Another Way to Play
Bringing A Franchise In A Foreign Land with David Yeoh
Today I spoke with the pioneer of the F45 franchise in South Korea, David Yeoh. David is passionate about the right lifestyle and really wants to try and really make a difference in the work-life balance and the view of fitness.
Let’s dive into this episode and learn about how to turn your passion into a business and bring a franchise overseas.
Things you will learn in this episode:
[00:00 – 05:16] Opening Segment
- I introduce my guest, David Yeoh, to the show
- David briefly talks about bringing the F45 franchise over to South Korea from Australia
[05:17 -11:22] Meeting the right people
- David shares his story of how it all started
- David talks about his previous job and the inspiration he got from the people he met
- Turning their passion into a business
- David talks about their first business
[11:23 - 17:46] Bringing a franchise to a foreign land
- Bringing a franchise to a foreign market
- Translating the content
- Tweaking and localizing
- David talks about targeting the local market in South Korea
- Hiring local Korean trainers to bridge the gap on the language
- David talks about overcoming the stigma on CrossFit
[17:47 - 25:55] The progress and the expansion of the franchise
- David talks about building genuine relationships with each founding member
- Sustaining the first months of operation
- Running an enterprise during a pandemic
- Have contingency plans
- Have reserve cash
- David shares his plan for the next 2 years
- He plans to open up 5 more studios
- Grand goal of at least 10 studios by 2024
- David talks about the importance of planning when starting and growing a business
[25:56 - 29:26] The FOCUS FIVE Segment
- What book have you gifted most often?
- How to Win Friends and Influence People by Dale Carnegie
- If you can get an hour of somebody's time and ask questions, who would that be and why?
- What is one thing you believe that most people would disagree with you:
- Moving to Korea and starting an F45
- Morning routine; How do you start your day?
- Wake up, Have breakfast and Coffee
- Head to work
- Do a workout
- Start the day
- What is the best place we can connect with you online?
- See below for Social links
- Final words from me
“Always plan for that worst case scenario and then hope for the best.” – David Yeoh
“For our first studio, we opened with zero members, it was a bit stressful. Just opening up, building genuine relationships with each founding member was what we did. We did it quite well.” - David Yeoh
“Having quick wins that you do on a day-to-day basis, that build into your weekly goals, into your monthly goals, into your quarterly goals. Something you can track, something that you review quite often so you’re making sure that you’re on track. When you need to calibrate your goals again.” - David Yeoh
“Planning is one of the most important things that you’ve got to do, and you’ve got to be quite flexible.” - David Yeoh
Resources mentioned in the episode:
● How to Win Friends and Influence People by Dale Carnegie
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