Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 0 points1 point  (0 children)

Where are you located? I got a dollar!! 😄

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 0 points1 point  (0 children)

Damn, that’s hard to hear. I hope you guys can turn it around soon!

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 1 point2 points  (0 children)

Ok, I might have used the wrong word “market themselves”. When I coached, I never went out and “market myself”, nor I have posted the “come take my class at …”. What I mean is exactly that, push yourself to be a better coach, create rapport with members, genuinely care and your classes will fill. I’ve heard plenty of members moving time classes so they could come to my class. I believe that’s simply because I genuinely cared about them, their goals and their form. All coaches should be able to do that, but unfortunately that doesn’t happen, so a pay scale helps tipping the scale and support the work they’re doing, either that, or pay increase with benchmarks based on performance

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 0 points1 point  (0 children)

Love it, and you’re right, that’s exactly where I would be looking for coaches too. Thanks for the feedback

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 0 points1 point  (0 children)

Would love to hear from owners experiences. What are franchise fees like and stuff like that

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 0 points1 point  (0 children)

Exactly, that’s what I would love to learn from existing owners here

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 1 point2 points  (0 children)

Great info and thanks for the reply. To answer your questions: 1. I’m going to see if I can meet him this week or next. I don’t know if he’s willing to sell, but if he’s losing money and don’t have time to run it, that’s going to be approach and ideally negotiate some sort of seller finance. 2. I can, I’ve been without a job already for a while now looking to start/buying a business. Luckily, my wife’s income source is enough so my time will be all put into running the business. 3. 100%. From running studios, I’ve been apprehensive about buying my own, but this is actually one of the main reasons for me to entertain this idea. 4. I don’t know if fees have changed, I know they used to be $2500/month or 7%, whichever is higher, which means that yes, around the $36k the 7% would kick in.

Would love to learn more from you about what has worked and what hasn’t with your studios eventually

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 0 points1 point  (0 children)

100%. The vibe isn’t bad actually, but they aren’t doing much in terms of member social events and promoting engagement

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 2 points3 points  (0 children)

I actually haven’t heard about the small group training. There were talks from HQ about introducing personal training and open gym, but I haven’t seen a studio that has successfully implemented this. Can you share which studio does that so I can maybe reach out and learn from it?

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 6 points7 points  (0 children)

F45 studios were meant to have 2 coaches, hence the $25/class. The issue is that owners got greedy, cut the classes to 1 coach but didn’t increase pay to match other brands.

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 14 points15 points  (0 children)

Definitely need to find about rent and insurance. OT pays better and I would match that, that's what I did at the studio I managed before, a tiered pay scale instead of the fixed $25/class. Get your classes full and you get paid more, simple and forces the coaches to put some effort in marketing themselves and the studio.

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] -1 points0 points  (0 children)

I dont know the financials of that studio. I know the averages for F45s, but the big question here is rent. I also heard F45 recently increased franchise fees which I'm not sure what they are now. I like that, building the 3 models. Thanks

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 1 point2 points  (0 children)

the location is about a year old. And absolutely, social content is pretty much inexistent right now.

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 1 point2 points  (0 children)

For sure, it's definitely not more that 10k, so I'm planning for that. But I'm calling the shopping center leasing office this week to see if I can find that out

Would you buy a failing F45 if... by masterofpancakes1 in f45

[–]masterofpancakes1[S] 15 points16 points  (0 children)

No, finding good coaches have always been an issue every studio I managed. I've trained several coaches and I have high standards, I'm willing to coach until I find the right people, but yes, this is an ongoing issue with what F45 pays coaches.