Episode 302: Should You Start Fresh or Buy Existing? A Studio Owner’s First Big Decision
Description
What We Cover In This Episode:
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Why your business model should match your personal strengths and tolerance for uncertainty [1:27 ]
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The “Vision Test” and why a profitable studio might not be the right choice for you [2:18 ]
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How to approach building hype for your new studio before the doors even open [7:55 ]
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The specific risks involved when you inherit a studio’s client base [8:49 ]
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What to be aware of in terms of the hidden costs involved when purchasing a studio [11:27 ]
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Why expanding nearby to a second locations requires an certain evolution of your business [27:19 ]
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Final considerations in relation to your appetite for risk [28:55 ]
Quotes:
“A purchase of a studio means you are inheriting certain members which could be a head start, but it also could be a gamble if they are tied to the old owner or the brand.” [Nick, 9:10 ]
“Don’t forget financial risk. New studios often have high upfront costs for build out, branding, or marketing. An existing studio may have lower start-up costs but could come with hidden issues like overdue bills, outdated equipment or staffing challenges.” [Nick, 11:22 ]
“I really feel like it is opportunity based, but I would say if you were buying a studio you are marrying into that brand and you are just kind of keeping it afloat for the next 5 to 10 years.” [Nick, 18:02 ]
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