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Share This week on Empire builders we interview Rick Coe - Experienced Leader & Multi-Unit Franchise Operator (WeightSpace & WellBiz Brands, Inc.)
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This week on Empire builders we interview Rick Coe - Experienced Leader & Multi-Unit Franchise Operator (WeightSpace & WellBiz Brands, Inc.)
Welcome to the latest episode of Empire Builders! Today, Tommy Yionoulis hosts Rick Coe, a franchisee with Wellbiz Brands, celebrating his 18th anniversary with the company. Rick shares his journey from signing his first franchise agreement on July 31, 2006, to owning WeightSpace a new gym in Charleston, South Carolina, that offers a unique, reservation-based private training experience.
Key Points Discussed:Introduction to Rick Coe:- Rick's journey with Wellbiz Brands, starting with his first franchise agreement in 2006.
- Celebration of his 18th anniversary with the company and his current venture in Charleston, SC.
Unique Gym Concept:
- Description of Rick's new gym in Charleston, offering private training by reservation.
- The innovative model provides clients their own space, eliminating waiting and sharing equipment.
- The gym caters to dedicated fitness enthusiasts and personal trainers looking to grow their businesses.
Transition from Corporate Life to Entrepreneurship:
- Rick's background, including his time in the Army and work with Home Depot.
- The decision to leave the corporate world and pursue his dream of owning a gym.
- The learning and adaptation process involved in opening new locations and acquiring existing ones.
Insights on Franchise Operations:
- Advantages of acquiring existing franchises versus starting new ones.
- Importance of understanding strengths and preferences in business operations.
- Experiences in optimizing existing locations and managing various fitness and wellness franchises.
Managing Dead Time and Optimizing Activities:
- Effective strategies for managing downtime and optimizing business activities.
- Emphasis on continual improvements and strategic decisions regarding location and visibility.
- Importance of adding value during mergers and acquisitions to enhance profitability.
Role of Location in Success:
- Critical role of location visibility and convenience for clients in brick-and-mortar businesses.
- Balancing rent and advertising costs as investments in visibility.
- Example of higher advertising expenses due to low-visibility locations and the lesson learned.
Challenges and Benefits of Franchising:
- Advocacy for franchise systems, especially for first-time business owners.
- Franchising as a structured approach with reduced risk but requiring significant operator effort.
- Comparison of franchising to graduate school for business, offering valuable learning opportunities.
Adapting to New Markets and Concepts:
- Challenges of establishing brand recognition and communicating unique value propositions.
- Importance of being adaptable and responsive to customer feedback.
- Continual refinement of the business model to better meet client needs.
Reflections on the Entrepreneurial Journey:
- Perseverance, adaptability, and passion as key elements of entrepreneurial success.
- Rick's new gym concept as an example of innovation in the fitness industry.
- Streamlined, customer-centric approach to personal training.
Conclusion:
Tommy and Rick conclude the episode with reflections on the challenges and triumphs of Rick's entrepreneurial journey. His story underscores the importance of perseverance, adaptability, and a passion for one's work. Rick's new gym concept exemplifies innovation in the fitness industry, offering a streamlined and customer-centric approach to personal training. Tune in for an engaging discussion on managing franchise operations, optimizing business activities, and achieving success with Rick Coe.
Links And Resources:
- WeightSpace
- WellBiz Brands, Inc.
- Rick Coe on LinkedIn
- Tommy Yionoulis on Linkedin
- OpsAnalitica
Thank you for joining us this week! Are you interested in subscribing to Empire Builders? We would love to hear your feedback! Connect with us on Spotify or Captivate.fm and leave us a review.
View all episodes
By Tommy YionoulisWelcome to the latest episode of Empire Builders! Today, Tommy Yionoulis hosts Rick Coe, a franchisee with Wellbiz Brands, celebrating his 18th anniversary with the company. Rick shares his journey from signing his first franchise agreement on July 31, 2006, to owning WeightSpace a new gym in Charleston, South Carolina, that offers a unique, reservation-based private training experience.
Key Points Discussed:Introduction to Rick Coe:- Rick's journey with Wellbiz Brands, starting with his first franchise agreement in 2006.
- Celebration of his 18th anniversary with the company and his current venture in Charleston, SC.
Unique Gym Concept:
- Description of Rick's new gym in Charleston, offering private training by reservation.
- The innovative model provides clients their own space, eliminating waiting and sharing equipment.
- The gym caters to dedicated fitness enthusiasts and personal trainers looking to grow their businesses.
Transition from Corporate Life to Entrepreneurship:
- Rick's background, including his time in the Army and work with Home Depot.
- The decision to leave the corporate world and pursue his dream of owning a gym.
- The learning and adaptation process involved in opening new locations and acquiring existing ones.
Insights on Franchise Operations:
- Advantages of acquiring existing franchises versus starting new ones.
- Importance of understanding strengths and preferences in business operations.
- Experiences in optimizing existing locations and managing various fitness and wellness franchises.
Managing Dead Time and Optimizing Activities:
- Effective strategies for managing downtime and optimizing business activities.
- Emphasis on continual improvements and strategic decisions regarding location and visibility.
- Importance of adding value during mergers and acquisitions to enhance profitability.
Role of Location in Success:
- Critical role of location visibility and convenience for clients in brick-and-mortar businesses.
- Balancing rent and advertising costs as investments in visibility.
- Example of higher advertising expenses due to low-visibility locations and the lesson learned.
Challenges and Benefits of Franchising:
- Advocacy for franchise systems, especially for first-time business owners.
- Franchising as a structured approach with reduced risk but requiring significant operator effort.
- Comparison of franchising to graduate school for business, offering valuable learning opportunities.
Adapting to New Markets and Concepts:
- Challenges of establishing brand recognition and communicating unique value propositions.
- Importance of being adaptable and responsive to customer feedback.
- Continual refinement of the business model to better meet client needs.
Reflections on the Entrepreneurial Journey:
- Perseverance, adaptability, and passion as key elements of entrepreneurial success.
- Rick's new gym concept as an example of innovation in the fitness industry.
- Streamlined, customer-centric approach to personal training.
Conclusion:
Tommy and Rick conclude the episode with reflections on the challenges and triumphs of Rick's entrepreneurial journey. His story underscores the importance of perseverance, adaptability, and a passion for one's work. Rick's new gym concept exemplifies innovation in the fitness industry, offering a streamlined and customer-centric approach to personal training. Tune in for an engaging discussion on managing franchise operations, optimizing business activities, and achieving success with Rick Coe.
Links And Resources:
- WeightSpace
- WellBiz Brands, Inc.
- Rick Coe on LinkedIn
- Tommy Yionoulis on Linkedin
- OpsAnalitica
Thank you for joining us this week! Are you interested in subscribing to Empire Builders? We would love to hear your feedback! Connect with us on Spotify or Captivate.fm and leave us a review.