With any franchise investment, there are startup costs. We do everything possible to be upfront with the costs of opening a Dr.PhoneFix location. This way you can be prepared as you venture into franchise ownership and earn an ROI as quickly as possible. Let’s take a look at how much money you will need to get started and how that money is invested in 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’s important to figure in housing-and-transportation costs for yourself during the three weeks of hands-on training. We estimate this amount to be around $3,000 between hotel, transportation , and food.
After you have completed training, you will need to find a storefront and begin the journey toward opening your location. Depending on the city you wish to open in, expect to spend anywhere between $4,500 and $15,000 on initial rent and up to $65,000 on remodeling or onsite improvements. 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, must establish your storefront. This organization of your retail space brings us to the next piece of startup costs. Cabinets, furnishings, and furniture 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 startup package and equipment. This package 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, it’s important to remember that part of your startup 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 is crucial to the start of your business to establish your location as a prominent small business in the community. We also recommend being prepared to spend an extra $3,000 to $4,500 on miscellaneous costs that may pop up along the way. Unforeseen issues happen. It’s good to be prepared for them.
We know that’s a lot of numbers to digest. Combing all initial startup costs brings becoming a franchisee somewhere between $102,600 and $214,950. The total startup costs vary 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 available financing options.