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Monthly Archives: August 2022

Do I Need Print Experience for SpeedPro?

August 26, 2022

SpeedPro is known for delivering top-quality large-format print products to organizations across a wide range of verticals. Our place in the printing industry sometimes turns aspiring franchisees off, because people mistakenly believe they lack the experience needed for the job. Fortunately, SpeedPro Studio owners don’t need to enter the business with any printing experience! Our model is set up so that each new owner can apply their unique experience to the business, while we provide the printing know-how. 

Take a closer look at how SpeedPro owners succeed, even without having a background large-format print production.

Types of experience that benefit SpeedPro owners

Contrary to popular belief, printing experience is not necessary to open a SpeedPro Studio. Although industry experience may help you adapt to the business faster, it won’t make or break your ability to join the SpeedPro family nor grow a thriving business.

Instead of printing experience, the SpeedPro franchise team is looking for entrepreneurs with a diverse set of skills and prior experience. While not necessary for consideration, here are a few of the qualities and types of experience that can help you in your franchising journey.

  • Business management/operations: SpeedPro is a business first and foremost, so our owners need to be able to effectively launch and operate their companies. A business mindset is very important in franchisees, even if you haven’t operated a business on your own before. However, it can be particularly helpful to come into the world of franchising with some experience in business operations or management. This experience will help you make those critical decisions, lead a team of employees, and drive your business through challenges and toward growth.
  • Sales: Experience in sales can provide a huge advantage to SpeedPro franchisees. As the owner of your Studio, you’ll network and meet with local businesses to sell your print products. Outbound sales efforts are a huge portion of the business, so you need to be able to build relationships with other organizations and encourage them to purchase. If you have experience leveraging sales strategies in other industries, you may be more likely to succeed.
  • Creativity: SpeedPro’s business model requires creativity on multiple fronts. Owners must come up with creative solutions to customers’ needs. Creative problem-solving experience from a sales or project management role can help you identify needs and match them to the right product line quickly and efficiently. Hands-on creativity is also a boon in our business, since our Studios are constantly designing and producing aesthetically pleasing products. A creative eye can certainly help you and your team.

How SpeedPro sets you up for success

No print experience? No problem! SpeedPro makes our large-format printing franchise opportunity more accessible by setting new franchise owners up for success from the start. Our onboarding process includes comprehensive training sessions that will teach you everything you need to know. From details on our product lines to how to use our printers to the best sales and marketing strategies, you’ll be sent back to your Studio with a wealth of information you can apply on day one.

Further, new SpeedPro franchisees are provided a startup package as part of your initial investment. What this means is you don’t need to worry about researching the latest printer technology or cost-effective inks. We’ve done all the hard work for you and have ensured every Studio operates with the latest and greatest tools and resources in the industry.

Whether you have experience in the printing industry or not, SpeedPro makes it easy to learn and apply your skills to our growing large-format printing franchise. Request more information and discuss your skills and experience with a franchise consultant to see if SpeedPro is the right opportunity for you!

How to Fund Your SpeedPro Studio

August 16, 2022

Liking a franchise system’s business model isn’t the only factor in your decision to commit. You also need to make sure you can afford the investment—as well as know how you plan to pay for it. Fortunately, aspiring entrepreneurs have a wealth of options when it comes to financing a new small business. If you have your heart set on opening a SpeedPro Studio, take a closer look at the cost of our business and potential funding paths.

The cost of opening a SpeedPro Studio

SpeedPro’s light manufacturing business has the benefit of an affordable start-up investment and a low overhead model. This means our Studio owners can launch and continue to operate their businesses without extremely high costs. Per the SpeedPro 2022 Franchise Disclosure Document (FDD), the estimated initial investment for a new SpeedPro Studio is between $250,730 – $327,340.

This investment range includes a number of important costs and fees, including the initial franchise fee of $49,500 and a $20,000 initial investment into the SpeedPro marketing fund. It also includes our startup package, which gives new SpeedPro franchise owners all the equipment and tools you need to launch your business. An itemized list of costs associated with the initial investment can be found detailed in Item 7 of the FDD.

Factors that may impact SpeedPro investment

While some costs to open a SpeedPro are fixed, there are some factors that might raise or lower your startup price.

For example, the location you select for your Studio can impact your initial investment and/or monthly costs. SpeedPro Studios should be located in commercial corridors surrounded by many other businesses to serve. The cost to purchase or lease a property may fluctuate based on your chosen territory and neighborhood.

A commercial vehicle may also increase your initial investment costs. SpeedPro owners will need a vehicle to operate their businesses. You may choose to use your personal vehicle or buy/lease a vehicle specially for the business. Vehicles are not included in the SpeedPro startup package, so this is a cost you’ll need to factor into your initial investment plan.

We also offer discounts for those who serve our country! Veterans and first responders are eligible for a discount on their initial franchise fee, which reduces the startup investment.

Finally, your investment costs may differ if you’re buying an established resale Studio rather than launching a new location. If a resale business interested you, a SpeedPro franchise development team member can discuss available resale opportunities and provide investment details.

Top SpeedPro funding methods

There are a few popular methods to help you finance the cost of your SpeedPro Studio. It’s a good idea to weigh your options and determine which funding method makes the most sense for your current and future financial situation.

  • Conventional loans: Banks and other lenders typically offer conventional term loans for small business expenses. You’ll get all the funding you need up front and pay the lender back in monthly installments, plus interest. Term loans are great for covering almost all your startup costs or for plugging funding gaps if you plan to use personal savings.
  • SBA loans: The Small Business Administration (SBA) backs certain types of small business loans with a network of lenders. These loans are similar to conventional loans but generally provide more favorable terms and interest rates.
  • 401(k) rollovers: You can also consider equity (non-debt funding) for your business, also known as a Rollover as Business Startup (ROBS). This process allows you to take a retirement account from a previous employer and roll it into a new 401(k) for your business, then invest those funds into your franchise. ROBS is IRS-approved and there are no early withdrawal penalties. You’ll need to work with a third-party administrator to make sure this structure is set up and managed appropriately.

Although we do not handle franchisor financing in-house, SpeedPro can connect you to our network of financing partners. These partners have experience with SBA and conventional loans as well as 401(k) rollovers, meaning you’ll have support, no matter which option you choose.

Exploring financing options is a core part of the SpeedPro discovery process. Once you’ve begun your journey to Studio ownership, we’ll walk you through the details and help you understand all the costs and funding choices available to you. Get started by requesting more information about SpeedPro!