Franchising is more popular than ever—and with that popularity comes a lot of information, both good and bad. Some people claim that opening your own franchise is a quick and easy path to success, while others share nerve-wracking stories of the risk involved. At SpeedPro, we want all of our aspiring franchise owners to understand the realities of franchising, so you enter your business with the right mindset and expectations.
To do that, let’s clear up some of the major misconceptions we hear about franchising. By busting these myths, you’ll be better equipped to decide if franchising with SpeedPro is the right choice for you!
Myth 1: Franchises are “get-rich-quick” schemes that guarantee success
Some entrepreneurs aspire to open a franchise because they believe the established brand and operational system will ensure a profitable enterprise. But nobody is guaranteed to succeed in any business—and that includes franchises. There is always some level of risk involved when opening a new business.
Choosing to become a franchise owner rather than “going it alone” can help reduce risk and offers benefits that independent brands do not. When you open a franchise like SpeedPro, you have access to name recognition, a system of support and decades of establishment in the market—all of which can give you a boost toward success.
Myth 2: A franchise can run on autopilot and offer passive income
Franchising is sometimes seen as a “set it and forget it” system because the brand provides the operational framework for you; however, franchises are not typically passive business ventures. Franchising requires hard work, dedication and consistent effort.
In most scenarios, franchise operation requires a full-time commitment from the owner(s), at least to start. In SpeedPro’s case, you’ll be the primary sales driver for your large-format print Studio, with just one or two additional employees on board to support the business. Once your business becomes more established and you have a team equipped to run things in your absence, you may have the freedom to pursue other opportunities. However, keep in mind that you’ll still need to be involved in the business’s operations to remain successful and grow.
Myth 3: Franchises only serve B2C markets
When people think of franchising, their minds often go to businesses like fast food chains or retail stores. But franchising serves a far broader market than that! In addition to operating outside of food and beverage service for B2C customers, many franchise systems operate in the B2B market, serving other businesses.
SpeedPro’s business model focuses solely on the B2B sector, where there is a tremendous amount of customer potential. Our diverse verticals span Fortune 500 companies, education systems, marketing agencies, event planners, retailers, healthcare and much more.
This also means that your business does not have to operate during retail hours. It’s possible to run a franchise business with banking hours, leaving your evenings and weekends free for personal and family time.
Myth 4: Franchises are overly expensive and inaccessible to most people
You don’t have to be a millionaire to open a franchise! While initial investment costs vary widely, franchise opportunities available at various price points. Some franchise brands are extremely in-demand and come at a higher cost, but others are much more accessible while still offering a sizeable earning potential.
SpeedPro offers a low investment opportunity compared to the broader franchise industry. Our 2024 FDD reports that the average initial investment cost for a single new studio is around $250,000.
SpeedPro offers franchise fee discounts for veterans and first responders as well as financing opportunities with our funding partners, making the investment that much more accessible. SpeedPro Studio owners are everyday individuals or families who dreamed of entrepreneurship—and SpeedPro helped make that dream a reality!
Myth 5: Franchisees need significant experience in the industry
Aspiring franchisees sometimes shy away from opportunities in industries they’re unfamiliar with because they think they need to have prior expertise. In reality, you don’t necessarily have to be a subject matter expert to run a successful franchise.
SpeedPro provides comprehensive training programs that cover all aspects of running the business from marketing and operations to equipment and installation. Our experienced team guides new owners through hands-on education in large-format printing to ensure you know the ropes, including our Ramp-Up Program designed to generate early sales for your new business.
On the flip side, having experience in the print industry does not necessarily mean you’ll be a great franchisee. There are other skills and experiences required to operate a franchise successfully, including sales and marketing, networking and creative problem-solving. When evaluating new franchisees, SpeedPro looks for individuals with key qualities like leadership, strong work ethic, a passion for the brand and a willingness to learn.
Myth 6: You’ll compete with other franchisees in the same brand
Considering the number of franchise chains you might see in your city, it’s natural to assume that all franchise businesses compete with one another within the franchise system. While this may be true in some circumstances, it’s not always the case. In fact, many systems offer protected territories that ensure a strong market footprint for your specific franchise—and these are agreed upon when you purchase your business.
Going even further, franchise systems like SpeedPro remove the element of competition and replace it with a robust support network. Our Studio owners select territories with ample B2B sales opportunities, so nobody steps on each other’s toes. We bolster collaboration by nurturing our closely connected network of franchisees, who offer each other advice, lessons learned and solutions to problems to ensure everyone’s collective success.
Myth 7: Franchises stifle creativity and individuality
It’s natural for entrepreneurs to want autonomy and creativity in their business ventures, and some of them mistakenly avoid franchising because they believe creativity isn’t welcomed. However, many franchise systems offer lots of room for creativity and personalization within their business models.
It’s true that franchisors provide a framework and brand standards for consistency. But while you operate within the established system, you’ll still have significant control over your day-to-day operations, including hiring, managing staff and making local marketing/engagement decisions.
At SpeedPro, we take the creativity even further. Our Studio owners have lots of choices when it comes to pursuing their passions, like targeting a particular client vertical or supporting a specific cause within the community. We allow our franchisees to truly make the business their own using the breadth of products and client pools that large-format printing has to offer.
Jumpstart Your Franchise Journey With SpeedPro
SpeedPro is one of the nation’s leading large-format printing franchise, but we aim to offer so much more than financial opportunity. Our flexible, creative, supportive business model is a fantastic start to the right franchisee’s journey into entrepreneurship.
Ready to take the leap? Contact us to learn more today.