---
title: "He Cashed Out His 401(k) to Start a Business. Now the Gamified Sports Franchise Pulls in Over $20M in Revenue."
url: https://burnaze.com/article/07888a11-098a-415f-a98f-45500960a737
source: "Entrepreneur Franchise"
original_url: https://www.entrepreneur.com/buying-a-franchise/he-cashed-out-his-401k-to-open-the-first-shoot-360-location
author: "Sherin Shibu"
category: "Kids fitness"
industry: "Fitness"
segment: "Kids fitness"
topics: ["Finance & M&A"]
published: 2026-06-18T19:37:03.000Z
modified: 2026-10-31T13:16:49.663Z
image: https://www.entrepreneur.com/wp-content/uploads/sites/2/2026/06/Craig-Moody-1.jpeg
---

# He Cashed Out His 401(k) to Start a Business. Now the Gamified Sports Franchise Pulls in Over $20M in Revenue.

**TL;DR:** Craig Moody, founder and president of Shoot 360, turned his tech-infused basketball training concept into a $20 million franchise system after cashing out his retirement savings. Shoot 360 has about 60 operating locations, with another 60 in the pipeline, and generates over $20 million in annual revenue.

*By Sherin Shibu, originally published in Entrepreneur Franchise on 2026-06-18. [Read the original](https://www.entrepreneur.com/buying-a-franchise/he-cashed-out-his-401k-to-open-the-first-shoot-360-location).*

## Key facts

- Craig Moody is the founder and president of Shoot 360, a tech-powered, gamified basketball training franchise that now generates over $20 million in annual revenue.
- Moody had the idea for the company in 2012, after observing his son and a friend play video games instead of playing basketball outside.
- Moody had the idea of creating a gym like a video game to draw more interest from kids and adults.
- Craig Moody still remembers the afternoon that planted the seed for his business. His teenage son and a friend were glued to a video game inside, ignoring the sunny day and the backyard basketball hoop Moody had always envisioned as their playground.
- When they refused his suggestion to go outside and shoot some hoops, Moody walked into the next room and told his wife, “If I could create a gym like a video game, I think we’d have it made.”
- So in 2012, drawing on two decades as a high school and college basketball coach, Moody cashed out his 401(k) to launch Shoot 360 (#343 on the 2026 Franchise 500), a tech-powered, gamified basketball training franchise that now generates over $20 million in annual revenue. As founder and president, he has turned that one “gym like a video game” idea into a global network of data-driven training centers where kids and adults can compete. Shoot 360 has about 60 operating locations, with another 60 in the pipeline.
- The following Q&A has been lightly edited for clarity and concision.
- ## Cashing out his 401(k) to start Shoot 360

## Story

Founder Craig Moody turned a tech-infused basketball training concept into a $20 million franchise system after cashing out his retirement savings.

## Entities

- franchise growth (topic)
- Entrepreneur (publication)
- franchising (topic)
- entrepreneurship (topic)
- Education (sector)
- gamification (topic)
- Shoot 360 (company)
- Craig Moody (person)
- sports training (topic)
- Sherin Shibu (person)

---
Originally reported by Sherin Shibu, Entrepreneur Franchise (https://www.entrepreneur.com/buying-a-franchise/he-cashed-out-his-401k-to-open-the-first-shoot-360-location). Summarized by Burnaze (https://burnaze.com/article/07888a11-098a-415f-a98f-45500960a737).