John Franklin (https://twitter.com/johnisbuilding?la...) talks to Greg Morrone, a gym owner who believes franchising is the best path for him to reach financial freedom. Together, they break down Greg's gym (https://thefitlabhoboken.com/), why he chose to become a franchisee, and the process behind opening 10 locations in the next 5 years.
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Show Notes:
(00:00) Introducing Greg Morrone
(3:49) What is The FIT Lab?
(8:11) Packaging, pricing, onboarding, and growth
(16:00) Coaching and retention
(20:49) Investing in a fitness franchise
(24:36) Opening 10 locations in the next 5 years
(32:07) Why scale a fitness business via franchising?
(36:37) Franchise costs and lease agreements
(40:07) Financing options for fitness franchises
(46:50) Selling gym franchises and wealth-building exit strategies
(54:29) Opening a franchised gym with SBA loans
(56:37) The process of opening Greg's first franchised gym
(1:02:49) Being strategic with future franchised locations
(1:10:24) Advice for gym owners wanting to start from scratch
(1:14:12) Where to go if you want to find Greg
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