Working Through the Challenges of Franchising Too Quickly with Ryan Junk of CycleBar
Ryan Junk is the President of CycleBar, the first and largest indoor cycling boutique franchise. From his days as a personal trainer, salesperson and general manager at Fitness USA to leadership roles at 24 Hour Fitness, LA Boxing, UFC Gyms, and now Xponential Fitness, Ryan is an expert in the fitness and franchising industries.
[0:59] Josh introduces today’s guest, Ryan Junk who is the president of CycleBar.
[2:37] Josh welcomes Ryan to Franchise Euphoria.
[3:15] Ryan shares some background information with Josh regarding what led him to the opportunity with CycleBar.
[6:26] CycleBar is a brand that started in 2013 and began franchising in 2015. Xponential Fitness acquired CycleBar in 2017.
[11:52] Before CycleBar franchised, they had two locations. When Xponential Fitness acquired CycleBar, the previous franchisors had sold 283 franchise locations.
[27:24] When Xponential Fitness acquired CycleBar, one of the first things they realized was that the store blueprint was too large, so they immediately shrunk it down to a reasonable size.
[29:20] Ryan found that in order to help bail out existing franchisees, they had to do a crash course in selling memberships to help make up for their looming overhead. They found that reoccurring revenue was the best solution for their franchisees.
[37:20] Josh poses a question to Ryan regarding the future of the franchisees who opened before Xponential Fitness and whether they will likely move locations once their lease is up.
[38:34] Ryan shares the qualities that make up the ideal CycleBar franchisee.
[42:01] Xponential Fitness owns 8 different fitness modalities, and Ryan believes that this diversity gives them an advantage on keeping the industry unique and not oversaturated.