Name, title & company name?
Isaac Buchanan, Chief Executive Officer, Snap Fitness UK
In a five words or less, tell us what your business does?
24 Hour, High Value Gyms.
When did you know that you wanted to set up your own business and what made you finally take the plunge?
I have always enjoyed the fast pace and thrill that comes with working for yourself, but I also see the value in the systems and support that come with a franchise model. I decided to take the plunge when my last job role came to an end and the choice was either to start a new one or start a business.
What’s the best thing about your job?
I love that I get back what I put in. Not to mention the feeling of empowerment that comes with making important decisions and the direct impact they can have on the direction of my business.
And the worst?
The business never rests and sometimes that means neither do I.
Why did you choose KPMG Small Business Accounting?
KPMG have a good reputation and the mix of technology and the wrap around service make doing my accounting that little bit simpler. The reporting and analytics from KPMG Small Business Accounting is also very visual and not limited to only financial metrics, which is important for management decisions. For example, I’m able to see how each individual club is performing at any given period of time and use this as a basis for decisions around training, marketing and staffing.
As a franchise owner, how has KPMG Small Business Accounting and your dedicated KPMG accountant helped you?
Having advice just a phone call or message away takes the pressure off. I no longer have to navigate the complexities of accounting for each individual franchisee myself, which I found to be extremely time consuming. I also feel empowered by the fact that I have more oversight into the franchise and I can base decisions on accurate and up-to-date management information. I now have a more effective growth strategy for my business.
What one thing do you think the Government could do to help small businesses?
It would be great to see further support to allow young people to achieve their dreams of owning a business earlier via the franchise model, with a measured approach of education and financial support.
Who do you most admire in business?
I admire anyone that has the confidence to challenge the norms and push back on things they are passionate about despite adversity.
If you could give one piece of advice to aspiring franchise owners or franchisees, what would it be?
For franchisors, I’d say don’t get caught up spending time or money on things that don’t directly have an impact on either your customers or your team. For budding franchisees, it’s important to choose your investment wisely. It’s best to choose a business model with a proven concept that has affordable start-up costs and lots of support from the franchisor around starting up and structuring your business.
What’s next for your business?
We are expanding quite a great deal so I’m hoping to take on more franchisees and have more sites across the UK. I really want to start utilising the learnings from each site to improve operations across the board through benchmark reporting, and take advantage of the potential scale of the business.
If you hadn’t set up your company, what do you think you’d be doing instead?
I’d probably be working in a start-up where I’m sure there is a lot of similarity in terms of pressures and excitement.
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