Guide to buying a Pilates franchise
There are several Pilates brands in the marketplace but not all of them are the same, so how do you know if the franchise is the right fit for you?
We’ve developed this no nonsense guide to help you to navigate buying a Pilates franchise.
Highlighted below are some of the key indicators that you can use to gain an insight into your likelihood of success when it comes to buying a Pilates franchise.
Assess the instructor training on offer for you and for your staff
This is one of the most important questions, so we’re putting this upfront and centre. Does the company provide training in-house or do you have to find instructors who are already trained? Further to this, if the company does provide instructor training, how long does it take to get an instructor trained?
Many independent Pilates studios struggle with staffing their businesses and the owner has to then do all of the instructing. When a staff member quits it leads to having to cancel classes short term and sometimes indefinitely, which can severely hamstring the success of the business.
Having to find already trained instructors can be a very difficult task. But if the franchise brand that you’re looking to buy offers an Instructor Training Academy then this is a linchpin to long term success.
However, check how long the training takes and how well coordinated it is. If the training takes 6-12+ months to complete, then this won’t be of any real benefit to you when an employee gives just a few days notice.
Look out for hidden costs
Get clear on the total costs upfront and verify if you have the capital or borrowing capacity to fund getting started. When buying a Pilates franchise, some brands will only tell you what their upfront franchise fee is, but leave out things like construction costs and the cost of equipment. Don’t fall for this trick, get clear on what the total investment cost is from the outset and ensure there are no surprises or hidden costs.
We also recommend asking how much working capital is usually required when starting out to ensure you can meet all expenses and living expenses for yourself until you’re making a profit.
Response time and information
How quickly do they respond to your enquiry? This will be an indicator of how quickly they will get back to you about any questions you may have when you’re a franchisee operating your business. If they are quick to get back to you and provide you with ample information, then this is a good indication that you’re investing into a good operation with timely support provided when required.
Do they provide you with key financial information?
You’re going to want to know how much money others have made before you and how much money you have the potential to make, right? Seek information on existing franchises within the network, or if that information is strictly confidential, look for tools and calculators that help you to calculate your expenses and potential income.
A proven track record of success
The size of the network is one thing, but there can be franchise brands with many struggling franchisees. What you need to establish is how many franchisees are profitable within the network that you’re researching. If the network is large, but half of the franchisees are not profitable, then this is a sign of a struggling brand.
How many franchisees own multi locations?
How many franchisees own multiple locations? This can often be an indicator of success. If many franchisees own multiple sites, then the business model is obviously successful. Owning multiple sites can help you to build your overall business portfolio and net worth. Be sure to ask if multi site ownership is available and what is the pathway to qualifying to open multiple sites.
Remember: When buying a Pilates franchise, just like any other investment, it’s wise to get external advice from experts that you can trust.
We invite you to explore opening a Studio Pilates International franchise. We’re success-proven globally with franchise opportunities available in over 22 countries, and we’d love to hear from you.
