…One is an accountant. One is a corporate executive. And one is an entrepreneur.
And you know what? They all invested in the same franchise, FIRST NAME!
I feel like I have something to work with (but I’m not a very good joke teller).
Last year I helped a number of people research different franchises. Some people found one (or some) they felt were a fit and invested.
For some, the timing wasn’t right.
And for some, they were able to figure out that franchising wasn’t the best option for them (which is a good thing to know).
Well, of the folks who did find a franchise that was a fit and invested, would you believe that an accountant, a corporate exec and an entrepreneur all invested in a particular set of boutique fitness franchises?
And you know what?
All three decided to open multiple locations.
And you know what else?
None of them are going to teach any of the actual fitness classes.
You know why?
They all wanted a semi-passive investment that allows them to keep their day job.
You see, they are building a manager-run business where the manager runs the day-to-day aspects of the business, oversees the instructors, sells memberships and reports back to the owner.
In the franchise world, we call this a “semi-absentee” ownership model which is basically just a fancy word for manager-run.
So, why would all three of these very different and successful people invest in the same set of boutique fitness franchises yet have zero desire to teach anyone anything related to fitness? (and, don’t get me wrong, they like to help people, they just have certain entrepreneurial lifestyle and financial goals)
The short answer is they like the fitness space and they determined these particular franchises fit well with their aggressive goals.
The long answer has to do with everything that is happening behind-the-scenes at the parent company level.
See, this particular set of boutique fitness franchises are part of a larger organization with a lot of significant things happening behind-the-scenes.
And what’s happening behind-the-scenes played a big part in why all three of my private candidates decided to invest in this franchise.
Interestingly, none of this strategic-behind-the-scenes information is listed on these franchise rankings websites. Nor is it very public.
Yours truly had it because I’ve spent a lot of time getting to know this company by meeting with executives from the parent company, members of the management team and actual franchise owners.
And, what they have built is impressive.
So, why am I sharing this with you?
First off, I’m not suggesting that you should invest in a boutique franchise (or just any franchise for that matter). You need to do your own research to figure out what is right for you.
My point in sharing this with you is because it’s a good example of how important it is to analyze the stuff behind-the-scenes of any franchise (and not just focus on the widget, service, or product provides to the market).
In fact, I can make a pretty strong argument that the behind-the-scenes information is the most important information of all (even more important than the widget, service, or product the business provides to the market).
You see, the behind-the-scenes information isn’t always the sexiest or has the most sizzle. It’s more like the steak behind the sizzle.
So, if you’ve ever thought about investing in or buying a franchise, focus on the steak and dig into everything that is happening behind-the-scenes just as much as you study the widget, service or product.
Now, if you want help finding a high-quality franchise, I might be able to help (just as I did with my friends the accountant, corporate exec and entrepreneur). My services and time are free to you and I’m happy to help anyone who is seriously thinking about making a career change and investing in a franchise.
If you’d like to chat about whether or not I can help you, just find a time on my calendar that is most convenient for you and I’ll call you then. You can access my calendar online here: https://calendly.com/dcarpenito/intro
Onward and upward,