Starting a business is challenging but it can also be lucrative and rewarding. Franchising offers a safer path with brand recognition, proven business models, and extensive support; but it's costly, especially up front and you'll be paying royalty fees on your profits as long as you're in business. Unlike solo start up ventures, franchises provide brand recognition, marketing assistance, and a built-in customer base, reducing the risk of failure, but you're paying for it at top dollar.
Both options have their pros and cons, but which is right for you?
This is not to say that you can't start a successful business on your own, it is completely possible! With the right attitude and willingness to learn all the nuances of business plus a lot of grit, grind and potentially years of hard work before turning a profit.
That's how we built Mad About Hoops. We started with a dream (and a dream team!) But it still wasn't easy. We learned so many lessons the hard way. Eventually the hard work paid off, but it wasn't without stress, struggle and so many sleepless nights along the way.
The bottom line is that when you're starting a new business, you have to wear ALL the hats.
The CEO/Visionary hat is heavy, but at least you kind of like to wear it.
The social media manager hat might be your jam, too, or maybe not, but you'll figure it out. But still, there are more hats - like A LOT MORE. Accounting, tax, compliance, tech support, customer service, sales, marketing, research, development, office admin, the list goes on and on!
We haven't even mentioned the business operations hat - and that is likely one of the few hats you actually want to wear - those others hats, well they're probably not your first choice.
If you're eager, you accept you have to wear all the hats, but you can't just put a hat on right away. You have to study the hat, you have to stretch it and squeeze into it, because you didn't start this business to wear the tax hat and let's be honest, it's not the best fit.
Eventually, with determination and a little luck, you figure out how to wear the hat and you might even look good in it!
But there are always more hats.
You can't possibly wear all the hats. Too many hats, regardless of how well you wear them individually, will lead to burnt out and quite frankly, leave you looking and feeling a little bit crazy.
The longer you wear all the hats, the more you begin to feel isolated and alone in your journey as an entrepreneur. It's hard to relate to others who don't have to wear all the hats - and it's hard to relate to anyone if you're too busy to bother taking yours off in the first place.
Franchising offers you the opportunity to reduce the number of hats you need to wear in order for your business to run smoothly.
Sure, you'll still wear a few hats, but they'll be a much better fit since someone already perfectly shaped it just for you.
Basically, you're buying into an established brand. You don't have to build it from the ground up. They've already worked out all the details and created a business model that is ready to be duplicated. This saves countless hours that would have been spent struggling to establish systems, processes and marketing materials. Moreover, it provides a built in support system - meaning others who can wear the hats that never fit you anyway.
Overall, partnering with an established brand is an attractive option for aspiring entrepreneurs looking for a faster, smoother path to success.
However, there are a few downsides to franchising. The biggest being the upfront cost which it typically a minimum of $20,000 on the low end and can easily reach $100,000 or more depending on what company you're buying into. But that's not where the franchise fees end. You'll need to report your profits to the parent company, or the franchisor, and they'll want a piece of it - often 7% or more plus annual franchise fees that can be $5,000 or more.
Whew, that adds up quick!
Again, this isn't to say that owning a nationally recognized franchise can't be profitable. Of course, some will fail, but many franchisee's go on to create great success with this path, but not without paying a pretty penny for it.
At Mad About Hoops, our goal is to bring the joy of this program to new markets, allowing more hoopers to live in alignment with their passion and to get hoops into the hands of kids all over the world!
We can't do that alone; but we knew our community needed something more accessible than a traditional franchise.
We started thinking outside the box and inside the hula hoop!
ENTER: The Mad About Hoops Affiliate Program
We developed a brand new path to success, a hybrid of sorts. Part solo venture with all the perks of franchising but none of the headaches (or royalty fees!)
Here is how we're different than a traditional franchise.
Cost Efficiency: Significantly lower upfront costs compared to franchises, less than 1/4 of other afterschool programs.
Profit Retention: No earnings reporting, royalty fees or profit-sharing; just a nominal annual renewal fee.
Flexibility: Customize your business without stringent franchise requirements.
Here is how we're the same:
Comprehensive training
Proven business model
Lower risk, faster success
Ongoing support
Expansion opportunities
Done-for-you marketing
Access to trade secrets and endless library of resources
You get to 'become the brand'
The Mad About Hoops Affiliate Program combines all these business advantages with mentorship and community support. After becoming an affiliate, you'll work one-on-one with the owners of Mad About Hoops to ensure your success. They'll provide coaching calls and quality, individual feedback on your progress, helping you reach your goals faster than you ever thought possible. You'll also gain access to our community of teachers and affiliates. This is a network of hula hoop teachers and entrepreners who want to see you succeed and are happy to offer guidance, support and encouragement - making the journey of entreprenership feel much less lonely.
The last major difference:
We are the number one hula hoop after school program in the united states. We're celebrating 10 years of business and have locations multiple cities in the USA across Texas and Colorado and still growing.
We've trained more than 25 instructors, led parades, been featured on television countless times, perform regularly for the NBA and MLS teams and most importantly, we've shared our passion for play and hooping with thousands of children.
And we're proud to announce that we have three affiliate locations in Santa Fe, New Mexico, Madison, Wisconsin and Atlantic City, New Jersey!
We want to continue to make a positive impact on the world through movement and hula hooping and we want YOU to help us reach even more kids!
Do you want to start a Mad About Hoops location in YOUR city?
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