These are the words of Karl Dietrich, the chief development officer of TRIB3, the trendiest and newest name in boutique workout studios.
You may be a little perplexed by this headline. With much of the world in turmoil because of Covid-19, not to mention the uncertainty which Brexit may or may not bring, plus the unprecedented issues facing the United States right now, you might think this would be the ideal time to sit tight. ‘Wrong’, says Karl Dietrich who will outline in this feature why now is the perfect time to think about starting a business. And he tells Elite Franchise why? Karl is the chief development officer of TRIB3 who have outlets in five countries, including the UK. The company has studios in Bristol, Leeds and Sheffield, with more on the way in Manchester and Edinburgh.
He says: ‘Covid has brought about so many changes to our lives and businesses since the UK’s first lockdown was imposed in March. Sadly, in many cases, it has been detrimental to business, causing serious damage to the economy. However, let’s cast our minds back to the recession which reached our shores in 2008 and 2009. A period of recovery followed, and during a difficult downturn for Europe’s economy there was a big surge in the number of new entrepreneurs. As businesses downsize their workforces, with more and more employees facing redundancy, many people will naturally take the time to reassess their positions.
A recent study by Enterprise Nation found that 2021 might well be the year when a new wave of entrepreneurs enters the UK marketplace. The study found that one in five Britons wants to start a business this year. If so, then that would be a significant boost to our economy. Apparently, 37% of those surveyed admitted to thinking about it for some time, and that Covid has concentrated their minds more than ever. And only 14% of these were planning to do so because of redundancy or furlough.
Other research by startupnation.com explained that many people were starting new ventures which were second or third businesses. Enterprise Nation also found that the most popular sector for developing new businesses were in health and wellbeing. Yet this shouldn’t come as a major surprise, because health and fitness has been a topic seriously and regularly discussed throughout the pandemic.
Throughout this on-going crisis, the enduring message has been that physical exercise is vital for combatting the virus. The UK Government’s chief medical officer, Professor Chris Witty, expressed: ‘There is no situation, there is no age and no condition where exercise is not a good thing’. And this was reinforced by the UK’s decision in November, when a second national lockdown was imposed, which still allowed gyms to remain open across all tiers including Tier 3 – which at the time was the highest level of restriction.
There are a few different ways to start your own business but for budding entrepreneurs, who are looking to de-risk the process, then franchising could provide the best route. Franchising, as we know, allows someone to join an experienced network that already offers a tried and tested system. One 2018 study by a major high street bank, in conjunction with the British Franchise Association, discovered that the failure rate for franchise businesses over the first five years of trading was just 6%. This compares to nearly 50% for other new business start-ups.
Fitness franchising allows for efficient and fast growth in this expanding sector. It gives new entrepreneurs the opportunity to own a business with less risk and greater support. In the world of business, franchising is considered one of the safer environments for new entrepreneurs. The sector is growing, with many of the pitfalls becoming ironed out as time goes on. Although many may be anxious about the impact of Covid-19, it’s important to stress that boutique operators, such as TRIB3, can easily implement and accommodate physical distancing measures into sessions.
TRIB3 offers over 40 spots per session, allowing franchisees to comfortably breakeven and deliver strong results, even when social distancing measures reduce overall capacity. And you don’t need to be from the fitness industry to become a TRIB3 business partner. Our support team at head office have decades of specialist experience to help you find your feet, and then remain at your side whenever you need us. Our CEO and founder Kevin Yates was one of the pioneers of the UK boutique fitness market.
All you need is a passion for bringing people together and providing an exceptional customer experience. You require drive and energy to provide essential services which will benefit your clients’ health and wellbeing. If that excites you, get in touch – your future could start today.‘
