In today’s episode of “Retirement Readiness,” Tim Regan and Katie Umland are joined by Jason Markowicz, owner of Fitness Premier and experienced franchisee. Tune in to explore the unique benefits and challenges of working in the franchising industry in your journey toward a two-comma life.
Jason Markowicz is the owner, founder and franchisor of Fitness Premier 24/7 Clubs, which has 19 locations across three states. But before he coordinated a nationwide fitness brand with a variety of individual business owners, he spent years in the real estate industry and as a franchisee for Massage Envy.
“We were able to see how big guys kind of operated their business and what it was like to work with a billion-dollar brand and be a franchisee in that system,” Jason explains. “And then in our fitness concept, we’re the franchisors – so we’re able to kind of help lay the framework and the systems that help provide a business model that works for our franchisees.”
To clarify, a “franchisee” is a small business owner, while a “franchisor” is the entity offering the business model. By franchising, the original company can grow locations and scale their business while also offering entrepreneurs a way to get started under an established brand.
“That’s why you typically invest in a franchise, because it usually helps you get from point A to point B a little bit faster because they have proven out the business model,” he says.
Of course, that doesn’t mean that franchising is a completely hands-off structure. In fact, Jason notes that having strong communication with leadership and a deep understanding of your organization’s operations is critical to success.
However, a successful franchise can also bring you freedom to live the two-comma life you want:
“Franchising and freedom are kind of synonymous with each other, because at the end of the day, you should be invested in a system that’s helping you free up a lot of those resources and obviously make more money and earn a living – but also be able to free up your time to do the things you enjoy doing.”
Listen in to the full episode and visit ownafitnesspremier.com to learn more, or reach out to a member of the Prairie View team to explore if franchising makes sense in your own financial journey.
Click here to explore our other “Retirement Readiness” episodes.
Key Timestamps and Topics
- 00:00:50 – Jason’s experience in franchising and the difference between “franchisee” and “franchisor.”
- 00:02:58 – How does franchising fit into a two-comma life?
- 00:05:14 – How are franchises typically structured?
- 00:06:28 – Jason discusses key factors you should consider when choosing a franchise partner.
- 00:07:30 – The hosts and guest explore how gross sales factor into a franchisee’s profits.
- 00:09:04 – Jason explains how to get started in franchising, sharing his own experience as a franchisee in the fitness industry.
- 00:13:07 – Can you be hands-off as a franchise owner?
- 00:15:32 – Jason explains how franchisors support small business owners in getting started, training staff and more.
- 00:17:28 – Our guest shares his journey from making minimum wage as a bartender to being a full-fledged business owner.
- 00:21:39 – Tim and Katie dive into the mailbag segment and discuss the basics of Roth conversions.
- 00:24:09 – You can connect with Jason or learn more about Fitness Premier at ownafitnesspremier.com.
3 Key Takeaways
- Contrary to popular belief, franchising is not a hands-off business model – it requires a deep understanding and involvement in your company’s operations.
- Franchising comes with unique benefits and challenges, such as the initial franchise fee, ongoing royalties based on gross sales and potential financing options.
- It’s best to begin your franchising journey with a company and a mission you’re passionate and excited about.
Links
Explore New Possibilities
Wondering where your wealth can take you? Click here to connect with a member of the PrairieView Wealth team and get started today.
Facebook: https://www.facebook.com/PrairieViewWealthPartners
LinkedIn: https://www.linkedin.com/company/prairieview-wealth-partners/
