RIGHT INDUSTRY. RIGHT CONCEPT. RIGHT TIME.
As Generation X hits mid-career and enterprising Millennials and Gen Z’s look for ways to control their futures, the franchising industry is seeing peak interest. If you have considered owning your own business or buying a franchise, here are three key considerations:
1. Industry – which industry should you consider – for today and tomorrow
2. Concept – within the industry, which concepts genuinely stand out and are differentiated
3. Timing – this is both inward, meaning the right time for you and what’s demand look like in your chosen industry
THE YOUTH SPORTS INDUSTRY
Here’s a snapshot of one of the fastest-paced industries in the US – Youth Sports
· $17 Billion Industry
· 27% of American families are spending more than $500 a month on Youth Sports
· 1 in 5 Americans is willing to delay their retirement to provide youth sports opportunities to their children.
Why? Why the emphasis on sports? The Aspen Institute has tracked the positive impact participation in youth sports has on children as they grow into adults
The long story short on their research is children who play have fewer issues in their adolescence, have better mental and physical health, and ultimately become more successful adults.
As you consider what industry you want your business to be in, the combination of financial opportunity and the positive impact you can have is unparalleled.
FINDING THE RIGHT CONCEPT
Three key factors contribute to finding the right concept for you. One- Affordability. Two – Uniqueness. Three – Personal Interest.
AFFORDABILITY
As you look to start a business or buy a franchise – you must consider the financial obligations. Look for franchises that have flexible models. Gym Skills helps owners manage their investment and growth by offering three types of franchise options – A Mobile Gym – which requires less initial capital, a Brick & Mortar Concept, and a Hybrid Concept- providing a unique set of opportunities.
UNIQUENESS
How is the concept differentiated? What’s the average lifecycle of your consumer? What’s the sticky factor that keeps people engaged with your concept? These are a few key questions you should ask when understanding how well the business is differentiated.
PERSONAL INTEREST
Let’s face it. If you love what you do, you never work a day in your life. If starting a business, either from scratch or buying a franchise, you need to find something that inspires you. “Being a Gym Skills owner is a joy for me. Each day I see children succeed through hard work and perseverance. I’ve gotten to see the children we coach grow up and become successes in their pursuits- because of the values my team helped instill. This brand has given me so much more than a paycheck or a job. It’s given me an opportunity to have a positive impact,” shares Gym Skills owner, Lisa Wu. “If you are going to own a business – choose one where you can see the impact of your hard work,” continued Wu.
RIGHT TIME
Only you can answer if this is the right time for you. When you look at the Youth Sports Industry- it is thriving. The Aspen Institute found that 28% of Americans plan to increase their spending on youth sports because of the positive impact on their children today and tomorrow.
If you are considering starting a business or purchasing a franchise and Youth Sports is the right industry for you, you must consider Gym Skills. Franchise Direct considered youth programming one of the top franchise buys for 2021. Share your contact information in the form, and we will have a no-pressure 20-minute exploratory conversation with you.