From 2005 through most of 2010, I was part of one of the fastest growing franchises in U.S. history.
I remember opening over 75 locations in one month. We averaged 1 per day for 2 years straight.
And when I get asked, or when I think about how and why we had such fast success, I think about two main things.
You could open the brand I was part of for 200K or less. I know because I did it for 192K.
Absentee ownership? Well, I did it with daily conversations and a once per week presence. Is that considered absentee? I think that depends on who you ask.
Low employees? I had one semi full timer…….and 4 part timers.
The reason a bunch of these franchise locations failed is because absentee or semi-absentee was very challenging unless you understood the importance of certain KPI’s and how to measure them.
And even if you did understand all of that, being onsite only “once in a while” almost never worked.
I made it work because I knew the fitness business AND I knew the importance of the numbers and the need to monitor them daily.
The sleep industry is no different. But it is different when it comes to things like earning potential. Vastly different.
A 3000 square foot gym may make you 75K per year. Maybe.
A 3000 square foot sleep shop can easily make you 4 to 6 times that. Easily.
And with less employees, and with about the same investment.
So, three reasons the mattress industry may be for you:
1. You like the concept of selling sleep. You know that getting properly fitted for the best rectangle can be a game changer for so many people.
2. You like the concept of high profit margins. You understand that you, or somebody needs to be in your sleep shop from 9 am to 8 pm every day, but only needing 2 customers to walk in daily can earn you hundreds of thousands of dollars.
3. You are a leader but like the idea of low employees. Train, mentor and lead 2 sleep coaches. Measure their performance daily, stay on top of the KPI’s and life will be great.
If the above is you, let’s talk.