Episode 302: Should You Start Fresh or Buy Existing? A Studio Owner's First Big Decision

What We Cover In This Episode:   Why your business model should match your personal strengths and tolerance for uncertainty [1:27] The "Vision Test" and why a profitable studio might not be the right choice for you [2:18] How to approach building hype for your new studio before the doors even open [7:55] The specific risks involved when you inherit a studio's client base [8:49]  What to be aware of in terms of the hidden costs involved when purchasing a studio [11:27] Why expanding nearby to a second locations requires an certain evolution of your business [27:19] 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 An existing studio may have lower start-up costs but could come with hidden issues like overdue bills, outdated equipment or staffing challenges."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] LINKS:  Frost Training Club Learn More About All of Our Partners & Get Exclusive Offers Gym Lawyers  Visit the fitDEGREE Knowledge Base Send Megan Your Playlist or Discuss the Podcast Here!  fitDEGREE's Business Portal https://calendly.com/fitdegree-support  [email protected] https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q https://www.tiktok.com/@megan_fitdegree