Health and beauty franchises and fitness franchises have strongly developed in popularity in recent years. This has been lead by an increased understanding of the importance of an active and healthy lifestyle.
With the recent data showing the number of people participating in sports activities increasing, sports franchises are experiencing success. Individuals need a way to spend their leisure time that will help them to relax. There is also a huge need for fun, exciting ways to combat obesity trends amongst adults and children.
If you’re looking to become a part of this profitable growth industry, here are some important steps to take:
Decide what kind of sports franchise you want to start
There are many attractive options available to potential franchisees who are interested in starting a sports franchise. It is important to analyse which areas of this industry are trending and are likely to remain profitable. It is also essential that you choose an area of the sports franchise industry which will hold your interest in the years to come.
- Golf / Yachting – There are several options for luxury sports franchises, including golf retail franchises, golf services franchises and yachting franchises. These franchises provide an opportunity to target popular leisure markets which have a consistently rising demand.
- Children’s fitness – With childhood obesity at the highest levels in history, parents are looking for the best solution to the problem. Healthy eating coupled with fun fitness activities are the best solution, and you can be a part of this very important and very lucrative market.
- Soccer – Ireland has a special relationship with soccer, and soccer franchise opportunities will cater to those who want to play this sport. Whether that involves selling soccer-related items to players or starting a soccer team franchise that allows children to receive instruction and grow their skills, you can find a way to capitalise on the widespread love for this sport.
Talk to the franchisees
To get a better idea of what it’s like to own a sports franchise business, you should make an effort to talk to franchisees that are currently running one.
These franchisees can give you the details on what it’s like to run such an opportunity. They will be able to tell you how much time they regularly devote to their business, how much support they get from the franchisor, and what kind of earnings you can expect in the first year. There is no better way to get insight into a franchise than to ask someone who is currently in the position of running such an opportunity.
Write a business plan
If you have picked out the right sports franchise for you, asked franchisees about their experience and determined the answers are positive, then you should commit to the franchise.
You will need to start by writing a business plan that outlines exactly what the franchise will do, how much you expect to make and how you expect to obtain this money. This business plan is a must-have when you apply for a loan at a bank or with alternative investors. It shows that your franchise has a likelihood of success and is not just a shot in the dark; this makes it more likely you will be able to obtain the funding to start your sports franchise.
Make sure you have enough for the investment
Often, a franchise will have an initial investment fee that you will have to pay to get the rights to use the brand and the franchise package. However, there may also be some working capital requirements. Keep this in mind when you choose your new franchise and make sure you can afford the franchise you’re buying into.
Determine the territory/location of the franchise
When starting a sports franchise, the location of the franchise is one of the most important decisions you will make. In many cases, having an exclusive territory will benefit you, as you can claim a bigger market share with your franchise. Do some market research to make sure there is demand in your area for the kind of services or goods you will be selling.
Market your sports franchise
Your franchisor should have an advertising and marketing campaign already in place to help promote the brand both nationally and in your area. You can also engage in local marketing schemes in order to get the word out.
Children’s fitness franchises can advertise in schools and community centres in the area and retail golf franchises can target golf courses as a place to advertise their stores. Direct mail marketing and word of mouth are also very effective ways of advertising a new business.
Start building your future!
Once you decide which sports franchise you want, obtain the funding and market your opportunity, you can really begin building your future. Franchisors will provide you with all the training you need to be up and running from day one, so expect to hit the ground running.