Formerly known as InsideSherpa, Forage aims to bolster its market presence and team-building efforts Y Combinator-backed edtech startup InsideSherpa has closed its Series A funding with US$9.3 million in its kitty, the company announced last week. It added that InsideSherpa will also be rebranding [...]
Brent Grundy is an ordinary man with a simple business idea that led him to build his entire business empire from the ground up. Subsequently, Brent became living proof that someone can go from flat broke to running a business that turns over $32 million per year, in just 18 months.
But Brent’s road to success has been anything but smooth. After a major business setback in 2010, Brent found himself in the unenviable position of helplessly watching on as his money, home and dreams disappeared before his eyes.
With nothing left to loose and only $300 dollars to his name, Brent decided to accept his losses and turn his life around. With a renewed focus, Brent was sitting in a play centre one day when he noticed staff telling one of the older kids that she was too big to play on the equipment. It was then that an idea came to him; to fill a gap in the entertainment market that caters to both adults and children. Within the next 24 hours, Brent had sketched a trampoline park to fit 300 jumpers and engaged a manufacturer. The first prototype arrived 12 months later.
The arrival of this prototype spurred him on to open his first Flip Out trampoline centre on the Christmas Eve of 2012 in the car park of the Penrith Panthers Leagues Club in Sydney. This first Flip Out arena was built by friends and family, and this notion of family is still a core idea in the ethos of Flip Out. In the first day of trading alone, 150 kids passed through this makeshift arena.
Not long after the opening, Flip Out moved to an indoor venue. And within just 10 weeks of being open, Flip Out hit a six-figure turnover, making $2.5 million in the first year. Within months the business had became achieved incredible success in Australia, providing entertainment for thousands of families around the country.
Almost two and a half years later, Flip Out had been able to capture the first-to-market advantage and the
business was deemed a success with franchisees earning their money back within six months. Each Flip Out franchise costs between 800,000 to $1 million to set up a centre, with franchisees needing a six-figure deposit to open their own arena. Currently there are 36 Flip Out locations around the world, with arenas in Australia, Taipei, Afghanistan, United Kingdom, New Zealand, Afghanistan, Malaysia and Mexico. In Australia alone, Flip Out employs 700 staff members.
Flip Out’s success over the years can be attributed to a number of things, many of which came from the mistakes that Brent made the first time around. As a company director, Brent has made conscious decisions to ensure that effective structures and procedures have been employed at all levels. This has meant that Brent has been able to create an incredibly strong business model for Flip Out. This model has primarily used franchising to expand, meaning that Brent has been able to grow Flip Out into the business that it is today.
In 2015, Brent is the Founder and Chief Executive of Australia’s first and largest trampolining franchise business, Flip Out, and his story continues on its way into the history books. Since opening just over 24 months ago, Brent’s business has enjoyed unprecedented success. This is largely due to his innate skills as a businessman.
The zealous entrepreneur now has his sights set on global domination with the company currently building centers in Dubai, UK, India & New Zealand. Brent expects to expand through franchising in 13 more countries in the next year, including China and Canada. He also plans to use profits to donate a Flip Out center to Cambodia by year’s end.
For more information see: http://flipout.net.au