How Franchising Creates Successful Business Owners
May 5, 2021
Read from our CEO, Britt Canady, on brand building, the importance of shared business principles, and the entrepreneurial beauty of franchising.
GF: What does success look like to you?
BC: I believe success comes with two criteria: business success and personal success. Quite frankly, we cannot succeed on any level unless the franchisees can accomplish both. On the business front, our goal was to deliver a product that resonated within the large and growing fitness industry. That success we have already achieved as we continue to attract fitness goers of all levels. Replicating that success with more studios and more interest is the next step in the business success front.
Our personal success is to enjoy what we are doing and help others obtain otherwise unforeseen success. That is both for our consumers and our many levels of teammates. When we started this business, we believed that the fitness industry did little to provide big career opportunities for the drivers of the industry: fitness professionals. What I enjoy the most is finding the best talent and telling them they have a future, either at the corporate level or growth opportunities in the franchise network.
GF: What are the vital components behind a well-run organization?
BC: I believe in three core principles: 1) Believe what you are doing is right, sound and carefully planned. 2) Effective organizations welcome and respect differing opinions and backgrounds to achieve common goals. 3) Trust is not given but earned, through distinct vision, deliberation and willingness to act with conviction.
If you can build a team with these shared principles, your organization will be well-positioned for growth. After that, the common points for all great companies are tied to the right product or service and the right time, and a very well-planned and executed strategy.
GF: What most interests you about franchising?
BC: Franchising may be perhaps one of the greatest business inventions to spread value across as many people as possible. It is fascinating to think about the fact that our achievement is driven by us helping others succeed. The creation of wealth for others is the greatest measure of our success.
Another interesting aspect of franchising is the system itself. Imagine all the aspects of running a business. Product or service creation, planning the next product or service, marketing, learning these items, management of people and time, and staying on top of the next innovation. That is difficult for any business owner, particularly a small business owner. We train our franchisees on the product and services, deliver it via the best technology and weekly prep, provide top-level marketing ideas and goals, and stay in front of changing trends. The business owner can use all of his energy on managing within the four walls and maximizing profits. Franchising is quite literally one of the most efficient ways to create successful business owners.
GF: What advice or tips do you have for entrepreneurs looking to embark on a career in franchising?
BC: The beauty of franchising is the guard rails that help entrepreneurs focus on what makes them great, while the product, marketing and processes are already built.
Some individuals are going to succeed in any number of businesses. Most people, however, have the spirit, but lack the conviction and select skills.
My advice then is if someone wishes to strike out on their own, franchising is an excellent choice to find an industry they love and look for guidance on the small things, while they can focus on the big things.
Original Source: Global Franchise Magazine