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COMPLETE WEDDINGS + EVENTS Franchise ProfilePhotography Franchises > Event Photography |
What Are the Initial Investment Requirements for a Complete Weddings + Events Franchise?
To start a Complete Weddings + Events franchise, you will need to prepare for an initial investment ranging from $66,820 to $81,070. This includes a franchise fee of $50,000. It's important to have cash readily available within this range, as well as a net worth between $100,000 and $250,000 to qualify for ownership. Additionally, be aware that there are ongoing fees, including an 8% royalty fee and a 2% marketing fee, which will impact your overall financial planning.
What Is the Potential Financial Performance of a Complete Weddings + Events Franchise?
The average annual revenue for a Complete Weddings + Events franchise unit is approximately $390,465.91, with a median revenue of $288,212.64. However, revenues can vary significantly, with the lowest reported annual revenue at $31,894.98 and the highest reaching $2,600,006.50. Understanding these figures is crucial for evaluating the potential return on investment and setting realistic financial expectations as you enter this business.
How Long Does It Take to Break Even With a Complete Weddings + Events Franchise?
Franchisees can expect to reach breakeven within about 18 months of operation. This timeline is essential for planning your financial strategy and assessing when you will start to see a return on your initial investment. Moreover, the investment payback period is estimated at just 10 months, making this franchise an attractive option for those looking to recoup their startup costs relatively quickly.
What Are the Key Operational Costs for a Complete Weddings + Events Franchise?
Running a Complete Weddings + Events franchise involves several key expenses. Annual costs include approximately $12,000 for rent and utilities, $6,000 for marketing and advertising, and $10,000 for sales and accounting. Management and administrative salaries can add up to about $38,820, along with miscellaneous operating expenses totaling around $5,000. Together, these costs amount to the cash required for the franchise, emphasizing the need for careful budgeting and financial management.
COMPLETE WEDDINGS + EVENTS Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
The minimum total assets (minus liabilities) you must possess.
Net Worth Required:
The estimated period to recoup your total investment.
Investment Payback:
The initial fee paid to join the franchise system.
Franchise Fee:
Ongoing percentage of revenue paid to the franchisor.
Royalty Fee:
Regular contribution toward the franchise’s advertising fund.
Marketing Fee:
The estimated timeframe to recover your initial costs.
Breakeven Time:
The total amount required to launch the franchise.
Initial Investment:
The minimum liquid capital you must have on hand.
Cash Required:
The typical yearly revenue generated per franchise location.
Average Revenue:
The middle value of yearly revenue among franchise locations.
Median Revenue:
The largest reported annual revenue among franchisees.
Highest Revenue:
The smallest reported annual revenue among franchisees.
Lowest Revenue:
A broad sector defining similar types of franchise businesses.
Industry:
A more specific division within the broader industry.
Category:
The key individuals guiding the franchise’s strategy and growth.
Leadership:
The official business address of the franchisor’s headquarters.
Corporate Address:
Available financing options to help start the franchise.
Funding Year:
The main organization that owns the franchise brand.
Parent Company:
COMPLETE WEDDINGS + EVENTS Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes.
Total Units
Franchised Units
Corporate Units
| Units | 2020 | 2021 | 2022 |
|---|---|---|---|
| Total Units | 188 | 98 | 66 |
| Net Change YoY | -90 | -32 | |
| Franchised Units | 186 | 97 | 65 |
| Net Change YoY | -89 | -32 | |
| Corporate Units | 2 | 1 | 1 |
| Net Change YoY | -1 | 0 |
Investment Overview
The initial investment for a COMPLETE WEDDINGS + EVENTS franchise ranges from $66,820 to $81,070, with a franchise fee of $50,000. Franchisees should be prepared for ongoing costs, including an 8% royalty fee and a 2% marketing fee. With a required net worth between $100,000 and $250,000, this franchise opportunity is accessible for aspiring entrepreneurs looking to enter the events industry.
Financial Performance
Franchisees can expect an average annual revenue of approximately $390,465.91, with a median revenue of $288,212.64. The lowest annual revenue reported is $31,894.98, while the highest reaches an impressive $2,600,006.50. With a breakeven time of about 18 months and an investment payback period of just 10 months, the financial outlook for franchisees is promising.
Franchise Growth
The COMPLETE WEDDINGS + EVENTS franchise has seen fluctuations in unit growth, with 186 franchised units in 2020, decreasing to 97 in 2021, and further down to 65 in 2022. This trend indicates a need for strategic planning and support to stabilize and foster growth in the franchise network.
Operational Costs
Average running expenses for a COMPLETE WEDDINGS + EVENTS franchise total around $66,820 annually. Key expenses include rent and utilities at $12,000, marketing and advertising at $6,000, and management salaries at $38,820. Understanding these costs is crucial for franchisees to maintain profitability and manage their operations effectively.
Revenue Breakdown
The average cost of goods sold (COGS) for franchisees is approximately $197,257.41, which is about 50.5% of total revenue. This leaves a gross profit margin of 49.5%, indicating that franchisees can retain a significant portion of their earnings after covering direct costs. Effective management of COGS and operating expenses is essential for maximizing profitability.
Corporate Support
COMPLETE WEDDINGS + EVENTS provides comprehensive support to franchisees, including training, marketing assistance, and operational guidance. This support is vital for new franchisees, helping them navigate the complexities of the events industry and ensuring they have the tools necessary for success in their local markets.
Frequently Asked Questions
The initial investment for a COMPLETE WEDDINGS + EVENTS franchise ranges from $66,820 to $81,070, which includes the franchise fee and other startup costs.