? How long will it take you to get your investment back under conservative and best case scenarios. All this information is really vital to your success. Without a good, well thought business plan, you can be out of business faster than you ever imagined.
Obviously starting a business requires capital. Unless you have a substantial savings, you may need to seek funding. Small business loans are available through various financial institutions but this requires credit check and resources which will help the bank assess risk. You also have to account for unexpected expenses. Starting a business can be filled with surprises and some can be costly. That is one of the reasons why many people prefer to invest in a franchise. With a franchise, there is an enormous amount of experience that is provided so there are little surprises. In addition, one thing we do is help our franchisees by getting them in contact with lenders that specialize in franchise financing.
Once all the above mentioned items are accomplished you are ready to begin the next phases: Operations, Finance/Accounting, Staffing (hiring, recruiting, and training). These can vary from business to business, but if you are interested in owning a gym franchise, we can certainly provide you the exact blueprint and support to help you be successful.