With any franchise investment, there are start-up costs. We try our best to be upfront with what owning a Dr.PhoneFix location will cost, so you can be prepared as you venture into franchise ownership. That being said lets take a look into how much money you will need to get started and what that money is doing for your franchise.
Your initial franchise fee, due upon signing the franchise agreement, is $25,000. After that initial payment, you can begin the training process, which is crucial to your success as a franchise owner. Therefore, it is important to figure in housing and transportation costs for you during your three months of hands-on training, we estimate this amount to be around $3,000 between hotel, cab and food.
After you have completed training, you will need to find a storefront and begin the journey into opening your location. Depending on the city in which your location exists, expect to spend anywhere between $4,500 and $15,000 on initial rent as well as up to $65,000 on remodeling or onsite improvements. Keep in mind that if your storefront exists in a new-build commercial site, your improvement costs could be much closer to $10,000 or $20,000. You will also need a surveillance and alarm system to keep your store secure and a computer system for completing sales transactions, totaling around $3,000.
You will then of course have to fill your storefront, which brings us to the next piece of your start-up costs. Cabinets, furnishings and furniture for your storefront location can cost anywhere between $16,000 and $40,000 depending on the size of the space and your personal business preferences. Then, you will need to choose a start-up package and equipment that will supply your franchise location with the tools and products it needs to run successfully day-to-day, at a total cost around $15,000.
Franchise owners are also responsible for all required permits, insurance and licenses for their location. Combined, we estimate that these elements of your business will cost somewhere around $4,500. Last, but certainly not least, its important to remember that part of your start up cost includes marketing to get your name out and bring business to your brand new Dr.PhoneFix location. Our grand opening marketing program is $3,000 and crucial to the start of your business. We also recommend being prepared to spend an extra $3,000 to $4,500 on miscellaneous costs that may pop up along the way.
We know that’s a lot of numbers to digest, so after all is said and done and you are a Dr.PhoneFix franchisee, your initial start up cost will be somewhere between $102,600 and $214,950. The total start up costs varies due to the location of your franchise as well as the size of your storefront and extent of the business. Contact a member of our team directly today to find out more detailed information about the costs associated with opening your Dr.PhoneFix franchise location as well as the available financing options.