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Fast-Fix Jewelry and Watch Repairs Franchise ProfileRetail Franchises > Specialty Retail |
What Are the Initial Investment Requirements for a Fast-Fix Jewelry and Watch Repairs Franchise?
To open a Fast-Fix Jewelry and Watch Repairs franchise, you will need to make an initial investment ranging from $83,111 to $357,931. This includes a franchise fee of $20,000. Additionally, you should have cash available between $83,111 and $147,931, and a net worth requirement of $200,000 to $500,000. These figures reflect the financial commitment necessary to start your journey in this franchise.
What Are the Ongoing Fees for Fast-Fix Franchisees?
Fast-Fix franchisees are required to pay a royalty fee of 6% on their gross sales, along with a marketing fee of 2%. These ongoing fees contribute to the brand’s overall marketing efforts and support services, ensuring that franchisees benefit from a recognized brand and effective advertising campaigns.
What Is the Average Revenue Potential for Fast-Fix Franchisees?
Fast-Fix Jewelry and Watch Repairs franchisees can expect an average annual revenue of approximately $530,345 per unit. The median annual revenue is around $450,090, with the potential for some units generating as much as $1,630,278. This revenue potential highlights the lucrative nature of the business, making it an attractive option for aspiring entrepreneurs.
How Quickly Can Franchisees Expect to Break Even?
Franchisees can anticipate a breakeven time of about 12 months, with a payback period for their investment typically around 24 months. This relatively quick return on investment makes Fast-Fix an appealing choice for those looking to enter the franchise industry with a solid business model and support structure in place.
Fast-Fix Jewelry and Watch Repairs 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:
Fast-Fix Jewelry and Watch Repairs Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes.
Total Units
Franchised Units
Corporate Units
| Units | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Units | 132 | 127 | 120 |
| Net Change YoY | -5 | -7 | |
| Franchised Units | 124 | 121 | 114 |
| Net Change YoY | -3 | -7 | |
| Corporate Units | 8 | 6 | 6 |
| Net Change YoY | -2 | 0 |
Investment Overview
The Fast-Fix Jewelry and Watch Repairs franchise offers a low initial investment ranging from $83,111 to $357,931, with a franchise fee of $20,000. Potential franchisees should be prepared for a cash requirement between $83,111 and $147,931 and a net worth of $200,000 to $500,000. This financial structure makes it accessible for a range of investors looking to enter the jewelry and watch repair market.
Revenue Potential
With an average annual revenue of $530,345 per unit, Fast-Fix provides a lucrative opportunity for franchisees. The median annual revenue stands at $450,090, while the revenue range varies significantly from $57,817 to as high as $1,630,278. This diverse revenue potential highlights the scalability and profitability of the franchise model.
Ongoing Fees
Franchisees are required to pay a royalty fee of 6% on gross sales, along with a marketing fee of 2%. These ongoing fees are essential for maintaining brand presence and operational support, enabling franchisees to benefit from collective marketing efforts and brand recognition in the competitive jewelry repair industry.
Breakeven and Payback
Fast-Fix franchises typically achieve breakeven within 12 months of operation, with an investment payback period of approximately 24 months. This quick return on investment is attractive for aspiring entrepreneurs, allowing them to recoup their initial investment and start generating profits relatively swiftly.
Franchise Growth
As of 2023, Fast-Fix operates 114 franchised units, a slight decline from previous years, indicating a need for strategic focus on franchisee support and retention. The number of corporate-owned units has remained stable at 6, suggesting a commitment to maintaining corporate presence while fostering franchisee relationships for growth.
Operational Expenses
Initial running expenses for a Fast-Fix franchise include costs such as rent ($18,000), insurance ($4,200), and initial promotional expenses ($5,000), totaling around $83,111. Understanding these operational costs is crucial for franchisees to budget effectively and ensure financial stability in the early stages of their business.
Frequently Asked Questions
The initial investment for a Fast-Fix franchise ranges from $83,111 to $357,931, which includes the initial franchise fee of $20,000.