You’ve always dreamed of owning your own business, but you’re not sure if now is the best time. With the interest rate on Small Business Administration (SBA) loans being at historic lows, there has never been a better time to take the leap and buy a franchise in recent years. The benefits of owning your own business and reducing your dependence on an employer can outweigh some of the drawbacks of being self-employed. At this point, it’s hard to find a better investment than purchasing a franchise. Here are all of the reasons why you should consider one:
1. Low-Interest Rates
An SBA loan is a federal government loan that can be used to buy a franchise and get started. The federal government does not itself make loans to small businesses, but the SBA does provide its own guarantees and other types of financial support. When interest rates are low, you are required to put down less money upfront, which means you’ll need to invest less of your own capital in the initial stages.
2. Signing Bonus Potential
Many franchises are creating incentives to encourage people interested in owning their own business to get started. Eat The Frog Fitness, for example, is offering new Franchisees that sign before December 31, 2021, a $5,000 marketing credit. This credit can be used to help cover marketing expenses in your early stages of development, which can include signage, window coverings, print advertising materials, and more. If you’re worried about the up-front costs associated with starting your own business, this bonus potential helps to alleviate potential stressors.
3. Purchasing an Existing Studio Location
Purchasing an existing Eat The Frog Fitness studio offers the opportunity to profit from established marketing channels that have already proven successful. This includes name recognition, relationships with vendors and other franchisors, as well as a built-in member base, all of which provide recurring revenue on an ongoing basis once you purchase the franchise.
4. Make an Impact on Your Community
This is an excellent opportunity to not only invest in your future but be part of something bigger and make an impact on the world. With franchising, you get to leverage other people’s successful ideas and risk-taking while you reap the rewards. You will also have access to resources that would otherwise be inaccessible to you.
5. Protection From Competition
A franchise is a great way to provide yourself with better protection from competition. With the ease of starting a business, it's becoming very easy for new competitors to enter your market and undercut you on price. Franchises do not have this problem because they are backed by an established brand that customers know and trust. This means no one can compete with you on price, giving you the ability to focus on quality instead and making sure your product or service provides value before cutting costs where possible.
6. Do What You Love
A big part of the American dream is owning your own company, no matter how much or little you have in savings. There are many benefits that come with owning and operating your own franchised business, including the opportunity for financial independence and work-life balance.
You get to choose where your heart lies without having to make the concessions that often come with corporate lifestyles.
What is the Best Industry Now?
While there are many franchise business opportunities from home-based businesses to restaurants, the best industry at this time of economic uncertainty appears to be fitness. As America and the rest of the world is trying to recover from the Covid-19 pandemic, you might want to consider buying a franchise from sectors that have been hit hard by Covid but also have great potential for recovery. Fitness franchises, for example, are now widely considered one of the greatest investments because studies show a change in people’s perception toward the importance of health and fitness in the US and beyond. The pandemic, for example, showed that obesity was a significant factor in the high mortality rate among Covid-19 patients, and this appears to have created a new sense of urgency to be healthier.
Any Specific Fitness Franchise?
Eat The Frog Fitness has in recent years become a popular franchise for people who want to start their own business. Founded in 2014 by Olympic gold and silver medalist Bryan Clay and renowned entrepreneur Joe Culver. The name, a metaphor for getting your hardest thing on your to-do list done first, comes from a quote made famous by America’s celebrated novelist, Mark Twain: “Eat a live frog first thing every morning and nothing worse will happen to you the rest of the day.”
The company is growing quickly. In the short period since it became a franchise in 2017, it has already spread to many US states and Canada. What makes it so popular is that it’s a high-tech, personal group fitness studio that sets itself apart from most other boutique studios by offering its training sessions 24/7. If you want to know more about how to buy a franchise of Eat The Frog Fitness, you can reach out to them here.