This week on Empire builders we interview Rick Coe - Experienced Leader & Multi-Unit Franchise Operator (WeightSpace & WellBiz Brands, Inc.)

Empire Builders

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

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