In two years, functional training group Fitstop has more than doubled its franchise footprint.
The business, co-founded by Peter Hull (pictured left) and Richard Bell (pictured right) in Brisbane in 2017, is expected to accelerate its national growth by 300 per cent after closing a $1.4 million funding round earlier this year.
It has taken two years for Fitstop to open in 23 locations and achieve an annual growth rate of over 300 per cent, bringing in $8.5 million in total revenue over the period.
Hull attributes the fast growth to the relationship they have developed with their franchisees.
"Our focus has always been on fostering a strong support system for our franchise owners, so they feel educated and inspired; that's what makes the difference," says Hull.
"We're like family, and it's our commitment to up-skilling, fitness development, mentoring and offering multiple touch points to lean on each other that enables our franchisees to drive their own growth. This then creates a better experience for our members."
The Fitstop franchise began with 30 members and quickly grew to 200 in its first 18 months.
Co-founder Bell says with now over 3,000 individuals training at Fitstop's 23 locations across the country the group is now poised to open at least 100 locations by 2021.
"We are getting as many as 150 enquiries per month from people who want to own a Fitstop, however we are ruthless with ensuring the right people own a location and it's a tough application process as we grow," says Bell.
"Our model is built on offering progression and it's a foundation that is unheard of in the fitness and franchising space."
"From the existing community, the training, through to the franchiser point of view, we're always looking at ways to progress our teams from the inside out and that's where we stand out in the market."
Former Australian Junior Volleyball player Nikala Cunningham began her journey at Fitstop as a member and is now one of the most successful franchise owners in the group.
"I fell in love with the community created and it only transcended from there the more I got more invested in the brand as a location manager and now as a franchise owner in Coorparoo," says Cunningham.
Business News Australia