|Liquid Capital Required:||$50,000|
|Total Investment:||$65,000 - $159,000|
|Financing:||Via 3rd party|
|Incorporated Name:||Device Pitstop|
|Home Office:||Minnetonka, MN|
About Device Pitstop
In a world where technology is constantly changing, evolving, and where every year the latest and greatest renders last year's models obsolete, frustrated customers who crack their screens or find that the on switch no longer works need a place where they can repair their devices or buy something new.
With four repair stations with skilled technicians in every Device Pitstop, a back room full of parts, and shelves full of refurbished tablets, computers, mobile devices, and smart phones, our customers know they can get previously owned merchandise at reasonable cost, or get their own technology back in working order quickly as we focus on speed and efficiency as a rule.
We bring in merchandise to turn over from our customers by giving them cash on the spot right in the store. We then repair the item, price it, and resell it. No hassles. No fuss.
Values & History
The store concept revolves around speed and volume. Our system is designed to move customers in, take care of their needs swiftly, and turn merchandise in the store into a sale. By allowing customers to decide if they want to repair their broken device or trade them in to buy something comparable that has already been repaired and is fully operational, we can diagnose every problem swiftly and make every customer happy. That leads to a lot of cash ending up in the register.
Most customers understand that repairing their own now non-working device is almost the exact same thing as trading it in for value and buying an already repaired one on the shelf. The bottom line is they walk in with something broken. They walk out with something that works.
With four specialists on hand those that opt for the repair option don't have to wait weeks to get their device back. The way the world is today, everyone needs their technology operational as quickly as possible. We make that happen.
That's why our business model works.
Because we specialize in buying broken but fixable goods from our customers, and we sell them to new customers once they are repaired and tested, we actually have a very high gross profit margin on a per item basis. Our gross profit margins are running at 60% GPM, translating to 60 cents on the dollar!
Comparatively, regular retailers are running at 25% or a quarter on the dollar. That is a massive differential and a primary reason why our franchise is successful. A lot of people these days don't have riches to spend on new devices every time theirs breaks. Instead, they come to us where they find great buys at low cost. But for us, the profit margin is still significant. This is a winning formula for a business.
Purchasing a Device Pitstop Franchise
We have a few advantages for potential franchisees to consider. The first is our proven system. We have developed a point-of-sale system that takes the guesswork out of the equation. You won't be on your own spending all day trying to figure out what the value of specific technology is. That makes things easy.
We take a royalty from your franchise's success. So, the more money you make, the more the business office makes. That creates incentive on everyone's part to help you build a winning business. You won't be on your own if you opened your own store. You'll be part of a team of champions who want you to be successful because we all cash in. That's one of the main reasons to buy into a franchise — and we make sure we do it right.
From marketing to in-store positioning, we have developed a plan that has worked over and over. We want to expand throughout the USA and continue to dominate what seems like a niche but actually isn't since most people in the country have one or multiple devices. As modern society continues to integrate a lot of what we do in life at the touch of a button, having operational technology becomes imperative even to people who aren't super rich. And this is where we come in, catering to the average person who doesn't need or even want the latest and greatest at the high premium prices they cost. For most people, if it works, it'll do. Our stuff works, and they don't have to worry when they buy it from us that they'll get double-crossed as they might with online resellers. So, the trust is there.
Ideal Candidate & Qualifications
If you love being around the latest gadgets and gizmos and have the ability to manage a staff of skilled technicians, then we're interested in talking to you. You don't have to be able to fix computers and cellphones yourself. You just need to be able to lead a team that can. We're looking for people who are experienced at running a business.
We have a proven system, and we are looking for an organized boss who is willing to learn and stay within the system and grow the business by dealing directly with the clientele base with strong customer service skills.
Training & Support
We start by offering assistance with the initial business plan for gaining the support of banks or other partners for your initial investment, and we continue throughout your career. In the early stages, we'll teach you everything about our system from our specific marketing agenda, to helping with your grand opening and beyond. You'll never feel alone as you continue to expand your staff, your inventory, and your customers. We have vendors on call to get you everything you need by the time you open the front doors of your store for the first time.
You'll soon master our unique operating system and be able to teach your staff members. As a unique feature for our franchisees, we will assign you a specialist who can work with you and spot any mistakes and help course correct so that you can avoid the kinds of mistakes that entrepreneurs on their own are often saddled with. That won't happen to you. Instead, you'll avoid those pitfalls and start earning bigger profits sooner.