A family investment in Fitness Space
The Alsaidi family decided that they wanted to do something different with the money they’d recently inherited. While buying a flat could yield returns in the long run, they wanted something which could offer even greater return on investment, as well as a regular income.
Why franchising?
With his degree in retail management, Hashim Alsaidi knew that franchising could be an exciting and lucrative avenue. He understood the potential that the franchise model offered and so proposed the idea to his family.
As a consultant for the food and beverage industry, the natural business type for Hashim to pursue was a food outlet, but he and his family also considered social care franchises. It was with these sectors in mind that Hashim, his wife, mother and brother headed to The British & International Franchise Exhibition in March 2017.
Why fitness?
After attending one of the many exhibition seminars, Hashim’s attention was drawn to the fitness industry. After learning all about the business model and day-to-day operation of a gym, he recognised that such a franchise would allow his family to achieve their goal of maintaining their existing jobs, while also owning a family business offering high returns. He realised that it didn’t matter that no-one in his family had experience of running a gym, because they’d be hiring in the people with the right skill-sets.
Hashim comments: “The fact that we’d have staff to operate the gym was a huge tick in the box for us, because it meant there would be zero call for any family member to be on site day in and day out. We could retain our day jobs, which was a prime objective.”
The gym model further suited the family’s circumstances because investment is up front, and it was clear that with effective management, the returns would build up over time.
Why Fitness Space?
With their sights now set on a fitness franchise, Hashim and his brother returned to the exhibition the following day to explore this new direction in detail. They spoke with every fitness brand present but were immediately drawn to the unique business model and expert team behind the boutique gym operator Fitness Space. Hashim especially appreciated the integration of technology with coaching to help members achieve their fitness goals.
Hashim recalls: “I must have spoken with Chris Wright, their Managing Director, for a good 40 minutes at the stand. I liked what Fitness Space were doing and I loved the concept because I could relate to it. I’m not a fitness person, nor a gym-goer, but it felt like a place I’d actually want to go to.”
“I realise now, when looking for a franchise partner, you need to make sure you share their philosophy and can form a positive relationship with them. That’s almost more important than what sector the business is in, or how you feel about the product or service. You have to like the people as well as the franchise model on offer. Business really is about people and, all being well, we’ll be working together for ten to 14 years!”
Due diligence
After connecting at the exhibition, things moved quite quickly between the Alsaidi family and Fitness Space, and just a week later Hashim was visiting prospective sites for the family’s own Fitness Space studio.
He comments: “Working with a young and fast-growing franchise has a particular advantage – you get first pick of the territories and some great locations. Chris Wright put forward Wimbledon as an option and after visiting the proposed site and looking at the potential market, I was very motivated.
“Fitness Space had thought about how to take some of the risk out of it for us at this stage, with a low and refundable deposit required to secure the territory. This was ideal because I didn’t want to miss out on a great location, but I did need to go and do the maths and to sit down with my family to analyse every detail of what was on offer and the potential risks and rewards. The Fitness Space process offered a lot of reassurance which helped us proceed at a pace comfortable for us.”
Once all four family members had agreed to pursue the Wimbledon franchise, Hashim really began to experience the support that a franchise brand can offer. The Fitness Space team, and their trusted contacts, provided critical guidance with the business planning process and in pursuing further funding, leading to the Alsaidi family signing up as the Wimbledon franchise holders in April 2017.
Planning
Next on the agenda was the process of designing the Wimbledon site. This involved matters around infrastructure, equipment design, dealing with landlords and the local authority – and a lot of work by solicitors.
Hashim comments: “I had no experience of the complex world of commercial property, so the knowledge and experience of the Fitness Space team at this stage of the project was invaluable. Their confident guidance steered us well throughout the whole process.”
“The learning curve for me was huge, but the step-by-step plan that a franchise offers means you always know where you are on the journey. Additionally, Fitness Space were always at the end of the phone, even if it was just to act as a sounding board or to reassure me the process was moving as expected.”
Human Resources
After three to four months with all attention dedicated to the design of the site, it was time to recruit the general manager who would take care of the day-to-day running of the studio. Once on board in October, the manager went through six weeks of intensive training with Fitness Space. Hashim also attended training on the new branding which was due to launch.
Build
With all the planning and design signed off, the build phase commenced. Hashim explains: “Fitness Space provided a fantastic team of trusted builders to fit out the space we’d secured. Head office have a list of go-to people and once again it was great to hand over this element of the project. It’s important to go with the process to get the full benefit as the franchisee. It was incredible, after all those months of planning and paperwork, to fit out a whole site in just six weeks!”
Launch
In the meantime, the general manager was hiring his team and the Fitness Space pre-sales programme went into motion, ensuring that the studio would have paying members from the moment it opened its doors in January 2018.
Hashim comments: “I can’t sing the praises of the Fitness Space team and business model enough. From practical and effective support, to reassurance based on their extensive experience, they’ve been with us every step of the way.”
He continues: “From the perspective of launching a business as a family, the franchise model couldn’t be better! Because you’re following a prescribed and proven formula, there can be no disagreements over logo design, or what colour to paint the walls. There is some flexibility, of course, but in general the major decisions have been made, freeing you up to focus on the more important aspects of the business, like attracting members and making them happy.”
Future plans
As for the future, Hashim comments: “I went into this with the view that this would be an additional income stream and occupation which would run alongside my day job. Having seen the franchise process in action, however; and experiencing the outstanding support of Fitness Space, further franchises are now certainly on my radar.”
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