Core components of a quality franchise opportunity revealed

There are more opportunities in the franchise industry available today than ever before. New automotive, food, fitness, and wellness franchises are sprouting virtually by the day, making an estimated 3,000 opportunities available-deciding on which path to take can be a daunting one. After all, as an entrepreneur, what could be better than designing your day the way you want it and working on your own time frame? Many entrepreneurs are doing this while simultaneously earning a great living helping countless people realize a better quality of life through the franchise business model of their choice. To help business opportunity seekers with their search, the Fitness Together Franchise Corp. recently released the core components of a quality franchise and legitimate business opportunity that one must consider before getting involved. Not all franchises and business opportunities are equal. A legitimate business model is built on a solid foundation of proven daily operations, marketing systems, and administrative procedures. Business systems like these require a minimum of at least a few years of successful operation before the business opportunity can be made available for a new entrepreneur to take advantage of. I began my career with Fitness Together five years ago after searching for an opportunity poised for future growth. After leading the corporation headquarters to realize record levels of growth and revenue, I consulted with dozens of potential franchisees, helping them with their franchise experience. I take steps to ensure that every new entrepreneur fully understands the process of the opportunity and provides an up-to-date Uniform Franchise Offering Circular (UFOC), a document that helps the potential franchisee understand the opportunity in full. Fitness Together also helps the potential owner navigate through the paper trail and offers advice on what to look for and what to avoid in a franchise business model. Here are four topics that a new franchise business owner must take into consideration: 1. Business Model: How long has the original business model been in operation? Is the business model built on a solid foundation consisting of proven marketing systems, administrative procedures, and a streamlined daily operations protocol? Does the business model meet your personal business requirements? 2. Location: Site selection is critical. Does the franchiser offer population-based exclusive territories? Does the franchiser have a tendency to sell franchises in close proximity to one another and, if so, are the multiple units operated by the same franchisee or by several different owners? What demographic policies are in place to ensure quality and quantity of clientèle? 3. Cost: What is the total investment? Several different types of costs are involved, including the initial franchise fee paid in return for using the franchiser's business concept/system and name for a limited time, ongoing royalty payments for the services and support provided by the franchiser, space rental and leasehold improvements, equipment purchases, working capital required to operate and advertising fees. 4. Training & Support: What is included in the training program offered by the franchiser and will it prepare you to run all aspects of your business efficiently and successfully? What kind of field assistance, ongoing support, and marketing support can you expect from the franchiser? Are the advertising and royalty fees reflected in the quality of support offered? How is the management staff of the location hired and trained? In the fitness business, how are the certified fitness trainers located? These are some of the topics that should be addressed and fully explained by a quality franchise and business opportunity. I suggest doing your due diligence, reviewing the UFOC, and ensuring the original business model which the franchise is built on meets your business goals. Scott Thompson is the area director of New York for Fitness Together, Mamaroneck, N.Y.