Financing your Franchise, the 9Round Way
May 28, 2019
Looking for your next investment? Perhaps franchising is the best route for you to take for this endeavor. Franchising gives people the chance to own and operate their own businesses with a pre-developed system to guide them… What could be better?
But once you get into the actual process of becoming a franchisee, you’ll be faced with the inevitable reality of the one crucial component you need to kickstart your business: Funding. Even if the financial resources are there for you, the risk that inherently comes with fronting the cost for something you cannot necessarily guarantee the success of is intimidating… I understand this better than most, as my wife Heather and I actually opened our flagship 9Round studio under some financially risky circumstances ourselves (a.k.a., we couldn’t even afford to put a sign on the building).
By partnering with the right franchisor, you minimize those risks. From my perspective as an entrepreneur who was once on the funding “struggle bus,” it was crucial to me, as a franchisor, that my system would make the financial side of the process as transparent and supportive as possible, so our prospective franchisees could feel confident investing in the business.
So, for those of you considering the prospect of franchise ownership, I feel it’s time for me to get real with you about something that will likely be one of your top concerns when researching the opportunity: What will it cost? While I can’t speak for every franchise out there, here’s the breakdown for 9Round.
First things first…
The first step of financing your franchise with any brand is making sure you have the starting capital necessary to buy your way into the business. Remember that this is essentially a partnership between a brand and its prospective franchisee, and it’s not a worthwhile investment on either end if the prospect can’t hold up his/her end of the deal financially. In 9Round’s case, that means showing your net worth is at least $100k, along with having a minimum of $30k in liquid assets.
What’s in the fees?
If you meet these qualifications, then taking the leap to finance your own 9Round franchise comes at a relatively low cost by fitness industry standards. Altogether, the total investment required to open a 9Round franchise ranges from around $99,675 - $143,075. Even at our highest initial investment cost, 9Round is still significantly less expensive than most other franchise brands with which we compete directly at their lowest franchising rates. And within this total cost is coverage of practically every asset you could need to get your franchise up and running, from the initial franchise fee, to lease negotiations and insurance, to grand opening marketing and licensing, and more.
Where else does 9Round’s support come in?
On top of this relatively low investment level, we take providing financial support for our franchisees very seriously, and we do so with the help of our trusted third party financing partners. Guidant Financial, VetFran, FranFund, and Franchise Registry are the third party partners we work with most regularly to help make the financial side of 9Round franchising as seamless as possible for candidates. Whether they are determining which loans you qualify for, assisting with loads of paperwork, or finding ways to earn you discounts on your franchise fees, we’ve enlisted the help of these trusted third party partners so we can truly provide the support you expect from us as a franchisor.
Now that I’ve laid all of the funding details and options out there for you, what are you waiting for? If you satisfy the initial financial requirements and you’re passionate about finding a way to serve a community by providing an outlet for health and wellness, visit https://www.9round.com/fitness-franchises to learn how to begin your journey to 9Round franchise ownership today.