Should you invest in a franchise in 2023? Is it safe to invest during a recession? This top fitness franchisor weighs in.

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Rick Mayo has been in a leader in the fitness industry for 30 years, and has grown his franchise Alloy Personal Training through 9/11 and the economic recessions of 2008-2009. Rick offers some wisdom to those who are considering investing in franchise businesses in 2023. Rick says:

“[Alloy Personal Training] has been in business 31 years. And before we came to franchising, we serviced 2100 different clubs, you know, worldwide, all different types of brands. And so we were in business through 9/11, which was a bit of a downturn in the economy, and then certainly 2008/2009, which was even more catastrophic than what we’re seeing right now. And I can only say this, I think it depends on the customer avatar that you’re servicing. Certain concepts may be more effective than others.”

Rick describes his experience with customers’ willingness to invest and commit to their fitness, regardless of the economy:

“It’s an interesting psychology to say, hey, the more money that I spend, the more I’ll value it. But that is a fact. And so we often talk about there’s a certain price threshold that once you crest that price threshold, then you’ll actually appreciate the service that you’re buying even more certainly than if you’re buying a $10 a month membership, which would be on the other end of the spectrum. And so usage is much higher in brands that are more expensive. People appreciate them more. There’s just a perceived value that comes along with spending more money, certainly in a personal training service.”

Rick speaks to Alloy’s business model:

“A healthy model for us is 130 members or clients. Some of our franchises that opened completely full are two doors down from a class based boutique concept, some of the very well known ones. Some have a class based concept in their shopping center, along with a general service gym. And of course, you know, when we start the real estate process, that’s a questions like, oh, my gosh, am I okay to be two doors down from this sort of boot camp thing or whatever that is? So we roll into town and it’s so easy for us, in a busy market, to poach 130 clients that want their flavor of fitness and there’s no one else in the market doing what we do. So it makes it very easy.”

If you’d like more information about the risks and potential rewards of investing in a franchise during a recession, OR, if you’d like to explore an Alloy Personal Training franchise opportunity, I’d love to be your coach! My services cost you nothing.

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