When most entrepreneurs consider purchasing a franchise, they think about launching a brand-new business in an untapped market. However, there is another path to franchise ownership. In some markets, you may be eligible to invest in a resale location that’s already been established in the area.
There are pros and cons to both building a new business and purchasing an existing one. Which option you choose will depend on your goals as a franchise owner and the opportunities available in your city. Before you begin your franchise discovery process, consider which option is best for you.
Building a new location in a new market
The most common choice for new franchisees is to invest in a brand-new business in a new market for the franchise. This gives business owners the opportunity to build their companies from the ground up.
Opening a new SpeedPro studio gives you the experience of choosing where you will locate your B2B business, hiring a team of employees, and growing the business through your own hard work. SpeedPro franchisees offer services that are applicable to multiple client verticals so you can focus on the verticals that interest you the most from the start. And, SpeedPro owners actually have access to programs that generate business for the new franchise before the studio opens for business. This is a rewarding prospect for many aspiring franchisees.
However, starting a brand-new franchise location is not without its challenges. It can be difficult to launch a business in a new market—especially one that may be unfamiliar with your brand. You’ll need to spend more time networking and marketing to attract customers and help the community understand what you have to offer. But, with the support of SpeedPro Home Office in areas such as marketing, equipment, technology and training, and the support of other peers in your franchise network, your SpeedPro studio will be well-positioned for success as you grow it from the ground up.
Purchasing an existing resale business
The other option business owners have when buying into a franchise is to invest in a franchise resale opportunity. When a franchise owner is ready to exit the system, they might decide to sell their established business. Aspiring SpeedPro owners can purchase it and take the helm, but this will result in a slightly different franchising experience.
Buying an existing franchise allows you to skip the difficult decisions you’d have to make if you started at zero. The business’s location and, often, its team are already in place, allowing you to dive right into franchise operation. What’s even more appealing is that most existing SpeedPro franchises have established client bases and are a known entity in the region.
While every franchise sale will be different, buyers of existing businesses might encounter some challenges as well. The risk level for this type of purchase will depend on a number of factors, including the business’s value and financial history, why the owner is leaving the system and current market conditions.
Specialized training and additional support is in place with SpeedPro, so you will definitely not be “going it alone.” The SpeedPro L.A.U.N.C.H. program is in place specifically for helping a new studio owner of a resale location train, learn, and grow from the current owner as well as support and training from Home Office.
Which franchise option is right for you?
Aspiring franchise owners should consider their business and financial goals when choosing between a new or resale franchise opportunity. Location will also play a big part in your decision. You may have your heart set on a particular market, only to find that the market is unavailable. In this case, resale opportunities could provide the clearest path to becoming a SpeedPro franchisee.
The best place to start you search is with a one-on-one, no-obligation conversation with the SpeedPro franchise development. SpeedPro wants to meet you, hear your goals and objectives for becoming a franchise owner, and determine if SpeedPro could be the right opportunity to you.
SpeedPro has a network of studio locations available in top markets throughout the United States, Canada and other international opportunities as well. Fill out our contact form to learn about our new and resale business opportunities!