Estimated Initial Investment
The estimates below show the low to high range for the Estimated Initial Investment. This amount is based on the franchise fee, building improvements, furniture, fixtures, equipment, signage, inventory, travel, rent deposits, insurance, some working capital and other costs.
|Reservation & Franchise Fee||$30,000||$30,000|
|Rent & Deposit||$4,500||$10,000|
|Architect, Electrical & Permit Fees||$3,000||$8,500|
|Furniture, Fixtures, and Equipment||$65,000||$84,000|
|Computers, Communications, and Digital Marketing Systems||$6,500||$7,100|
|Sales Tax, Shipping and Handling||$6,000||$10,000|
|Initial Inventory and Supplies||$12,000||$18,000|
|Grand Opening Marketing and Advertising||$3,500||$3,500|
|Accounting Set Up Fee||$300||$500|
|Credit Card and Gift Card Processor||$700||$700|
|Insurance and Sales Tax Deposits||$500||$2,500|
|Incidental Costs Incurred During Training||$1,000||$2,400|
|Additional Funds (For the First 3 Months)||$20,000||$30,000|
While the above programs are similar, start up and construction costs will vary in each location.
The franchise fee is a one-time payment of $30,000 made at the time you sign the franchise agreement. If you open an additional studio, the franchise fee is reduced by $5,000. There are no additional charges for your training and for our assistance in opening your studio, other than out-of-pocket travel and lodging expenses.
Royalties and Other Fees:
The on-going royalty rate is 5% of sales. There is also a contribution to the marketing materials development fund of 1% of sales. Color Me Mine requires that you allocate 2% of your sales to your own local marketing and advertising. There is also a Technology Bundle Fee of $249 per month. Color Me Mine provides each studio with password protected online access to numerous reports designed to help the studio operator continually evaluate the business, and also supports the Point-of-Sale software system.