When Josh Grinstead got laid off for the second time, at 41, he knew he was at a crossroads: “Either stay on the treadmill, be unhappy, and fail to attain my potential,” he says, “or be brave enough to take that mid-career risk.”
Until then, he’d worked in senior management at various colleges. But on aptitude tests, he’d always scored high for entrepreneurial instincts. As a longtime fitness enthusiast, personal training services appealed to him — so in 2015, Grinstead bought three GYMGUYZ territories (GYMGUYZ is a handy acronym for Get You Motivated, Genuine, Unique, You can do it, Zero Excuses). Today, he owns eight of them in New Jersey and New York. His annual revenue tops $1 million, he’s first in sales among GYMGUYZ franchisees in 22 states, and last year, the International Franchise Association named him a Franchisee of the Year.
Here’s how he made it happen.
1. Have extra startup capital.
“No matter what [the franchisor] tells you about capital, go 20% higher,” Grinstead says. “You never know what you’ll need. You might want to spend more on marketing. You might want to spend more on equipment. You want that flexibility.” And when you’re choosing what to spend on, he says, find a mentor to consult with. “If you’re making decisions, you’ll feel better about them.”
2. Hold marketing partners accountable.
All marketers have ideas, but not all deliver. “They say, ‘Oops, you didn’t get a sale from that $5,000 spread in the magazine? Well, good luck,'” Grinstead says. That’s why he prefers arrangements that reward success. “Maybe you pay them this much for the basics, but if they attain a measurable outcome, you’ll buy an additional amount of ads.”
3. Learn as you go.
Many franchisees try to become experts at everything — but that’s impossible, Grinstead says. For example, he hates accounting. “I learn enough to get by, to make sure we’re not getting robbed blind,” and then he hires people who are good at it, and commits to learning and improving along the way. “In truth,” he says, “if you have the right mindset for this, you’re never there.”
Related: He Used To Train Horses. Now His Business Does $11 Million In Annual Revenue.
BONUS TIP
Want to Succeed? Increase Your Urgency! What makes Grinstead so successful? GYMGUYZ has an answer: It’s momentum. “He moves faster. He talks faster. He doesn’t complain. He doesn’t make excuses,” says GYMGUYZ founder Josh York. And that same energy keeps Grinstead pushing through tough times. “Just because you’re buying a franchise doesn’t mean it’s going to be easy,” York says. “You’ve got to push through those challenges. That’s what pays well.”
This article is from Entrepreneur.com
