This issue looks at the Health and Fitness category of Franchising and the greater business world, which is great timing, as never before have companies in this space grown at such a rapid rate.
Some reasons as to why include the massive growth in obesity related disease, and the focus the Government are putting on trying to manage this epidemic and there is no surprise that the growth of fast food is in line with the increase of obesity. I cannot remember the last time I spoke to someone who did not want to lose at least a kilo or two.
So what does this mean when looking at a franchise or business? Well a great deal, as any business person is looking at industries that are experiencing an incline not a decline. First of all, if you are reading this looking at getting into a franchise you need to consider your own lifestyle and passion, because the reality of any business is that you will be spending more time in your business or thinking about your business than any other activity, and that includes spending time with your family, friends and yourself.
Boost Juice and Salsa’s Fresh Mex Grill have ridden the wave of healthy eating, along with companies like Fernwood and Grill’d who have also seen an opening in this category to really push their business forward. But whichever business you are considering, make sure they have a strong business model. By this I mean you need to ensure that there is enough profit at the end of the day to ensure you are getting the return you are looking for or expect. So in essence I would be asking the following questions when looking at a franchise:
Is the Franchise:
- In a growth industry?
- The right cultural fit for me and my lifestyle?
- Does it fit with my goals?
- Is the franchisor a secure and stable business?
- How long has the franchisor been around?
- Can I see myself working in this business?
Having a passion for what you do will ensure it is less like hard work when you are working doing something that you love. This is the secret to having a strong business.
OK… so you have asked your questions; picked the business that you like and have settled into your new business. The next mistake business people make is to neglect their own health and fitness. I certainly did in the early days of Boost and my health suffered.
We spend an average of $4,000 – $6,000 on maintenance of our car and equipment at home, but not even a quarter of this on ourselves. So when you are in your business do not forget yourself. Don’t give up your coping mechanism, whether this is a drink with the girls, golf with the boys or some sort of sport or leisure activity. Whatever your coping mechanism is, do not neglect your own health and fitness, because at the end of the day this is the most important thing. One thing I have always done every year is to go off to a health retreat – it is a great way to force myself to stop and think only about myself. I would highly recommend it and get some accounting advice, because you may find that it is fully tax deductable.
At the end of the day, as with anything in life, you need to take accountability for your business, life and also your health and this is where you will find your joy and balance and knowing that the power of your future is in no one else’s hands but yours.