Becoming a first-time franchise owner is in an incredibly exciting time. It also can be very daunting — but that’s part of what makes this period so exciting. By being prepared and confident, an entrepreneur new to the world of franchising can take their latest venture by the horns and greatly improving their chance of success.
Here are 5 tips to help first time franchise owners succeed.
1: Make Sure You Have the Qualities of a Franchise Owner. Give yourself a gut check, because any new business venture is not for the faint of heart. If it’s not for you, figure that out, and stop here. Some of the best qualities a successful franchise owner possesses include coachability, people skills, work ethic, ability to follow the rules of an established system, being motivated by results, thinking about the big picture and being cool and collected. While most of these traits are inborn and others you may be able to develop, all will be needed to be a successful franchisee.
2: Define Your Business Plan. The foundation of a successful franchise is in its business plan. Getting it right requires a lot of homework. If you try to do this independently, it could be the most daunting task of all. The good news is that, as a franchise owner, the franchisor can help immensely with the business plan. Great franchises like Mayweather Boxing + Fitness have already worked out the details and determined best practices and planning from years of honing success.
3: Call Upon Your Franchisor for Help. If you wanted to go through challenges alone, you’d have opened an independent business. But instead, you chose to become a first-time franchise owner. With this decision, you’ve invested to buy a successful concept, so take full advantage of it as you get going. Ask your franchisor for guidance, feedback, and resources. They want to help you succeed.
4: Follow the Lead of Innovators. The best aspect of owning a franchise is being able to harness innovation. A franchisor that has put in the work over time and stays creative knows how to excite its customers. This mindset benefits first-time franchise owners exponentially since the franchisee can focus on growing the business while the franchisor handles the innovation.
5: Choose the Best Franchise Brand for You. Ultimately, a first-time franchise owner’s profit potential is only as good as the brand and system he or she buys into. Do your homework. Figure out how much you’re willing and able to invest and pick the best franchise from there. Research the brands. Ask questions. Talk to current franchise owners of your short list of companies. Is the brand growing? Is the brand adapting to market conditions? The stronger the franchise you own, the better your odds.
Mayweather Boxing + Fitness has been at the forefront of innovation, franchise support and business success. If you are interested in knowing more about how they can help you be a successful first-time franchise owner, fill out this franchise information form and they will get in touch with you.
Fitness Franchises are perfect for those who love to work out and are passionate about sharing their knowledge for health and wellbeing with others. If that sounds like you – owning a fitness franchise may be your next career move. Are you enthusiastic about the industry, a savvy entrepreneur or someone looking for a fresh start and a life change? Whatever your motivation may be, here are 3 concrete reasons to consider Mayweather Boxing + Fitness a premier fitness franchise opportunity.
1: Build your wealth through owning a fitness franchise-based business. While there are jobs with high-paying salaries out there, most wealthy people built their fortunes by owning their own businesses. Stop working to build someone else’s dream and start working on accumulating your own wealth, financial stability, and a business you can pass to your heirs or sell in the future. These are some of the biggest reasons current Mayweather Boxing + Fitness franchise owners have chosen it as a focal point in their wealth portfolio.
2: Memberships create recurring revenue. The bread and butter of any fitness studio franchise is membership sales. Most memberships are paid monthly, generating an income stream that is reliable, stable, and predictable. Memberships can be a convenience and a motivator for gym goers but for fitness club franchise owners, they’re key to owning a successful business. The Mayweather Boxing + Fitness Franchise Model maximizes a variety of membership options which make it a perfect fit for most gym goers.
3: Customer retention is another key pillar of a successful fitness franchise-based business. According to a recent LinkedIn poll done by franchising.com, fitness franchises have the highest average customer retention rates in the franchising industry; gym members maintain their memberships for between six months and four years. Mayweather Boxing + Fitness excels at preserving relationships with current customers. This is more cost effective than always having to win new customers, making it one of the most profitable fitness center franchises and a good investment opportunity.
For more information on how you can start your Mayweather Boxing + Fitness franchise contact us today!
David Weis, Co-Founder & CEO, MBF America LLC, at his gym in Culver City.
Depending on the person, the word “boxing” might conjure images of actors Sylvester Stallone or Michael B. Jordan pummeling their way to a title on the big screen.
But increasingly, others may think of their social and emotional health as well as their wellness routine.
Local fitness aficionado David Ilan Weis is banking on more and more people continuing to do just that and is configuring his franchised Mayweather Boxing + Fitness locations in Los Angeles County as such.
The boutique gym’s program, which mimics the longtime regimen of boxing legend Floyd Mayweather, strives to produce the physical results of a typical high-intensity interval training workout but increasingly mixes in a strong wellness component, such as cryotherapy, hydromassage and compression leg therapy. The gym also offers group workout classes to encourage socialization and community building.
“This was not something that was discussed pre-pandemic. People these days are starting to understand that you’ve got to take care of yourself,” Weis said. “People are now very willing to take the time and money for self-care. We’re very conscious of that and listening to the customer and adding amenities they want.
“Recovery is becoming as important as exercise. I think over the next 10 years, you’re going to see more focus on the post-exercise routine.”
Southern California, and Los Angeles in particular, is of course no stranger to the “mind, body and soul” ethos. However, data does show that more people are specifically seeking out gyms as a conduit to achieve that. And franchisees like Weis are eager to provide, so consumers look to have more and more options moving forward.
“I hope so,” said Marissa Marchioni, an assistant professor of clinical occupational therapy at USC Chan Division of Occupational Science and Occupational Therapy. “The benefit there is what I would consider a more embodied experience, embodiment being the way we experience the world and interact with others as we create and move through life.”
Wide offerings
Consciousness toward mental health has been on the rise for years. Outside of a clinical environment such as a therapist’s office, thoughts of mental health and wellness care probably conjure images of procedures like acupuncture, practices such as meditation or yoga or a regular massage appointment.
Exercise is becoming a fixture of mental health as well, a phenomenon made possible through the advent of do-it-yourself gym networks like Planet Fitness, LA Fitness and 24 Hour Fitness. Weis said that, as he sees it, that development is naturally resulting in individuals seeking the structure of a personal trainer along with the camaraderie of a group of like-minded gym goers to keep them on track – and having a good time in the process.
“I’ve been in fitness since the ’80s, and it’s become a very broad, fractured category. In the old days, everyone just went to ‘the gym’ and lifted weights, and now it has transformed into a very dynamic business,” he said. “Now when people are looking for fitness, there are all kinds of options. There are a lot of different kinds of professionals. When I started, it was a fad. It was something only athletes went to. Now everybody goes.”
Kyle Hall, Instructor (center), with a class at Mayweather Boxing & Fitness in Culver City.
In Southern California, Weis has opened Mayweather Boxing + Fitness franchises in Culver City – his first location, launched early last year – and Santa Barbara. Another location in Redondo Beach will open soon, and Weis is also working on a Brentwood studio that will include 1,500 square feet of space dedicated to personal training and post-workout recovery. Those amenities may include any combination of cryotherapy, ice bath, cold plunge, hydromassage and compression leg therapy options, space and demand permitting, Weis said. He also owns a location in New Jersey.
Among his open locations, Weis said he has about 1,000 members who pay between $129 and $199 a month, based on whether they pay for four, eight or unlimited sessions each month.
In total, Weis has franchise rights for three dozen of the fitness studios, which include teams of personal trainers, professional boxers, kinesiology specialists and other hospitality staff. Franchise rights ring up for around $50,000, and Weis said a total buildout tends to cost around $500,000.
Workouts at the facilities vary based on what the customer wants, but they all share a trait in following the routine that the undefeated Mayweather – who retired from boxing in 2017 – used throughout his career.
“We’re emulating Floyd Mayweather, probably one of the greatest athletes in the history of any sport,” Weis said. “The guy is in his 40s, is an icon and, at his age, still does demonstration fights against champions half his age. If you do his workout, you can get in incredible shape. It only takes three hours a week. The workout of a boxer is an incredible workout.”
And along the way – thanks to large group sizes, booming music, myriad cooldown amenities and a welcoming atmosphere, Weis said –you’ll probably start to feel a bit better about your day.
“Physical activity is one of the central tenets of living a healthy and active life,” explained Marchioni, who worked as a personal trainer before studying occupational therapy. “You’ve got a range of cognitive and mental health-related outcomes from physical activity routines. It’s well documented in the research. You get a neurobiology alteration that you can see on imaging, that you have different activations in the central part of the brain.”
The most recent results of a survey by San Luis Obispo-based physical fitness software company Mindbody Inc., which polled more than 17,000 people, indicated that 78% of consumers see wellness as more important to them now than it ever was, with 64% calling it more important than other leisure expenses. About 40% percent of respondents said they use physical activity to support their mental well-being.
Good for mental health
“The brain is an organ, too, in the same way the rest of the body works,” Marchioni said. “It makes perfect sense that if you’re sending the brain more energy and more nutrients and getting more activation of the brain, that your mental health is going to be better, too.”
In seeking in-person fitness regimens, 81% of respondents to the survey said they push themselves harder in a class, 74% said they prefer to have direction when working out and 67% said it’s easier to keep a routine with classes.
Weis said he has long seen a link between physical fitness and improved spirit and mental health and speculated that the Covid-19 pandemic ultimately pushed people to seek in-person, group activity at a higher clip.
“After a few years of working out looking into a screen, people were going a little crazy. What my gyms do is allow people to not only exercise their bodies, but puts them in a room with other people, cranks up the music and lets them be people again,” he said. “It’s more than just exercising your muscles; it’s also to let loose. If you think about the ways most people work out, they probably like doing it with loud music and around other people.”
He isn’t wrong – 43% of respondents to the MindBody survey said community is a “very important” part of wellness experiences. More than a third said they’re likely to choose a facility known for community-building, and nearly a quarter said they’re more focused on health and wellness when they feel connected to others.
And, according to Mindbody, boxing remains the most popular in-person fitness class.
Marchioni said it makes a lot of sense for gyms and fitness-minded entrepreneurs to respond to the “call to action” of consumers seeking workout solutions to their mental health woes. She cautioned, however, that consumers should beware of venues that rely more on marketing and vibes instead of providing a useful product. Environment is a huge factor, too.
“Many gyms can be detrimental for some folks because it can be such a barrier for someone who doesn’t see themselves as a gym person or doesn’t know a lot about exercise,” she said. “I think overcoming that barrier of initiation, so to speak, and getting someone integrated into something where they feel like they’re in a community space is really helpful.”
Weis said he tries to strike a balance between what’s popular and what actually works and added that he had not yet decided what all to include in his Brentwood location’s recovery area.
“We’re intentionally keeping it flexible, because by the time we open in the next year, we’re not sure what people are wanting,” he said. “(Cryotherapy) was hot two years ago, but now it’s not. Infrared (sauna) is hot now, but I have more of a science background and not a hype background, so I’m going to let the science guide my decision there.”
Link to Article: https://labusinessjournal.com/featured/mayweather-boxing/
Mayweather Boxing + Fitness, a group fitness experience created by World Champion boxer Floyd Joy Mayweather Jr., has launched over 70+ franchise locations with plans to open hundreds more. Floyd Mayweather is a retired, undefeated professional boxer (50-0) whose passion for exercise and self-improvement inspired him to build an impactful health experience. How did a professional boxer with no franchise experience create such a ground-breaking and successful business model? Here are 3 things he did to make sure Mayweather Boxing + Fitness succeeded where other fitness franchises failed.
1: Built an Incredible Corporate Team
Early in the franchise development process Floyd began surrounding himself with an amazing team full of experience and previous success. It wasn’t hard to find the best of the best because with name recognition like “Mayweather” everyone wanted to be part of such a spectacular and exciting brand development process.
One of the key members of Floyds incredible team is James Williams, The President, and CEO of Mayweather Boxing + Fitness. James was previously an advisor to Beyoncé on her entertainment and management company, Parkwood Entertainment, with a focus on developing Beyoncé’s Ivy Park brand. He also co-founded XPT Life, a performance lifestyle brand created by big-wave surfer and fitness innovator, Laird Hamilton, and professional volleyball player, Gabrielle Reece.
Prior to those endeavors, James had an eight-year career at Bain & Company, where he developed growth strategies and devised business plans for some of the most successful luxury, auto and sports brands in the world. Prior to Bain, James was a corporate lawyer at Clifford Chance, at the time the world’s largest law firm and part of the UK’s “Magic Circle” of elite firms, working in both London and New York. While studying for his MBA, James founded the non-profit, SOMB, which provides school uniforms to children in sub-Saharan Africa. He has visited Zimbabwe, Kenya, Rwanda and South Africa on several occasions to oversee SOMB donations.
2: Unique and Effective Training Program
Floyd spent several years together with industry leading fitness experts, taking everything that Mayweather had developed as an elite level athlete, and tailoring and adapting it for the group fitness program. These unique and effective workouts ensure their members achieve better results over time, which maximizes studio retention. Lengthy memberships ultimately deliver more value for Floyd’s franchise owners.
3: Brand Recognition
No other fitness franchise has a name with more recognition than “Floyd Mayweather.” Floyd has around a 70 percent consumer awareness in the U.S. The biggest form of marketing for group fitness today is digital advertising: Facebook, Instagram, Google Ads. Consumers are multiple times more likely to know of the Mayweather brand than any other group fitness concept. This allows for a cheaper cost per lead and higher content engagement. When a Floyd Mayweather Boxing + Fitness studio opens in a new market, they do not have to spend thousands of dollars trying to educate the public on who and what they are. Thanks to the brand recognition the name affords, franchises can hit the ground running.
The Mayweather Boxing + Fitness Group Franchise fitness model has been fine-tuned for well over 10 years. The entire team has spent countless hours developing the business plan, recruiting the best team in the industry, and building a franchise infrastructure that ensures it will remain the industry’s most successful fitness franchise.
