We project the investment range to be from $169,400 to $225,700 which includes additional funds you may need for your franchise the first year. A prospective franchisee needs to have a net worth of $250,000 which includes $100,000 in cash to invest, and a source of additional funds such as a:
Home equity loan: This allows you to tap into the equity you have in your home, often at a lower interest rate. This type of loan is often simpler to receive, and may offer some savings on your tax bill.
Bank loans: Regardless of what most people may think, banks are in business to make loans. Sure, some have their favorite type of loan, but loaning money is one of the pillars that makes banks successful. The SBA works with various banks and through a time-consuming process, SBA loans can be a source of funds. One important key to getting a bank loan is to show up with a business plan. We will be happy to help you, by reviewing your plan before you submit it to a bank.
Retirement funds: If you have a self-directed retirement account, or can roll over your current 401(k) or IRA into one, you may have the funds you need now. It’s complicated, so only consider this option if you have an experienced financial advisor, CPA, or attorney to make sure any changes do not incur any penalties.
Family and friends can often have investment funds: Money sitting in a bank earning 2% while very safe, doesn’t build wealth. Just make sure you have everything in writing, signed by all parties.
A background in construction, retailing, or small business experience will serve you well in making your ConDecor Superstore a success. A good work ethic, personality, and common sense will go a long way. To that end, as your franchisor, we are looking for a well-rounded person to become our franchisee. We’ll teach you the finer points of the business in our training at ConDecor University, but it is your responsibility to stay awake in class.
This is a relatively simple business with a limited number of SKU’s (stock keeping units), high dollar transactions, few employees, low fixed expenses and a modest customer count. The concept does not require costly specialized equipment, has a very reasonable cost for building finish out, and is not high tech. You’re going to need a store manager, (who has completed our training), an assistant manager, one counter person, and one loader, that’s all to start.
So the business lends itself to being a great investor-owned opportunity. Lastly you will not be alone in monitoring your franchise's success, as we will be monitoring it with you.